The most important task of strategic business management is to keep the company on track and ensure its competitiveness. This makes business development management central to the company’s ability to keep up with the rapid pace of advancement.
Business Development: That´s why it´s so important
Business development describes the business field development that uncovers new and innovative business areas. This involves initiating and developing various measures to help the company position itself for the future. An important component is therefore the analysis of existing markets, competitors and customers. The data collected can be used to create a sound and forward-looking basis for the respective business model. Companies that do not have their own department for these tasks or want to open up a new market in Germany can bring in an external partner. For example businessdevelopmentgermany.com.
A strategic approach is essential for companies
The fact that business development is not only important for fast-moving industries with numerous innovations is demonstrated time and again. That is why the well-thought-out strategy is also essential in areas that do not fall under IT, vehicle manufacturing or the media. The reason for this is increasing globalization, as well as digitalization. Both have intensified competition in all areas and require a completely different approach. Instead of resting on one’s laurels, the primary goal is to strengthen one’s foothold in the market.
Tasks and goals in business development
Depending on the focus of the company, the tasks in the area of business development can vary greatly. Nevertheless, business development in its various forms is characterized by the same basic functions:
- Analysis of the market, as well as customers and other competitors.
- Development of a promising business orientation and new, innovative strategies.
- General maintenance and improvement of own competitiveness. This task includes the detection of future markets, trends and innovations.
- It is an interface with the various departments within the company: from finance to communications to product development.
Sales, production and marketing: the central areas in business development
Business Development has a wide range of tasks on its agenda. These depend on the industry, the situation of the company and the internal competencies. Thus the focus in Business Development can differ greatly from the competition. This makes it an individual matter, which has to be focused on the own company and fit to the respective goals.
Sales-oriented business development, for example, deals with the needs and desires of customers. With the goal of increasing sales, it is not only a matter of retaining existing customers, but also of acquiring new customers.
In product-oriented business development, the focus is on new and further development of products. In this case, the focus is on a strategically aligned product portfolio with which the company can cover the future needs of its customers. For companies in the service sector, on the other hand, the focus is on developing new services.
Marketing-oriented business development is closely related to corporate communications. Because of its close relationship to general marketing, it is primarily concerned with how the company positions itself in the market in the future. A clear and tangible differentiation from the competition is also the focus of the task area. This includes, for example, the targeted marketing concept, but also the increase of awareness through advertising campaigns.
Regardless of the form in which business development is integrated: It is indispensable for every company. The project succeeds best when qualified specialists are entrusted with the extensive and sometimes complex tasks.