What is the role of Business Development Responsibilities?

When business owners struggle to increase sales, expand to new markets, partner with other companies or organizations to improve profitability, they involve their teams in business development. This process applies to all departments: from marketing to sales, product to project management. Companies hire business development managers to set accurate goals and develop plans to reach them.

Goals can include revenue growth, expansion to new markets, strategic partnerships, and more. Business development helps companies reach their targets based on the plan and under a specified budget.

To improve profitability, conclude a profitable partnership, and reach new locations, a business development manager should have a customer profile, SWOT analysis, market opportunities, sources of revenue, state of the industry, opportunities for business expansion, and other vital information.

1. Qualifying Leads.

Typically, leads are qualified through calls, emails, web forms, and social media.

The key to qualifying leads (leads who are assigned to the BDRs as well as leads BDRs identify themselves) is to consider their needs and then determine whether your product or software could be a solution for them.

2. Identify and communicate with prospects.

By qualifying leads and searching for people who fit your buyer personas, BDRs will identify ideal prospects. They can communicate with those prospects directly to learn more about their needs and pain points.

This way, BDRs can determine whether the prospect will really benefit from your product or service by becoming a customer. This is important because it increases the potential of improved customer loyalty and retention.

Once the BDRs have identified ideal prospects, those prospects can be passed along to a sales rep on the team (or sales manager, if necessary) who can nurture them into making a deal.

3. Proactively seek new business opportunities.

Proactively seeking new opportunities whether that’s in terms of the product line, markets, prospects, or brand awareness is an important part of your business’s success. BDRs work to find new business opportunities through networking, researching your competition, and talking to prospects and current customers.

4. Stay up to date on competition and new market trends.

It’s important to stay up to date on your competition’s strategies, products, and target audience as well as any new market and industry trends.

This will allow you to identify ideal prospects more effectively. It also helps your business prepare for any shifts in the market that could lead to the need for a new approach to qualifying leads and attracting your target audience.

5. Report to salespeople and development managers (If you have one)

As we reviewed, at most companies, BDRs report to sales reps and sales managers. BDRS must communicate with these higher-ups for multiple reasons such as discussing lead qualification strategies and how to get prospects in touch with sales reps to nurture them into customers.

BDRs also must report their findings (such as business opportunities and market trends) to sales reps and managers. Relaying this information and collaborating with sales reps and managers to develop and/or update appropriate strategies for your business and audience is critical to your success as an organization.