Those who work in Business Development may work in two major areas: the sales side or the operational side that functions in the support of sales. The aim of all Business Development activities is to attract new customers and increase profits.
Techniques used in Business Development include:
- evaluation of marketing opportunities and potential markets
- market research and analysis of customers and competitors
- generation of new leads
- formal proposal and presentation writing
- development and delivery of pitches and sales presentations
- account planning and performance monitoring
- measurement of marketing campaign effectiveness
It is common for professionals in the Business Development sector to have experience in financial services, investment banking or management. Usually they have advanced skills in a combination of marketing, legal and regulatory policy, finance and sales.
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