Research
Researching potential buyers. For example, a B2B firm might identify all the mid-sized companies operating in a region as a starting point.Competitive Intelligence
Developing competitive knowledge about industries, markets, competitors and potential buyers. For example, learning that a firm is unhappy with the products or services of a competitor.Networking
Attending industry events to scout for leads and information.Knowledge & Data
Developing documents and databases to track what you know about potential leads.Partner Development
Developing and managing partners that provide competitive intelligence or leads.Lead Qualification
Evaluating the quality of leads to filter those that aren't worth pursuing according to factors such as finances, budget, authority and needs.Prospecting
Developing initial relationships with potential buyers.Sales Support
Handing off qualified leads by transition the relationship to a salesperson who will handle closing.Sales Operations
In some cases, a business development team has responsibility for the entire sales operations process including pipeline management, metrics and sales administration.Notes
Business development is a somewhat confusing term as the same term is commonly used to describe the corporate activity of acquiring companies and developing new products.| Overview: Business Development | ||
Type | ||
Definition | The process of developing qualified leads. | |
Related Concepts | ||
