So What is Business Development otherwise known as Biz Dev?
No different than anyone else, I’ve heard various definitions of what Biz Dev is. Some call it sales and some call it marketing. I’d say that may be about 50% of it. So what does the remaining 50% consist of? Business Metrics and Creating sustainable value and relationships.
· Business Metrics – A quantifiable measure that is used to track and assess the status of a specific business process.-Klipfolio
· Creating lasting Value and Winning Relationships – Creating tight bonds with partners and organizations allowing your business to reach new customers and markets.
o Value is whatever the organization is seeking for it to grow (prestige, assets, etc.) In the case of Biz Dev, growth is scalable.
o Winning Relationships may be now more important than ever. With all the ways we are able to be held accountable by customers, partners, employees, competitors, etc.; honorable, trust based relationships are a necessity for business success!
So Who is Biz Dev For and How Would I Get Started?
Biz Dev is for any business or organization with a product or service far enough along to present to a potential party. A few reasons businesses choose to use Biz Dev:
· Accelerate growth, scale operations, increase exposure, improve products/offerings, and expand networks and markets.
· Provide or seek distribution for a product or service by leveraging a partner’s resources or abilities. (Business Distribution - Sub Accounts)
· Connect with companies that stand to benefit from their offerings and brand association. (Brand Enhancement)
· Form relationships with other companies where one company introduces the others product or services to their audience and vice versa or for another agreed upon provision. (Channel Partnerships)
When getting started on the path to finding your first deal or partner it is important to assess and evaluate:
· Is this a meaningful partnership: Does this partner possess any leverage? Will working with them provide great returns and recognition? Will our relationship increase my ability to market and close deals with similar partners in the market? Does this partner have an audience of my identified customer?
· Is this partner a true partner: Will they champion my organization? Will they make working with them as easy and efficient as possible, creating a win, win for all involved and effected? Do they have a track record of successful partnerships?
· Will they provide metrics: Will they provide the information I’d need to create case studies with in order to demonstrate the impact and results of our solution?
· The market: Does this market have many potential partners? Do you possess leverage in the market? You know who your customer is and how can you serve them?
After performing the aforementioned and similar exercises alike you may get curious about your potential to grow your business in a clear, precise and scalable way. Suggestion:
· Start with your network
o List possible candidates – Assess and evaluate before adding them to your short list.
o See if you can have a conversation with your choices about their pain points and needs.
o Come back with a defined pitch, value proposition, process and next steps.
· Outside of your network
o List every prospective partners, clients, customers, etc.
o Create an excel sheet or use CRM (Customer Relationship Management) software to arrange your lists as you please. Fields may include: company name, email, phone number, stakeholder(s), decision maker, date of contact, etc.