![]() Identifying opportunities to reach new customers by entering into new markets is one important gateway to unlocking long-term value. But customers also "live" in markets that are defined by their demographics, lifestyles, and buying mindset. but you reside in London, then you are currently unavailable to me as a customer as I do not currently reach the European market. One way to understand markets is by geography - if I only focus on selling in the U.S. ![]() That’s because customers “live” in specific markets. Or maybe you’re not reaching me because you’re not knocking on my door. Maybe your product is perfect, but I don’t even know your company sells it. Maybe your product doesn’t have the features I’m looking for. But not everyone is a natural customer for your business. They are the people who pay you for your products and services, and without them you won’t have any business to develop. The “customers” portion of the definition may be slightly more obvious – customers pay the bills. Thinking about business development as a means to creating long-term value is the only true way to succeed in consistently growing an organization. It’s about creating opportunities for that value to persist over the long-term, to keep the floodgates open so that value can flow indefinitely. But business development is not about get-rich-quick schemes and I-win-you-lose tactics that create value that’s gone tomorrow as easily as it came today. And there are plenty of ways to make a quick buck for you or your company. But a theorem requires a proper proof, so let’s break that statement down:įirst, what do I mean by “long-term value?” In its simplest form, “value” is cash, money, the lifeblood of any business (but it can also be access, prestige, or anything else a company seeks in order to grow). ![]() At its heart, business development is all about figuring out how the interactions of those forces combine together to create opportunities for growth. There is elegance in simplicity, but perhaps this definition leaves you wanting more. And eureka, for I have found it - the Grand Unified Theory of business development:īusiness development is the creation of long-term value for an organization from customers, markets, and relationships. Lacking any concise explanation of what business development is all about, I sought to unite the varied forces of business development into one comprehensive framework.
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