What is Business Development?

Business development refers to the activities and efforts that are undertaken to identify and pursue new opportunities for business growth.

Business development can include a wide range of activities, such as market research, identifying new markets or customers, developing partnerships and strategic alliances, and creating new products or services.

The goal of business development is to drive revenue growth and increase the value of the company.

Business development professionals are responsible for identifying and developing new business opportunities, and may work in a variety of industries and roles, including sales, marketing, and strategy.

Business development can be distinguished from sales, which focuses on the direct acquisition of new customers, and from marketing, which focuses on promoting the company and its products or services to potential customers.