W.T.F. is BD
What is Business Development?
W.T.F. is BD
Business Development (BD) is perhaps the most misunderstood profession in the business world.
When I transitioned out of the Navy in the late 90's, I became a project manager in the telecom industry.
While project management was a familiar road, I was exposed to the new world of business development.
I drank from a firehose of BD language I never heard in the military.
To make matters worse, my MBA program provided very little content about BD.
25 years later, there are very few business schools that provide comprehensive education on Business Development.
However, BD is the most critical component of success for any company.
If your business doesn't DEVELOP, you don't have a business.
Some people think BD is only sales or marketing. Worse, some think it's just golf outings and schmoozing.
The BD-BOK textbook definition of BD is, "Customer and Community advocacy that creates Corporate growth."
Simply stated...BD is Winning Through Friendship (W.T.F.)
The key to BD success is empathy. Great friends actively listen, they tell you the good, bad, and ugly. They are your champions and vice versa.
So, who advocates for the client in a corporation?...
The CEO? No, they fight for the shareholders.
The CFO? No, they fight for cost controls and capital conservation.
Someone has to advocate for the customer.
That is the role of the CGO and the entire BD team.
The best BD leaders fight for their clients like they fight for their best friend.
Most importantly, BD is an "All Hands on Deck" effort. It's not just for customer-facing sales, marketing, customer service, and folks with BD in their title.
When every employee operates with empathy, they improve the customer's experience throughout the customer journey, from prospect to raving fan.
You treat friends as you like to be treated.
Do the same for your customers so they may reward you dearly.
Tony Gray, BDP
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Posted in honor of Military Appreciation Month.
This post is an excerpt from my contribution to, "How to Speak Civilian Fluently," published by Dr. Eric "Doc" Wright, (adapted for LinkedIn).
