Business development, or "bizdev," includes a number of techniques designed to grow an economic enterprise. Such techniques include, but are not limited to:

·        Assessments of marketing opportunities and target markets

·        Intelligence gathering on customers and competitors

·        Generating leads for possible sales

·        Traditional and web based social networking to build a healthy sales pipeline

·        Follow-up sales activity

·        formal proposal writing

·        Business model design

Business Development involves evaluating a business and then realizing its full potential, using such tools as marketing, marketing communications, PR, Web2.0 and software tools, sales and customer service.

For a sound company to be able to withstand competitors, business development never stops but is an ongoing evolving process.

Successful business development often requires a multi-disciplinary approach beyond just "a sale to a customer."

The web holds huge promise to enhance the velocity and effectiveness of the business development process. Creativity in meeting new and unforeseen challenges is necessary to keep an enterprise on a path of sustainable growth. Business development cannot be reduced to simple templates applicable to all or even most situations faced by real-world enterprises.

Small to medium-sized companies often do not establish procedures for business development, instead relying on their existing contacts. Other times they assume that because they know people in high places that their business development problems are solved and that somehow new business will come to them. The ramifications of such thinking can be significant in the event they are unable to leverage those relationships, which very often are personal or weak. Then they will have no new business in the pipeline.

The pipeline refers to flow of potential clients whom the company is in the process of developing. Each potential client in the pipeline is given a percent chance of success with projected sales volumes attached. The weighted

For larger and more well-established companies, especially in technology-related industries, business development often refers to creating and managing strategic relationships and alliances with other, third party companies. In these instances the companies will leverage one anothers' expertise, technologies or other intellectual property to expand their products, services, functionality and/or market reach without having to invest in building or acquiring these with internal resources.

                                        Adapted from Wikipedia, the free encyclopedia

Our technology clients are constantly seeking Web2.0 PR strategies and tools to directly support their companies’ business development efforts, especially when it comes to new product or market initiatives. We offer a 30 minute webinar that explains our services and how we can help your organization to succeed. You are guaranteed to walk away with some new ideas. Call me at 416-638-8582 or email me at holiver@whatifwhatnext.com to set a time.

In the meantime, check out the following list that defines the Senior Business Development role. Business Development will be a point of focus for the November. Drop by again if you are interested.

Business Development Director’s Roles and Responsibilities

·        Provide leadership for the identification, capture and booking of business to support current and long-term revenue plans.

·        Provide organizational leadership and take appropriate action to win competitive pursuits. This includes the development of capture strategies and plans, ensuring customer satisfaction and oversight of winning proposal activities.

·        Exploit new Web2.0 business development tools. Consider campaigns integrating social networking for prospect list development, targeted emails, Pay-Per-Click campaigns, natural search engine optimization, content development, media relations, building special landing pages and blogs, inbound linking, webinars, and other techniques.

·        Develop and maintain excellent customer relations clients. Ensure continuing customer relations and an effective flow of information to deliver business objectives.

·        Guide the activities of partners/agents/consultants representing company interests.

·        Provide strategic direction for research and development activities.

·        Recommend areas for new technology development that will permit the capture of new markets and products.

·        Maintain an acute awareness and knowledge of market trends, customer requirements, and their strategic direction to position the company for new business opportunities.

·        Provide direction for business development processes, procedures and metrics. Evaluate current processes, procedures and metrics and lead team in development of process improvements.

·        Provide coaching and mentoring to realize the full potential of the Business Development talent/team.

·        Develop and manage department budgets, Bid and Proposal budgets, and lead the development of the Strategic Plan.

The crew of the space shuttle Discovery is set for an ambitious remodeling mission to the international space station this week. We are big NASA fans and watch NASA TV during shuttle missions. Here is a quote from Pam Melroy, the shuttle commander.

"I think we understand the complexity of what we are attempting to do," said Discovery commander Pam Melroy, a former Air Force test pilot who becomes the second woman to lead a shuttle mission. "What I worry about are the things we did not plan for. That is the motto of test pilots: plan for everything because the thing you didn't plan for is the thing that will happen."

Planning the unplanned applies to business as well. Take a look at Vertabase, a client of ours that markets a project management tool that integrates Web2.0 functionality. I find that using this SaaS tool enables me to dig deeper into the multiple client projects we work on a day-to-day basis.

If you were a music industry executive these pictures would resonate. Their business model has evolved radically. Revenue comes from new channels; customers use information and their product differently.  They are rebuilding their entire industry.

Riffing on these images, here is a list of questions that strike me:

Are we filling our sales funnel with methods that are more analogous like the 45 recording than the iPhone?  

How do leverage our content?

How do we share our content with partners and customers?

Is there an online life that follows our trade show activity?

Do we take 10% -30% of our trade show budget and use the web to get leads using the new media?

Can you add some additional questions to this list? I'll build it out further through the coming week.