Business development, or BizDev, is the practice of attracting new customers to your business and helping existing ones grow their revenue through partnerships and deals with complementary companies
. This career path can be quite rewarding for those who enjoy being at the forefront of sales and want to expand their reach outside of their organization.
However, it’s important to understand the key differences between BizDev and Sales in order to make the right career choice. Here are three ways that these careers differ.
Skills required for a successful business developer
The ability to think strategically-Business developers need to be able to see the big picture and think long-term.
They should have a clear understanding of their company’s strengths and weaknesses, as well as the opportunities and threats that exist in the marketplace.
Strong communication skills-Business developers must be able to communicate effectively with a wide range of people, including clients, co-workers, and upper management.
They need to be able to clearly articulate their ideas and present them in a convincing way.
The ability to build relationships-Business developers need to be able to build strong relationships with clients, potential partners, and other stakeholders. They should be able to create an atmosphere of trust and mutual respect.
Ways to approach cold calling and lead generation
Business development and sales are both about generating revenue for a company, but they go about it in different ways.
Business development different from sales is more strategic, focusing on long-term relationships and partnerships to grow the business. Sales, on the other hand, is more transactional, focusing on closing deals and bringing in new customers.
Skill No. 1 – Ability to focus on details
When you’re working in sales, it’s all about the numbers. You’re focused on targets and quotas, and your job is to close as many deals as possible. Business development is a bit different.
Yes, you’re still working to bring in new business, but you’re also focused on building relationships and developing long-term strategies.
This means that you have to be able to pay attention to the details and think about the big picture at the same time.
Skill No. 2 – Listening skills
One of the most important skills for a business developer different from sales is the ability to listen. By listening, you can learn about a potential client’s needs and pain points.
This information can be used to tailor your pitch and show how your product or service can solve their problem.
Skill No. 3 – Problem-solving skills
Business development different from sales is the process of finding and pursuing opportunities to create value for a company. This can involve everything from identifying new markets and developing new products to generating leads and closing deals.
Sales, on the other hand, is the process of actually selling products or services to customers. This involves activities like prospecting, lead generation, and account management.
Skill No. 4 – Negotiation skills
Negotiation skills are critical for business development managers because they are responsible for striking deals with other companies.
Business development managers must be able to convince the other party that their company is the best option and that the deal is beneficial for both sides. They also need to be able to negotiate favorable terms and conditions.
Skill No. 5 – Teamwork skills
In order to be successful in business, it is essential to have teamwork skills. This means being able to work well with others, communicate effectively, and be a good team player.
Business development is different from sales in that it requires a more strategic approach. Sales can be more reactive, while business development requires a proactive plan.
Skill No. 6 – Communication skills
The ability to communicate effectively is one of the most important skills you need for success in business.
After all, communication is the key to building relationships, networking, and selling your product or service.
Skill No. 7 – Writing Skills
The ability to communicate effectively in writing is an important skill for any business professional.
After all, the vast majority of communication in the workplace happens via email, and being able to craft a clear, concise message is essential.