Every business requires constant development that a business developer needs to implement. However, sometimes it may be difficult to actually figure out what needs to be done. This is because the responsibilities of a business developer vary from company to company.
The act of business development is basically to implement growth opportunities within a company. This involves a combination of short and long-term tasks and process to create value in all the business areas. To achieve this, a business developer should have the following key responsibilities (and briefly summarized).
1. Problem identification
This involves gathering and structuring relevant information required to identify problems and to solve unmet needs.
This involves coordinating the creative process of identifying, developing, and communicating innovative ideas to solve the identified problems.
3. Idea Scoring
A business developer needs to know how to organize ideas based on requirements, resources, capabilities etc and also select the most promising ideas based on order of significance.
4. Developing Value Proposition
The value of the selected idea should be assessed and properly articulated based on the user/customer’s perspective - what need the idea addresses and how the implementation of the idea will benefit the user/customer.
5. Business Modelling
This involves developing the plan, key processes, key tasks, the go-to-market approach for creating and delivering proposed value for the new service/solution to the user and for capturing value in return in the form of revenue.
6. Realising First proof of concept
A business developer is then required to execute the idea and release a minimum viable product to test the relevance of the solution developed.
7. Team, Product and Marketing Strategy Development
This involves gathering the appropriate team, managing the product development and bringing the solutions and services to market.
8. Project Management
A business developer should be able to effectively manage the innovation journey, from ideation to implementation and commercialization;
9. Participating in strategically targeted events.
10. Effective communication and networking skills
As stated above, the responsibilities of a business developer vary from company to company. However, the stated key responsibilities are primary and universal.
Image source: Novancia Business School Paris