A subset of the field of commerce, business development comprises a number of techniques and responsibilities which aim at:
1. Researching new types of business/products/services with an emphasis on identifying gaps (existing and/or expected) in the mitigation of needs of potential clients (existing and/or new ones).
2. Attracting new customers
3. Penetrating existing markets.
Techniques used include:
- intelligence gathering on customers and competitors
- generating leads for possible sales
- advising on, drafting and enforcing sales policies and processes
- follow-up sales activity
- formal proposal and presentation management and writing
- pitch and presentation rehearsals
- business model design
- strategic analysis
- account planning and performance monitoring system
- proposition development and campaign development