A solid business development strategy can be integral to a company's growth and success. But if you ask a dozen different people, "What is business development?", you'll likely get a dozen different answers. That's because the role of business development evolves along with the company, and that role varies according to the company's size, maturity and prioriti
In simple terms, business development consists of the strategies and actions that contribute to the growth and value of a company. Relationship building, market expansion and brand awareness campaigns are all types of business development strategies.
Those who work within business development assess a company's performance and seek out ways to improve the company's prospects for growth. Whereas salespeople work directly with individual customers to close deals, business development consists of taking more of a big-picture approach and employing various tactics to position the business for long-term growth.