Business development refers to high-level partnerships that generate revenue, create better products and/or increase efficiency. These partnerships can help your clients:
Access new markets
Increase sales to existing markets
Improve access to technology
Boost productivity
Gain capital (human or financial)
Since these partnerships involve multiple departments in each company, there are usually a number of people involved in the deal. It’s often an executive or high-level “biz dev” person leading the process for each company, although in small companies a sales or marketing executive will usually take the reigns. However, creating a partnership is more complex than pure sales -- it requires a solid understanding of the business and operational objectives of multiple organizations.
Business Development Value
In a true partnership, companies collaborate to achieve a common goal. It’s more than a short-term promotion such as a special offer or marketing to each other’s customers. Instead, it’s an agreement to do business together while sharing responsibilities, resources, risks and rewards.
When should your clients pursue these kinds of partnerships? It’s common to include them in their annual marketing plan, but any time is good for identifying potential partners. It’s especially important when they’re trying to open new markets or aggressively grow their business.
With the Consulting M.O., you can determine if business development is a good strategic move for your clients, and determine the proper approach to acquire and manage partnerships. One key partnership could add significant value to your client’s top and bottom line.
Business Development Services with the Consulting M.O.
Identify Potential Partnerships. Evaluate different types and structures for true strategic partnerships.
Business Development Plan. Identify the resources your client will need for a partnership, how the partnership will work, and the sales process for completing the partnership.
Sell the Partnership. Identify the materials your client will need, the process to follow, and the criteria used to evaluate potential deals.
Implementation Plan. Organize the key points for managing the partnership to ensure success.
Your client may need business development services if:
They have a product or service that is complementary to other offerings in the marketplace
They have many additional distribution channel opportunities
Their product or service can be bundled with others to create a better total solution
