Business Development Consultancy – How a Specialist Business Development Consultancy Support Revenue Growth Through Partners
Before we look at the areas where a specialist business development consultancy can be used, let’s agree a definition of the term “business development”.
In some sectors, typically professional services and management consultancy, business development should be more accurately called “selling”. In these relationship-orientated businesses, business development is simply a more acceptable term than “sales”. However, as they are usually referring to the business of winning direct clients, they are, essentially, direct sales activities.
For our purpose, and more accurately, business development covers all areas of business growth except direct selling activities. This typically falls into three main areas:
1) Resellers & Channel Sales
2) Strategic Partners
3) Joint-Ventures
Technically, a fourth category of business development exists which would be Mergers & Acquisitions (or M&A) but for the purpose of this article about services provided by a business development consultancy we will focus on the first three.
So, if we agree that business development is focused on business growth through indirect sales, let’s consider how a specialist business development consultancy can help your business.
Resellers & Channel Sales
A business development consultancy can provide support on recruiting and building your indirect sales channels.
Whilst channel architecture may vary, and your business development consultancy will typically advise on the best fit channel structure to meet your business development objectives, the process of building your reseller channel is an ideal project for a business development consultancy.
In fact, the best analogy for a business development consultancy in this instance is a recruitment consultancy.
From researching the market to identify the best channel candidates, making an initial approach on your behalf and setting up the reseller agreement, a business development consultancy can support your business through the entire channel recruitment process.
Strategic Partners
Unlike resellers or channel sales partners, who essentially buy your product and re-sell it, strategic partners are a broader category of business development.
A good business development consultancy will seek to think outside the box when advising on partner selection. Types of strategic partnerships can include technology collaboration, marketing alliances, and value-added services such as consultancy services.
Unlike the “recruitment consultancy” analogy, a strategic partnering programme sees the business development consultancy more as a “match-maker” or dating agency.
Crucially, whatever strategic partnership your business development consultancy advocates, the objectives should always be to engineer a win-win relationship for both businesses.
This isn’t about swapping logos on websites, each party should see mutual financial gain and your business development consultancy should focus on positioning you for business growth.
Joint-Ventures
Whilst, with strategic partnerships each business retains its own identify and seeks to develop additional value through association with each other, a joint-venture (often referred to as a JV) is a completely new venture in its own right.
The joint-venture is typically a new company established and mutually owned by each party. If strategic partnering is “dating”, with a joint-venture you get married.
A business development consultancy, in the same way as when recruiting resellers and strategic partners, will invest time understanding the market and profiling potential joint-venture partners. In addition, understanding each potential partner’s own eco-system of customers and competitors is an essential step.
With joint-ventures the investment and commitment is significant for both parties and, as such, your business development consultancy needs to uncover the strategic benefits for both parties.
In summary, a business development consultancy can support you in developing your indirect sales channels, identifying appropriate third-parties and pulling together a synergistic strategic partnership or joint-venture to position your business for significant revenue growth.
Question about business development
What is the difference between Sales, Marketing and Business Development?What are the definitions of Sales, Marketing and Business Development?
- Business
Made by Symmetric Web
Distributed by Smashing Magazine
10 Responses
Sales are people that sale stuff, like car salesman
Marketing – market a product, not necessary outcome into a sale. More of promoting the products espeically new ones.
Business Development – nowadays corporations go for this instead of the above. The tasks are wider. One need to understand the market, know their clients needs and wants, and research to develop the product that the market needs. Promote and market them. Make a sale.
This is what i understood.
what is your question?? need details.
do you want a comparison of how people look at Business development
thanks a lot for your advice, verry usefull
Hello Dil,
Good luck to you! I can imagine it must be a tough choice to make. If you already have a payed job that pays more then the fixed salary minus penalty pinch I'd say think twice about it. I'm sure there is a good reason why they have this penalty.
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Yeah. Business development is typically inside sales and support. In these positions, you support outside sales staff. Order management may be required – you do what’s necessary to move orders through ‘the system.’ You’ll also establish relationships with customers, sales staff, and other internal organizations. Idle time is spent calling prospects on behalf of your sales staff and building upon any leads – and you will therefore forward pertinent info to your sales staff.
If you really want to own your own business you will need to understand that SALES is the ONLY place where ALL the money is.
If you are looking for work at home big money with no work, I'm sure you will get 500 answers advertising their down-line.
Invest the money in your business, not their scams. There is NO EASY money.
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you haven't started doing anything yet, so you don't have any UPDATING to do YET. after 3-6 months, you will have lots of things to add.
Also, if you really are a business development executive, your duties would be clearly laid out in your contract.
Most people who go to physio are either from doctors – or personal trainers at gyms. The other source is sports teams – consider even high school teams.
Get to personally know doctors and trainers – this can be done through personal networking at chamber meetings, rotary or other group meetings.
Another thing to consider is hosting an after hours function at your location – use the Chamber or other local organization that does these and be a host – then make sure you have proper promotional material geared towards doctors and personal trainers and sports teams. – Hand them out.
A lot of newer companies overlook the effectiveness of joining the local Chamber of Commerce. By being an ACTIVE member, you have numerous opportunities to network with those searching for the services that you provide. You build relationships with leaders in the community, and in turn, become well known within the community. It sounds simple, but it works if you take the time to attend all of the networking events and build relationships. Let your personality shine…don’t be a salesperson at the events, be a friend, and the business will come!