Business development refers to high-level partnerships that generate revenue, create better products and increase efficiency. These partnerships can help you:
Access new markets
Increase sales to existing markets
Improve access to technology
Gain capital (human and financial)
Since these partnerships involve multiple departments in each company, there are usually a number of people involved in the deal. It’s often an executive or high-level “biz dev” person leading the process for each company, although in small companies a sales or marketing executive will usually take the reins. However, creating a partnership is more complex than pure sales -- it requires a solid understanding of the business and operational objectives of multiple organizations.
Business Development Value
In a true partnership, companies collaborate to achieve a common goal. It’s more than a short-term promotion, such as a special offer or marketing to each other’s customers. Instead, it’s an agreement to do business together while sharing responsibilities, resources, risks and rewards. When should you pursue these kinds of partnerships? It’s common to include them in your annual marketing plan, but any time is good for identifying potential partners. It’s especially important when you’re trying to open new markets or aggressively grow your business.
With Growth Panel, you can determine if business development is a good strategic move and you can determine the proper approach to acquire and manage partnerships. One key partnership could add significant value to your top and bottom line.
Business Development Tools in Growth Panel
Identify Potential Partnerships: Evaluate different types and structures for true strategic partnerships.
Business Development Plan: Identify the resources you will need to implement a partnership, how the partnership will work, and the sales process involved in completing the partnership.
Sell the Partnership: Identify the materials you will need, the process to follow, and the criteria used to evaluate potential deals.
Implementation Plan: Organize the key points for managing the partnership in a way that ensures success.
You might want to focus on business development if:
You have a product or service that is complementary to other offerings in the marketplace
You have many additional distribution channel opportunities
Your product or service can be bundled with others to create a better total solution
What they’re saying...
Your tools have helped me identify what questions to ask to program directors, as well as to admissions reps, and develop marketing campaigns with logics (sic) and clear target numbers behind them. Also, creative briefs are very handy when communicating with my writers and designers. They eliminate the room for confusion and misunderstandings that used to occur during the creative development stage."
Director of Marketing, The Musician’s Institute
If you’d like to sell Growth Panel licenses, we’ll share license revenue. Our distributor program is like an affiliate program, with greater upside.
We require that our distributors have a license, so step one is to set up yours.
If you’re a consultant and have quality I.P. that adds value, we’ll review it and consider adding it to our product under your own brand. That means more exposure for you, more leads, and more engagements.