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Analysis of Business Development Strategies with Business Model Canvas Approach

S A Mustaniroh 1 , N Prabaningtias 1 and A D P Citraresmi 1

Published under licence by IOP Publishing Ltd IOP Conference Series: Earth and Environmental Science , Volume 515 , International Conference of Sustainability Agriculture and Biosystem 12-13 November 2019, West Sumatera Province, Indonesia Citation S A Mustaniroh et al 2020 IOP Conf. Ser.: Earth Environ. Sci. 515 012075 DOI 10.1088/1755-1315/515/1/012075

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1 Department of Agroindustrial Technology, Faculty of Agricultural Technology, Universitas Brawijaya, Indonesia

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Fruit processing industry is one of the food-based industries in Indonesia that has the potential to be developed. One of the potential fruit-based products is the development of regional superior products, including local apples in the Batu City area. SMEs processing industry sector in Batu City has prospective opportunities to be developed as a producer of regional superior products into a variety of souvenir products typical of Batu City such as apple pia, apple pie and apple brownies. The objective of the research is to identify the business model in SMEs and building the alternative business development strategies. The object of research is SMEs Permata Agro Mandiri in Batu City, East Java. The research approach and method used are business model canvas approach and SWOT analysis. The results showed that nine BMC elements are show the business model run by Permata Agro Mandiri. Based on the SWOT analysis of nine BMC elements, the strength of these SMEs in running business model was in the ownership of product standardization and production processes certificates, weaknesses with the greatest influence were limited machine capacity and human resources skills, potential opportunities is increasing the number of tourist in Kota Batu, and the biggest threat is business customer satisfaction and loyalty affects the sale of products. The alternative business development strategies are prepared, improving marketing strategies (SO-1), developing tourism and educational services (SO-2), optimizing social media and e-commerce as online marketing media (WO-1), conducted of training and development human resources activities (WO-2), positioning (ST), educating and introducing the brand (WT).

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Thorén, Kent. "Corporate Entrepreneurship as a Business Development Strategy." Doctoral thesis, KTH, Industriell ekonomi och organisation (Inst.), 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-4536.

Thorén, Kent. "Corporate entrepreneurship as a business development strategy /." Stockholm Stockholm : Industriell ekonomi och organisation Industrial Economics and Management, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-4536.

Hailemariam, Matias. "Business Driven Maintenance Strategy Development with Performance Indicators." Thesis, Växjö University, School of Technology and Design, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:vxu:diva-5564.

The overall target of the maintenance management system is to improve the role of a maintenance organization in positively impacting production capacity, products quality, safety and also overall production cost. In the course of ensuring the above mentioned benefits, the maintenance system should be designed under an umbrella of appropriate strategy that is developed in line with the company’s major business objectives.

The thesis work is focused on developing a model that assist the design of a maintenance strategy which is linked with the company’s major business objectives. And for this the balanced score card approach is utilized. Then the model’s application is tested in a case company with the general procedures described below.

The business requirements by the customers, which are translated to business objectives of the case company, were used as starting points. Then the production performance indicators were checked for their effectiveness in addressing the business objectives of the company. After this, a maintenance strategy with approaches to address the business objectives of the company, which are expressed by the production performance indicators, was developed with potential maintenance performance indicators.

The result showed that the different elements incorporated in the model developed are appropriate in linking the maintenance activities with the company’s business objectives as can be observed from the analysis made on the case company.

Smirnov, Vitaliy. "Business strategy and organisational development : organisational archetypes and sociocognitive processes in the frameworks of configurational approach." Thesis, University of Bedfordshire, 2007. http://hdl.handle.net/10547/622112.

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Talebi-Taher, Hamidreza. "Oracle Strategy in Business Development : MBA-thesis in marketing." Thesis, Högskolan i Gävle, Avdelningen för ekonomi, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-8041.

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Pizey, Tobermory Robert. "The Role of Market Research in Business Development." Thesis, University of Canterbury. Engineering Management, 2013. http://hdl.handle.net/10092/7470.

Garbo, Samuel P. (Samuel Paul). "Technology development and business strategy : a changing environment impacts practices." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/10540.

Davari, Dordaneh. "Defining business strategy for development of travel and tourism industry." Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/65801.

Yeung, Tin-cheung Alik. "Business strategy under PADS : a case study of strategic exploitation of business opportunities arising from the Port and Airport Development Strategy (PADS) being planned for Hong Kong /." Click to view the E-thesis via HKUTO, 1992. http://sunzi.lib.hku.hk/hkuto/record/B42128365.

Nel, Jan-Derick. "Corporate social strategy as a key to sustainable business." Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/21192.

Nieuwoudt, Adriaan Hermanus (Riaan). "The development of an environmental strategy for Pepkor Retail Limited." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/6428.

Watt, David Andrew. "Managing without profit? : strategy guidelines for management development." Thesis, Brunel University, 1991. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.302806.

Castaño, Labajo Víctor, and Jinsong Xiao. "Market Entry, Strategy and Business Development in Mobile Health (mHealth) Industry." Thesis, Blekinge Tekniska Högskola, Institutionen för industriell ekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-875.

Gelfgren, Viktoria, and Brinkmann Christoffer Högbom. "The Strategy of Using Consultants for Sustainable Business Development Within SMEs." Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-48995.

Dufour, Marie, and Lucas Jacq. "Engagement of young graduates in Entrepreneurship : Entrepreneurship, Strategy and Business Development." Thesis, Linnéuniversitetet, Institutionen för organisation och entreprenörskap (OE), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-65657.

Masaro, Matthew. "Getting to Now: Entrepreneurial Business Model Design and Development." Thesis, Université d'Ottawa / University of Ottawa, 2016. http://hdl.handle.net/10393/34957.

Maslen, Roy. "Manufacturing vision in the strategy process." Thesis, University of Cambridge, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.309706.

Yeung, Tin-cheung Alik, and 楊天祥. "Business strategy under PADS: a case study ofstrategic exploitation of business opportunities arising from the Portand Airport Development Strategy (PADS) being planned for Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1992. http://hub.hku.hk/bib/B42128365.

Sanchez, Navarro Gines. "Internationalization strategy choice for micro-multinationals: a development framework." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-246025.

Kem, Katherine F. "Retail Big-Box Development and Small Business Strategy at the Local Level." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3398.

Callisto, Kristen Alana Wong. "Dripstone Columns: A Strategy Development Model for Strategic Renewal for the National Board for Professional Teaching Standards." Thesis, Harvard University, 2016. http://nrs.harvard.edu/urn-3:HUL.InstRepos:27013336.

Švec, Richard. "Zhodnocení stavu systému Business Intelligence a návrhy na jeho zlepšení." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264581.

Bellefeuille, Joseph Harmon. "Discovering how firms align executive development with business strategy: a grounded theory study." Thesis, Boston University, 2004. https://hdl.handle.net/2144/33405.

Chalera, Clement Stanley. "An impact analysis of South Africa's National Strategy for the development and promotion of SMMEs." Pretoria : [s.n.], 2006. http://upetd.up.ac.za/thesis/available/etd-05022007-102936.

Spearman, Pat. "Using Sustainable Development as a Competitive Strategy." ScholarWorks, 2015. https://scholarworks.waldenu.edu/dissertations/1424.

Agupusi, Patricia C. "Small business development as a strategy for empowerment in post-apartheid South Africa." Thesis, University of East Anglia, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.522250.

Scott, Jaime Alexander. "A strategy for modelling the design-development phase of a product." Thesis, University of Newcastle Upon Tyne, 1999. http://hdl.handle.net/10443/445.

Horňák, Matej. "Strategie rozvoje malé firmy." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2007. http://www.nusl.cz/ntk/nusl-221436.

Battal, Khalid Mohammed A. "Investigating the concept, practice and strategy of human resource development in Saudi public organisations." Thesis, University of Hull, 2011. http://hydra.hull.ac.uk/resources/hull:11867.

Zhao, Lei, and Meng Chen. "The Development of an Appropriate Strategy Map : An application of strategy map theory on China Mobile." Thesis, Umeå University, Umeå School of Business, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-26932.

After several years practice and research, companies and researchers have agreed thatmanagement of a company can not only rely on financial performance measures, butnon-financial measures should be also included in the set of tools. One of the mostpopular approaches to solve this problem are BSC (Balanced Scorecard) combiningwith KPI (Key Performance Indicators).Balanced Scorecard has been introduced by Kaplan and Norton in 1992 whichconsists of a set of financial and non-financial measures which are categorized in fourperspectives “financial”, “customer”, “internal processes”, and “learning and growth”.Key performance indicators are financial and non-financial metrics used to help acompany define and measure progress toward goals and KPIs are typically tied to anorganization's strategy through Balanced Scorecard.In this thesis we limit our study to the Mobile Network Operator industry, use casestudy, as the research design, with a combination of quantitative and qualitativeresearch methods. We summarized the limitation of the initial Balanced Scorecard,discussed the demand and benefits of strategy map, researched on principles andcriteria of a suitable strategy map. Ultimately, we formulated the process of how todesign a strategy map.In practice, after several years of dramatic development, along with the saturation ofthe market and the fierce competitions, mobile network industry stepped into the ageof depression; the sudden huge profits have been over. While a new wirelesstechnology, 3G offers the mobile network operators (MNOs) a new chance toimprove their value added services with high speed bandwidth from 3G technology,and make more profit from it. European 3G markets is the most competitive anddeveloped now, while the Japan 3G was already in an advanced level. In the recentyears, China as the biggest developing country also wants to start the 3G market.With the defined KPIs, we benchmarked the performance of China Mobile to thethree world’s leading MNOs, Vodafone, “3”, and NTT; ascertained the situation ofChina Mobile, set goals and discovered the cause-effect linkage of the KPIs, andfinally formulate a strategy map for China Mobile according to the analysis. Thestrategy map is based on four perspectives, financial, customers, internal and learningand innovation perspectives, and in each perspective, practical solutions which arebased on their strengths and weaknesses are provided. With the help of this research,the company can trace their problems and find the solutions for them.

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Chen, Yi Wen, and 陳怡雯. "The Study on Aromatherapy Business Development Strategy." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/325864.

Sooful, Nishi. "A residential development emerging marketing strategy for Moreland Developments." Thesis, 2005. http://hdl.handle.net/10413/3687.

Chiang, Chen-Ming, and 蔣禎明. "Business Development Strategy of Printing Industry at EPSON." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/h498da.

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  • A Game-Changing Business Development Strategy to Achieve Consistent Growth

Joe Pope

Your business development strategy can be key to the success or failure of your firm. In this post, we’ll explore how to create a strategy and associated plan that can propel an individual, a practice or an entire firm to new levels of growth and profitability.

Business Development Defined

Business development (BD) is the process that is used to identify, nurture and acquire new clients and business opportunities to drive growth and profitability. A business development strategy is a document that describes the strategy you will use to accomplish that goal.

The scope of business development can be wide ranging and vary a lot from organization to organization. Consider the model of how professional services organizations get new business shown in Figure 1.

business development funnel

Figure 1: The three stages of the business development funnel

The first two stages of the model, Attracting Prospects and Build Engagement, are traditional marketing functions. The final stage, Turning Opportunities into Clients, is a traditional sales function. In the traditional role, business development would be looking for new channels of distribution or marketing partners.

But roles are changing and naming conventions evolve. In today’s world many firms refer to the entire marketing and sales process as business development. I know, it can be confusing. So let’s sort it out a bit.

Business Development vs. Marketing

Marketing is the process of determining which products and services you will offer to which target audiences, at what price. It also addresses how you will position and promote your firm and it’s offerings in the competitive marketplace. The result of all this activity should be an increasing awareness of your firm among your target audience — and a stronger flow of qualified leads and opportunities.

Download the Business Development Guide

Historically, business development has been a subset of the marketing function that was focused on acquiring new marketing or distribution relationships and channels. While this role still exists in many companies, the business development title has become interchangeable with many marketing and sales functions.  

Business Development vs. Sales

Sales is the task of converting leads or opportunities into new clients. Business development is a broader term that encompasses many activities beyond the sales function. And while there is some overlap, most traditional BD roles are only lightly involved in closing new clients.  

Business development is often confused with sales. This is not too surprising because many people who are clearly in sales have taken to using the title of Business Developer . Presumably this is done because the organization believes that the BD designation avoids some possible stigma associated with sales.

Nowhere is this practice more prevalent than in professional services. Accountants, lawyers and strategy consultants do not want to be seen as “pushy sales people.” This titular bias is firmly rooted despite the fact that developing new business is an important role of most senior members of professional services firms.

Since so many clients want to meet and get to know the professionals they will be working with, the Seller-doer role is well established in many firms. The preference for Seller-doers also tends to discourage firms from fielding a full-time sales force.

As an alternative approach to leveraging fee-earners’ time, some firms have one or more Business Developers on staff. In the professional services context, these folks are often involved in lead generation and qualification, as well as supporting the Seller-doers in their efforts to close new clients. In other organizational contexts, this role might be thought of as a sales support role.

The result of this confusing picture is that many professional services firms call sales “business development” and make it part of every senior professional’s role. They may also include some marketing functions, such as lead generation and lead nurturing, into the professional’s BD responsibilities.

It is this expanded role, where business development encompasses the full range of lead generation, nurturing and sales tasks, which we will concentrate on in this post.

See also: Heller Consulting Case Story

Business Development Examples

To be clear on what this role entails, let’s consider this business development example:

Bethany is the Director of Business Development at a fictional mid-sized architecture firm. She is not an architect herself. Nor is she involved with any aspect of delivering the projects that the firm has signed. Instead, her role is exclusively focused on signing new business for her firm—with either new clients or existing ones. 

For new clients, Bethany spends much of her time responding to RFPs, communicating directly with inbound leads generated by the marketing/sales enablement team, and nurturing potential clients that she met at a recent industry conference. Bethany also collaborates with the marketing team in the development of new materials she needs to sell to new accounts.

When it comes to existing accounts, Bethany also has a role. She meets monthly with delivery teams to understand whether current client projects are on scope or if change orders are needed. Moreover, she maintains a relationship with key stakeholders of her firm’s clients. If another opportunity for more work opens, she knows that her relationship with the client is an important component to that potential deal.

In this example, Bethany is the primary driver of business development but that does not mean she is doing this alone. Imagine she has a colleague Greg who is a lead architect at the firm. While Greg’s first focus is delivering for his clients, business development—and even marketing—should still be a part of his professional life. Perhaps Greg attends an industry conference with Bethany, he as a speaker and expert and her as the primary networker. The business development dynamic should not end with Bethany and should permeate the whole organization.

In this business development example, you can see that the range of roles and responsibilities is wide. This is why it is essential for business development to not be ad hoc, but done strategically. Let’s talk about that now.

Strategic Business Development

Not all business development is of equal impact. In fact a lot of the activities of many professionals are very opportunistic and tactical in nature.This is especially true with many seller-doers. 

Caught between the pressures of client work and an urgent need for new business they cast about for something quick and easy that will produce short term results. Of course this is no real strategy at all.

Strategic business development is the alignment of business development processes and procedures with your firm’s strategic business goals. The role of strategic business development is to acquire ideal clients for your highest priority services using brand promises that you can deliver upon.

 Deciding which targets to pursue and strategies to employ to develop new business is actually a high stakes decision. A good strategy, well implemented, can drive high levels of growth and profitability. A faulty strategy can stymie growth and frustrate valuable talent.

Yet many firms falter at this critical step. They rely on habit, anecdotes and fads — or worse still, “this is how we have always done it.” In a later section we’ll cover how to develop your strategic business development plan. But first we’ll cover some of the strategies that may go into that plan.

Top Business Development Strategies

Let’s look at some of the most common business development strategies and how they stack up with today’s buyers .

Networking is probably the most universally used business development strategy. It’s built on the theory that professional services buying decisions are rooted in relationships, and the best way to develop new relationships is through face-to-face networking.

It certainly is true that many relationships do develop in that way. And if you are networking with your target audience, you can develop new business. But there are limitations. Today’s buyers are very time pressured, and networking is time consuming. It can be very expensive, if you consider travel and time away from the office.

Newer digital networking techniques can help on the cost and time front. But even social media requires an investment of time and attention.

The close relative of networking, referrals are often seen as the mechanism that turns networking and client satisfaction into new business. You establish a relationship, and that person refers new business to you. Satisfied clients do the same.

Clearly, referrals do happen, and many firms get most or all of their business from them. But referrals are passive. They rely on your clients and contacts to identify good prospects for your services and make a referral at the right time.

The problem is referral sources often do not know the full range of how you can help a client. So many referrals are poorly matched to your capabilities. Other well-matched referrals go unmade because your referral source fails to recognize a great prospect when they see one. Finally, many prospects that might be good clients rule out your firm before even talking with you. One recent study puts the number at over 50%.

Importantly, there are new digital strategies that can accelerate referrals. Making your specific expertise more visible is the key. This allows people to make better referrals and increases your referral base beyond clients and a few business contacts.

Learn More: Referral Marketing Course

Sponsorships and Advertising

Can you develop new business directly by sponsoring events and advertising? It would solve a lot of problems if it works. No more trying to get time from fully utilized billable professionals.

Unfortunately, the results on this front are not very encouraging. Studies have shown that traditional advertising is actually associated with slower growth. Only when advertising is combined with other techniques, such as speaking at an event, do these techniques bear fruit.

The most promising advertising strategy seems to be well-targeted digital advertising. This allows firms to get their messages and offers in front of the right people at a lower cost.

Outbound Telephone and Mail

Professional services firms have been using phone calls and mail to directly target potential clients for decades. Target the right firms and roles with a relevant message and you would expect to find new opportunities that can be developed into clients.

There are a couple of key challenges with these strategies. First they are relatively expensive, so they need to be just right to be effective. Second, if you don’t catch the prospect at the right time, your offer may have no appeal relevance — and consequently, no impact on business development.

The key is to have a very appealing offer delivered to a very qualified and responsive list. It’s not easy to get this combination right.

Thought Leadership and Content Marketing

Here, the strategy is to make your expertise visible to potential buyers and referral sources. This is accomplished through writing, speaking or publishing content that demonstrates your expertise and how it can be applied to solve client problems.

Books, articles and speaking engagements have long been staples of professional services business development strategy. Many high visibility experts have built their practices and firms upon this strategy. It often takes a good part of a career to execute this approach.

But changing times and technology have reshaped this strategy. With the onset of digital communication it is now easier and much faster to establish your expertise with a target market. Search engines have leveled the playing field so that relatively unknown individuals and firms can become known even outside their physical region. Webinars have democratized public speaking, and blogs and websites give every firm a 24/7 presence. Add in video and social media and the budding expert can access a vastly expanded marketplace.

But these developments also open firms to much greater competition as well. You may find yourself competing with specialists whom you were never aware of. The impact is to raise the stakes on your business development strategy.

Combined Strategies

It is common to combine different business development strategies. For example, networking and referrals are frequently used together. And on one level, a combined strategy makes perfect sense. The strength of one strategy can shore up the weakness of another.

But there is a hidden danger. For a strategy to perform at its peak, it must be fully implemented. There is a danger that by attempting to execute too many different strategies you will never completely implement any of them.

Good intentions, no matter how ambitious, are of little real business development value. Under-investment, lack of follow through and inconsistent effort are the bane of effective business development.

It is far more effective to fully implement a simple strategy than to dabble in a complex one. Fewer elements, competently implemented, produce better results.

Next, we turn our attention to the tactics used to implement a high-level strategy. But first there is a bit of confusion to clear up.

Business Development Strategy Vs. Tactics

The line between strategy and tactics is not always clear. For example, you can think of networking as an overall business development strategy or as a tactic to enhance the impact of a thought leadership strategy. Confusing to be sure.

From our perspective, the distinction is around focus and intent. If networking is your business development strategy all your focus should be on making the networking more effective and efficient. You will select tactics that are aimed at making networking more powerful or easier. You may try out another marketing technique and drop it if it does not help you implement your networking strategy.

On the other hand, if networking is simply one of many tactics, your decision to use it will depend on whether it supports your larger strategy. Tactics and techniques can be tested and easily changed. Strategy, on the other hand, is a considered choice and does not change from day to day or week to week.

10 Most Effective Business Development Tactics

Which business development tactics are most effective? To find out, we recently conducted a study that looked at over 1000 professional services firms. The research identified those firms that were growing at greater than a 20% compound annual growth rate over a three-year period.

These High Growth firms were compared to firms in the same industry that did not grow over the same time period. We then examined which business development tactics were employed by each group and which provided the most impact.

The result is a list of the ten most impactful tactics employed by the High Growth firms:

  • Outbound sales calls from internal teams
  • Providing assessments and/or consultations
  • Speaking at targeted conferences or events
  • Live product/service demonstrations
  • Presenting in educational webinars
  • Pursuing industry award opportunities
  • Business development materials
  • Email marketing campaigns
  • Conducting and publishing original research
  • Networking at targeted conferences or events

There are a couple of key observations about these growth tactics. First, these techniques can be employed in service of different business development strategies. For example number three on the list, speaking at targeted conferences or events, can easily support a networking or a thought leadership strategy.

The other observation is that the top tactics include a mix of both digital and traditional techniques. As we will see when we develop your plan, having a healthy mix of digital and traditional techniques tends to increase the impact of your strategy.

Business Development Skills

Now that we have identified the key business development strategies and tactics, it is time to consider the business development skills your team will need. Business development skills require a broad range of technical skills but there are some that make a difference.

When the Hinge Research Institute studied marketing and business development skills in our annual High Growth Study , we found that the firms who grow faster have a skill advantage within their marketing and business development teams.

business development strategy thesis

Let’s dive into the top three skills from this list. 

The number one business development skill high growth firms enjoy are strong project management skills. And for experienced business development specialists, this makes good sense. Staying organized, accurately tracking business development activity, and managing accounts are essential for building and maintaining strong business relationships. Activities like the proposal development see business development team resources manage and produce a strong proposal quickly, including the right stakeholders, and without sacrificing quality.

The next most important skill is simplifying complex concepts. In business development conversations, it is vital that team members are strong communicators of your firm’s service offerings and capabilities. Those who are able to take a comlex scope of work and communicate it in a way that a potential buyer can understand. Speaking in industry jargon or overly complicated charts is a fast way to see a business lead become unresponsive. Therefore, it is no surprise to see that the fastest growing professional services firms have an advantage in communicating complex information in a way that buyers understand.

The third most important business development skill is face-to-face networking. Despite the hiatus of many in-person events, high growth firms still reported that strong networking skills are a top skill enjoyed by their firms. Strong face-to-face networking skills are as much of an art as it is a science. While some can be more charismatic than others, everyone can prepare their teams with the resources and plan they need to succeed in a networking environment.

Review the other business development and marketing skills in the figure above and determine which skills your team should aim to develop. Strategy development for planning your business development plan, research for understanding the competitive landscape and industry trends, and social media prowess all play an important role in business development, too. Developing these skills should be a key priority of your business development team.

How to Create Your Strategic Business Development Plan

A Business Development Plan is a document that outlines how you implement your business development strategy. It can be a plan for an individual, a practice or the firm as a whole. Its scope covers both the marketing and sales functions, as they are so intertwined in most professional services firms.

Here are the key steps to develop and document your plan.

Define your target audience

Who are you trying to attract as new clients? Focus on your “best-fit” clients, not all possible prospects. It is most effective to focus on a narrow target audience. But don’t go so narrow that you can’t achieve your business goals.

Research their issues, buying behavior and your competitors

The more you know about your target audience the better equipped you will be to attract their attention and communicate how you can help them. What are their key business issues? Is your expertise relevant to those issues? Where do they look for advice and inspiration? What is the competitive environment like? How do you stack up?

Identify your competitive advantage

What makes you different? Why is that better for your target client? Are you the most cost-effective alternative, or the industry’s leading expert? This “positioning” as it is often called, needs to be true, provable and relevant to the prospect at the time they are choosing which firm to work with. Be sure to document this positioning, as you will use it over and over again as you develop your messages and marketing tools.

Choose your overall business development strategy

Pick the broad strategy or strategies to reach, engage and convert your prospects. You can start with the list of top strategies provided above. Which strategy fits with the needs and preferences of your target audiences? Which ones best convey your competitive advantage? For example, if you are competing because you have superior industry expertise, a thought leadership/content marketing strategy will likely serve you well.

Click to play video

Choose your business development tactics

A great place to start is the list of the most effective tactics we provided above. Make sure that each technique you select fits your target audience and strategy. Remember, it’s not about your personal preferences or familiarity with a tactic. It’s about what works with the audience.

Also, you will need to balance your choices in two important ways: First, you will need tactics that address each stage of the business development pipeline shown in Figure 1. Some techniques work great for gaining visibility but do not address longer-term nurturing. You need to cover the full funnel.

Second, you need a good balance between digital and traditional techniques (Figure 2). Your research should inform this choice. Be careful about assumptions. Just because you don’t use social media doesn’t mean that a portion of your prospects don’t use it to check you out.

Online and Traditional Marketing

Figure 2. Online and offline marketing techniques

When, how often, which conferences, what topics? Now is the time to settle on the details that turn a broad strategy into a specific plan. Many plans include a content or marketing calendar that lays out the specifics, week by week. If that is too much detail for you, at least document what you will be doing and how often. You will need these details to monitor the implementation of your plan.

Specify how you will monitor implementation and impact

Often overlooked, these important considerations often spell the difference between success and failure. Unimplemented strategies don’t work. Keep track of what you do, and when. This will both motivate action and provide a great starting place as you troubleshoot your strategy. Also monitor and record the impacts you see. The most obvious affect will be how much new business you closed. But you should also monitor new leads or new contacts, at the bare minimum. Finally, don’t neglect important process outcomes such as referrals, new names added to your list and downloads of content that expose prospects and referral sources to your expertise.

If you follow these steps you will end up with a documented business development strategy and a concrete plan to implement and optimize it.

business development strategy thesis

Free Resource

The Business Development Guide

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business development strategy thesis

Monash University

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Business intelligence development strategy planning : a framework

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Showing result 1 - 5 of 225 swedish dissertations containing the words business development strategy .

1. Strategy as Sociomaterial Practices : Planning, Decision-Making, and Responsiveness in Corporate Lending

Author : Robert Demir ; Ali Yakhlef ; Paula Jarzabkowski ; Stockholms universitet ; [] Keywords : SAMHÄLLSVETENSKAP ; SOCIAL SCIENCES ; strategy ; sociomaterial ; practice ; technology ; planning ; decision-making ; responsiveness ; bank ; lending ; Business studies ; Företagsekonomi ; Business Administration ; företagsekonomi ;

Abstract : In their everyday work, organizations, like individuals, find it familiar to consider information technologies and other material objects as nonnegotiable necessities. Management and organization researchers have recalled this evident fact by advancing knowledge of the mundane aspects of computer-mediated work. READ MORE

2. Corporate Entrepreneurship as a Business Development Strategy

Author : Kent Thorén ; Terrence Brown ; Candida Brush ; KTH ; [] Keywords : TEKNIK OCH TEKNOLOGIER ; ENGINEERING AND TECHNOLOGY ; Corporate entreprenurship ; strategy ; business ; management ; business development. ; Industrial organisation ; administration and economics ; Industriell organisation ; administration och ekonomi ;

Abstract : Previous research has generated a substantial body of knowledge regarding the exploration and exploitation of opportunities, two of the main manifest activities of entrepreneurship. This thesis does not primarily examine any of these activities; instead it investigates an important question regarding what happens between them. READ MORE

3. Entrepreneurial competence development : triggers, processes & consequences

Author : Magdalena Markowska ; Johan Wiklund ; Friederike Welter ; Dimo Dimov ; Jönköping University ; [] Keywords : SAMHÄLLSVETENSKAP ; SOCIAL SCIENCES ; Entrepreneurial Competence ; development ; cases ; gourmet restaurateurs ;

Abstract : This dissertation, comprised of the cover story and the four separate but interrelated articles, focuses on exploring the development of entrepreneurial competence. Building on the assumption that purposeful engagement in entrepreneurial action potentially leads to the acquisition of specific entrepreneurial competencies, this thesis investigates the mechanisms facilitating and enabling entrepreneurs’ acquisition of entrepreneurial expertise, and the consequences of this process. READ MORE

4. Growth intentions and communicative practices : Strategic entrepreneurship in business development

Author : Pia Ulvenblad ; Åsa Lindholm-Dahlstrand ; Lars Bengtsson ; Anders W Johansson ; Högskolan i Halmstad ; [] Keywords : SAMHÄLLSVETENSKAP ; SOCIAL SCIENCES ; Strategic entrepreneurship ; communication ; growth intention ; Business studies ; Företagsekonomi ; communicative practice ; communication strategy ; growth intention ; strategic entrepreneurship ; Growth ;

Abstract : This thesis focuses on the “will and skill” of individuals who take part in activities of running a business. The aspect of “will” is studied in terms of growth intentions and the aspect of “skill” is studied in terms of communicative practices. READ MORE

5. Logistics-based Competition : A Business Model Approach

Author : Tobias Kihlén ; Mats Abrahamsson ; Daniel Kindström ; Andreas Norrman ; Linköpings universitet ; [] Keywords : SAMHÄLLSVETENSKAP ; SOCIAL SCIENCES ; logistics-based competition ; business model ; logistics strategy ; strategy ; logistics ; Business and economics ; Ekonomi ;

Abstract : Logistics is increasingly becoming recognised as a source of competitive advantage, both in practice and in academia. The possible strategic impact of logistics makes it important to gain deeper insight into the role of logistics in the strategy of the firm. READ MORE

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A New Generation of Drug Therapies Requires New Business Strategies

  • Alex Vadas,
  • Jeff Holder,
  • Adam Siebert

business development strategy thesis

The shift toward advanced therapeutic modalities will require life sciences companies to rethink strategy, investments, and risk management.

The shift to advanced therapeutic modalities (ATMs) promises to change the nature of competition in the pharmaceuticals industry. ATMs include engineered cell therapies that reprogram cells to fight disease, gene therapies that involve replacing or editing dysfunctional genes, and nucleic acid therapies that promote or shut down production of a protein. They are shifting the nature of drug R&D risk and establishing manufacturing as a critical strategic priority alongside therapeutic safety and efficacy while also introducing new commercialization challenges.

The life sciences industry is undergoing a fundamental evolution in how drugs are discovered, developed, and manufactured. The industry is shifting from traditional drug research and development techniques used for small molecules and antibodies to advanced therapeutic modalities (ATMs), a category that encompasses engineered cell therapies that reprogram cells to fight disease, gene therapies that involve replacing or editing dysfunctional genes, and nucleic acid therapies that promote or shut down production of a protein (e.g., the mRNA vaccines indicated for Covid-19 from Moderna and Pfizer/BioNTech).

  • Alex Vadas is a managing director and partner in L.E.K. Consulting’s Los Angeles office. He is a member of the firm’s Health Care practice and coleads the Life Sciences Enablers practice.
  • Jeff Holder is a managing director and partner in L.E.K. Consulting San Francisco office and is a member of the firm’s Life Sciences practice.
  • Adam Siebert is a managing director and partner in L.E.K. Consulting’s New York office and is a member of the firm’s Life Sciences practice.

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QuoteBox: Novo leadership on counterfeits, Catalent and obesity drugs

Novo Nordisk’s Chief Executive Lars Fruergaard Jorgensen talks to a journalist in Copenhagen

  • Novo Nordisk A/S Follow
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EXPERIMENTAL OBESITY DRUGS AMYCRETIN AND CAGRISEMA

Semaglutide counterfeits.

Reporting by Maggie Fick and Jacob Gronholt-Pedersen in Bagsvaerd, Louise Rasmussen and Stine Jacobsen in Copenhagen; Compiled by Josephine Mason, editing by Emelia Sithole-Matarise

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business development strategy thesis

Thomson Reuters

Based in Copenhagen, Jacob oversees reporting from Denmark, Iceland, Greenland and the Faroe Islands. Specializes in security and geopolitics in the Arctic and Baltic Sea regions, as well as large corporates such as brewer Carlsberg and shipping group A.P. Moller-Maersk. His most impactful reporting on Arctic issues include a report on how NATO allies are slowly waking up to Russian supremacy in the region, uncovering how Greenland represents a security black hole for Denmark and its allies, and how an abundance of critical minerals has proven a curse for Greenland. Before moving to Copenhagen in 2016, Jacob spent seven years in Moscow covering Russia's oil and gas industry for Dow Jones Newswires and The Wall Street Journal, followed by four years in Singapore covering energy markets for WSJ and Reuters. As a Russian speaker, he has been involved in covering the war in Ukraine. He publishes a newsletter each weekday focused on the most important regional and global news. Contact Jacob via email if you are interested in receiving the newsletter.

The corporate logo of the UnitedHealth Group appears on the side of one of their office buildings in Santa Ana, California

Novo Nordisk confident of amycretin obesity drug launch this decade

Novo Nordisk is very comfortable it will be able to launch the pill version of its experimental weight loss drug amycretin this decade, the drugmaker's head of development told Reuters on Friday, a day after it announced strong early trial data on it.

Boxes of Wegovy made by Novo Nordisk are seen at a pharmacy in London

A bitcoin breakout above a 'final resistance' level would signal another 18% upside to $80,600, analyst says

  • Bitcoin is testing its "final resistance" near record highs, according to Fairlead Strategies. 
  • The research firm said a confirmed breakout would suggest bitcoin could rise 18% to $80,600.
  • "A breakout would be a long-term bullish development, leaving no resistance left," Fairlead Strategies said.

Insider Today

The price of bitcoin is testing its "final resistance" and could surge an additional 18% to $80,600 if a breakout is confirmed, according to Fairlead Strategies' Katie Stockton.

In a Monday note, Stockton outlined that the final resistance level of $64,900 will be knocked out if bitcoin closes above that level this Sunday.

"Two consecutive weekly closes above ~$64.9k are required to confirm a breakout in our work. If confirmed, a breakout would be a long-term bullish development, leaving no resistance left," Stockton said.

Bitcoin reached a new record high above $69,000 on Tuesday, well about its final resistance level.

The price of bitcoin has surged more than 60% year-to-date following the approval of several spot bitcoin ETFs and growing anticipation of the halving event, which is set to occur in April. The halving event refers to the halving of bitcoin mining rewards, which should further limit new supply of the cryptocurrency.

The strong price action in bitcoin has led to bullish momentum signals in the short-, intermediate-, and long-term timeframes, according to Stockton.

"Momentum is strongly positive across timeframes, which warrants a bullish bias," Stockton said. "Long-term momentum is positive, and there are no signs of long-term upside exhaustion, supporting a bullish bias for the months ahead."

Amid the bullish backdrop for bitcoin, there are still downside risks. Stockton highlighted bitcoin's rising 50-day moving average as a support level to watch, which currently sits at $48,736, which represents potential downside of 29% from current levels.

"We are watching the DeMark Indicators®, however, which have the chance to flash an intermediate-term 'sell' signal next week," Stockton said, adding that a sell signal would indicate that bitcoin could consolidate for the next nine weeks. 

Check out: Personal Finance Insider's picks for best cryptocurrency exchanges

business development strategy thesis

  • Main content

Purdue University Graduate School

Peer reviewed articles

Reason: Three chapters are in the peer-review process and will soon be published in their respective journals.

until file(s) become available

Assessment of technologies and response strategies for lone agricultural worker incidents

A literature review was conducted, to determine and gain a better understanding of the environmental, technological, physiological, and psychological issues that lone agricultural workers potentially face in the event they are involved in an emergency. An investigation was conducted of communication devices used in other industries where working alone was common, to monitor for and detect incident occurrences. An assessment of currently available emergency alert software and sensing technology for communication [AE1] devices was also undertaken in this review.

Three hundred and sixty-eight U.S. cases of fatalities or injuries were analyzed in which working alone was identified as a contributing factor. Cases included lone agricultural workers, between the ages 15-64, who were identified from a convenient sample of incident reports from 2016-2021 [AE2] . Of the 368 lone agricultural worker incidents analyzed, 38% (140) were caused by tractor rollover or tractor runover, and ATV/ UTV rollovers. Grain bin entrapments accounted for 13% (48) of all identified cases, of which 86% (42) were fatal. Thirty-three percent (121) of the identified incidents involved equipment roll over (not including runovers), and 50% of identified victims, when age was known, were 57 years of age or older. In 11 cases (3%), the victim was under 15 years old and active in agricultural-related tasks at the time of incident occurrence.

Geospatial Information Systems (GIS) tools were used to identify the proximity of Emergency Medical Service (EMS) facilities and cellular towers from a convenient sample of 29 fatal and serious agricultural related injuries from 2016-2021, occurring in the state of Indiana. This analysis found that there were substantially fewer EMS facilities within close proximity to documented rural incident locations compared to injuries or fatalities occurring closer to a populated area. There were also fewer cellular towers within close proximity of incidents located primarily on or near rural agricultural land. More densely populated areas tended to have a greater density of EMS and cellular tower locations, with, most likely, more favorable outcomes from injuries due to shorter response times. [AE3]

An investigation of the physical and operational impact that agricultural equipment would have on the efficacy of commercially available wearable technologies was undertaken, to detect the potential injury-causing agricultural incident. Five experiments were conducted to test the feasibility of these selected wearable devices in detecting agricultural-related incidents with the potential of causing serious injuries. Only one simulated agricultural incident [AE4] successfully triggered incident detection. Incidents successfully triggered incident detection on one wearable device, the Garmin Vivoactive 4 smartwatch. [AE5]

Recommendations included greater emphasis on the hazards associated with lone workers assigned agricultural workplaces, development of new, evidence-based educational resources to incorporate in current prevention strategies directed at farmers, ranchers, and agricultural workers, enhanced supervision of young agricultural workers and compliance with existing child labor regulations, equipping lone workers with appropriate cellphones and/ or wearable technologies to be carried in their vehicles, agricultural equipment, or on their person, use of electronic surveillance or monitoring equipment, written policies and procedures that enhance awareness of worker locations and conditions on a regular basis, and adherence to existing federal and state workplace safety and health regulations related to lone workers.

[AE1] Changed

[AE2] Fixed

[AE3] I’m not sure how to address that more rural people are dying, given the limited scope and criteria for selection of the incidents selected in this study.

[AE4] Not sure if this Is the best way to say it. I may end up cutting this part. I’ll pair the abstract down to ~250 words. For whatever reason, I thought the intro chapter abstract needed to be longer for a dissertation.

[AE5] Shortened this paragraph and removed unnecessary detail, for clarity.

This article was made possible by support from Purdue University’s Agricultural Safety and Health Program and USDA/NIFA Special Project 2021-41590-34813.

Degree type.

  • Doctor of Philosophy
  • Agricultural and Biological Engineering

Campus location

  • West Lafayette

Advisor/Supervisor/Committee Chair

Additional committee member 2, additional committee member 3, additional committee member 4, additional committee member 5, usage metrics.

  • Agricultural engineering
  • Agricultural spatial analysis and modelling
  • Agriculture, land and farm management not elsewhere classified
  • Occupational and workplace health and safety

CC BY 4.0

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