What is Business Development?

I’ve been meaning to write this post for a bit. Saeed’s post on the same topic helped me formulate some ideas.

Basically-

Business Development = Business (sales, creating transactions) + Development (product development)

The fact is that sometimes products have to change to meet customers needs. In the old economy the company produces a product, puts it on the shelf and hopefully it sells. Today, production is flexible and customizable, especially in technology companies. Customers expect a product made to their specifications.

Business Development is the process of finding the customer’s needs, communicating these needs to the production team and then completing a transaction which will see the product built. BDev is either product design with the customer involved OR sales through product design.

Any thoughts?

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3 Responses to What is Business Development?

  1. jtame05 says:

    I had a friend who did some BD work and his primary thing was just consulting on the planning and development of a product. The startup failed, but it was still helpful to get his advice early on.

    Also, good point you made about communicating in a way that people can easily understand. I’ve removed all references to “AJAX” and “Web 2.0” on my site because it confuses business owners 😉

  2. matthew says:

    I couldn’t have said it better myself. As a man who has spent several years in business development, it’s real balance that has to be achieved.

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