{"id":7045,"date":"2022-09-21T23:55:37","date_gmt":"2022-09-21T23:55:37","guid":{"rendered":"https:\/\/omaha-seo.com\/blog\/?p=7045"},"modified":"2022-09-21T23:55:37","modified_gmt":"2022-09-21T23:55:37","slug":"what-is-business-development","status":"publish","type":"post","link":"https:\/\/omaha-seo.com\/blog\/what-is-business-development\/","title":{"rendered":"What is Business Development?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ec38265c633\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ec38265c633\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/omaha-seo.com\/blog\/what-is-business-development\/#What_Is_Business_Development\" >What Is Business Development?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/omaha-seo.com\/blog\/what-is-business-development\/#Business_development_is_a_marketing_and_sales_function\" >Business development is a marketing and sales function<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/omaha-seo.com\/blog\/what-is-business-development\/#It_creates_long-term_value_for_an_organization\" >It creates long-term value for an organization<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/omaha-seo.com\/blog\/what-is-business-development\/#It_requires_negotiation\" >It requires negotiation<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Business_Development\"><\/span>What Is Business Development?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/omaha-seo.com\/\">Business development<\/a> is a sales and marketing function that focuses on creating long-term value for an organization. The work of business development professionals involves identifying growth opportunities and implementing them. It is a subset of organizational theory and business. Its goals include increasing organizational revenue, profitability, and market share.<\/p>\n<p><img decoding=\"async\" class=\" wp-image-3364 aligncenter\" src=\"https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-300x200.jpg\" alt=\"\" width=\"833\" height=\"555\" srcset=\"https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-300x200.jpg 300w, https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-1024x683.jpg 1024w, https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-768x513.jpg 768w, https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-1536x1025.jpg 1536w, https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-2048x1367.jpg 2048w, https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-1900x1268.jpg 1900w, https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-513x342.jpg 513w, https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-573x382.jpg 573w, https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-600x400.jpg 600w, https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2022\/02\/Depositphotos_185299358_XL-335x224.jpg 335w\" sizes=\"(max-width: 833px) 100vw, 833px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Business_development_is_a_marketing_and_sales_function\"><\/span>Business development is a marketing and sales function<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Business development is a function within marketing, focusing on identifying and attracting new customers and leads. This function uses various channels and messaging strategies to promote a company&#8217;s products or services. It also aims to align the brand with its target buyer segment. Its role is to improve customer attraction, sales, and customer experience.<\/p>\n<p>Both marketing and sales play a vital role in generating revenue. Both functions use similar tactics to generate leads and establish market presence. By leveraging the expertise of both departments, you can create more targeted sales messages and sales strategies. This will increase the likelihood of conversions and increase revenue.<\/p>\n<p>While these two functions are similar, they require different skills. For example, business development combines soft sales skills and marketing skills to generate leads and close sales. The typical business development goal is to drive new business, while sales are responsible for closing sales. In this way, business development helps build a solid pipeline of prospective clients.<\/p>\n<p>Business development also focuses on lowering costs and increasing revenue. The end goal is growth, and the most common metric for measuring growth is the bottom line. Business development enables you to identify which products or markets will generate the highest returns. It also helps you identify the best areas to grow and where to find funding for expansion.<\/p>\n<p>Business development also requires negotiation skills and timeline management. A good business developer is constantly working toward goals and new market entries. They will also celebrate their successes and learn from their failures. While business development is not the same as sales, a successful business developer will have to be a good negotiator to land new client accounts and strategic partnerships.<\/p>\n<p>Business development can be integrated with marketing, or it can stand alone as an independent function. The role of business development can change with the size and maturity of a company. It involves strategies that help the company grow and succeed, such as relationship-building, market expansion, and brand awareness campaigns.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"It_creates_long-term_value_for_an_organization\"><\/span>It creates long-term value for an organization<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Business development teams are responsible for nurturing relationships with new customers and prospects and strengthening existing ones. They also identify and develop new growth opportunities. These opportunities can be profitable for an organization. Managers can identify opportunities by analyzing customer data and trends. By developing a business development strategy, organizations can increase their revenue and profits.<\/p>\n<p>Successful business development requires a thorough understanding of relationships, markets, and interactions. Relationships are the lifeblood of a business, and successful business development initiatives are founded on trust and mutual value. In addition, the right relationships will allow the organization to create a strong brand and customer base.<\/p>\n<p>Business development strategies also involve tracking performance. Metrics provide a way to measure the effectiveness of development tactics and help managers determine which ones are most effective. It is important to identify actionable metrics and avoid vanity metrics. This is because vanity metrics can only help a company look good on paper and are useless for business development.<\/p>\n<p>Business development plans help identify goals and generate growth tasks. They identify the company&#8217;s strengths, weaknesses, opportunities, threats, and competition. It also identifies the geographic footprint and potential customers. Business development also aims to generate revenue, new customers, and leads. A business development plan should include SMART goals and involve the entire team.<\/p>\n<p>Business development involves multiple steps and is an intricate process. A business development team should be knowledgeable of every aspect of an organization&#8217;s business. It must constantly update information and maintain relationships with key stakeholders. Further, BD teams must maintain a relationship with all stakeholders to maintain the organization&#8217;s position in the market.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"It_requires_negotiation\"><\/span>It requires negotiation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In business development, effective negotiation skills are crucial. Ideally, you should be comfortable with compromising and expressing your opinions. In addition, you should be able to manage time and prioritize tasks. In this field, you will be working toward meeting set goals and entering new markets. Good business developers will also learn from their successes and failures. For example, members of the business development team may be required to negotiate new client accounts and strategic partnerships.<\/p>\n<p>Before negotiating, you need to evaluate your past negotiation strategies and decide where you need to improve. Once you&#8217;ve done this, create a plan of action. You might want to familiarize yourself with concepts like ZOPA and BATNA and consider innovative ways to add value to your deals. Then, make a list of possible solutions and create a roadmap for a successful negotiation.<\/p>\n<p style=\"text-align: center;\"><iframe loading=\"lazy\" style=\"border: 0;\" src=\"https:\/\/www.google.com\/maps\/embed?pb=!1m28!1m12!1m3!1d23992.727228976608!2d-96.001911079726!3d41.263356594491185!2m3!1f0!2f0!3f0!3m2!1i1024!2i768!4f13.1!4m13!3e6!4m5!1s0x87938e0fdcd549b3%3A0x7ffc8a04c2111630!2sOrchard%20Hill!3m2!1d41.2752469!2d-95.9740049!4m5!1s0x87938c3d0c948869%3A0x391f88e01c1aab8a!2sOmaha%20SEO%2C%205223%20Grover%20St%2C%20Omaha%2C%20NE%2068106!3m2!1d41.22665!2d-95.99607499999999!5e0!3m2!1sfil!2sph!4v1659035536691!5m2!1sfil!2sph\" width=\"600\" height=\"450\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What Is Business Development? Business development is a sales and marketing function that focuses on creating long-term value for an organization. The work of business development professionals involves identifying growth opportunities and implementing them. It is a subset of organizational theory and business. Its goals include increasing organizational revenue, profitability, and market share. Business developmentRead More &raquo;<\/p>\n","protected":false},"author":1,"featured_media":2463,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-search-engine-optimization","cat-1-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Business Development? - Omaha SEO<\/title>\n<meta name=\"description\" content=\"It also identifies the geographic footprint and potential customers. Business development also aims to generate revenue, new customers, and leads.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/omaha-seo.com\/blog\/what-is-business-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Business Development? - Omaha SEO\" \/>\n<meta property=\"og:description\" content=\"It also identifies the geographic footprint and potential customers. Business development also aims to generate revenue, new customers, and leads.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/omaha-seo.com\/blog\/what-is-business-development\/\" \/>\n<meta property=\"og:site_name\" content=\"Omaha SEO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/4socialmedia\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-21T23:55:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/omaha-seo.com\/blog\/wp-content\/uploads\/2019\/03\/Depositphotos_77946546_l-2015.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1189\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Phil Belleville\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@MySocialMediaCo\" \/>\n<meta name=\"twitter:site\" content=\"@MySocialMediaCo\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Phil Belleville\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What is Business Development? - Omaha SEO","description":"It also identifies the geographic footprint and potential customers. 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After leaving a CFO role at a seven\u2011figure nonprofit, I built my first online business and hit #1 in AOL search within weeks\u2014then clients started asking me to replicate those results for them. Since then, I\u2019ve helped businesses turn WordPress sites into high\u2011performing assets through technical SEO, site architecture, speed, and content strategy, and I\u2019ve built and sold a WordPress site after growing it to 1,000+ organic keyword rankings. Today I own or co\u2011own multiple city\u2011based SEO properties that compete at the top in tough U.S. markets, and I now offer AI SEO so brands can show up in Google results and AI\u2011generated answers. To work with me, book a call from the homepage of Omaha SEO (Omaha\u2011SEO.com).","url":"https:\/\/omaha-seo.com\/blog\/author\/philbell\/"}]}},"_links":{"self":[{"href":"https:\/\/omaha-seo.com\/blog\/wp-json\/wp\/v2\/posts\/7045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omaha-seo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omaha-seo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/omaha-seo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/omaha-seo.com\/blog\/wp-json\/wp\/v2\/comments?post=7045"}],"version-history":[{"count":0,"href":"https:\/\/omaha-seo.com\/blog\/wp-json\/wp\/v2\/posts\/7045\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/omaha-seo.com\/blog\/wp-json\/wp\/v2\/media\/2463"}],"wp:attachment":[{"href":"https:\/\/omaha-seo.com\/blog\/wp-json\/wp\/v2\/media?parent=7045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omaha-seo.com\/blog\/wp-json\/wp\/v2\/categories?post=7045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omaha-seo.com\/blog\/wp-json\/wp\/v2\/tags?post=7045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}