The dynamism of every industry has increased exponentially over the past decades, a trend that shows absolutely no sign of slowing. In such an environment, it is only the businesses that possess strategic foresight, find new growth opportunities, and standardize a continuous drive to improve the internal practices of the firm that will succeed. Many of the biggest companies in various industries have adapted to the new clock speed challenge. Business development has provided top management an opportunity to explore new growth and diversification opportunities that are meant to accelerate the development of the existing business.
Collaborative sourcing and selling
Business development incorporates the creation of new marketing strategies, the negotiation to close deals and the generation of new sales leads. The core function of business development is to enable large enterprises to scale and increase in size. For this reason, large companies have turned to an interactive form of communication. One objective has been to offer the best price up against the competition. For a customer or a business client to make a deal, there has to be a reason it chooses a supplier. One of the main factors is price, and that is what the biggest businesses uses.
The capability of leveraging the ecosystem
Large enterprises have endeavoured to gain a deep understanding of the digital ecosystem. Digital knowledge is increasingly necessary for these companies as the business environment continues to change. It helps them carry out an assessment of upstream suppliers, downstream sales channels, extended supply chains, customers, and market partners. With a working knowledge of the digital ecosystem, it is easier to determine how to develop a robust market platform that interconnects all the stakeholders.
Most big companies are changing their business landscape through convergence. Large enterprises have changed their business models and strategies to adopt the sustainable way to benefit customers, new sales channels, and new business models. Convergence is enabling large enterprises to combine services or devices using similar technology to enable easier interactions of these devices in the hands of their consumers.
Convergence is also being facilitated by the ability of large enterprises to translate website content to promote increased and more efficient marketing in different languages. The recent trend shows that phones and tablets are becoming common in the segmented enterprise, thereby resulting in greater attention to enterprise market than the consumer market.
Flexible product portfolios
Most large companies are investing a significant amount of resources towards accelerating the delivery of new and innovative goods and services to the market. However, not all of them can do that. In fact, big tech companies have resorted to joint ventures and partnerships to improve the existing products and to come up with new product portfolios. When companies form partnerships, they gain synergies to produce new products, venture into new markets and increase revenues that help to create flexible platforms to build the digitized business.
Think about social media, cloud computing and increased mobile use around the world. These are becoming the most fundamental trends that are shaping markets and technology industry. As firms hope to increase in size and hold more data from customers and stakeholders, invention and innovation become part of a business model strategy. Large enterprises are achieving that through implementing operating models that can exploit the advantage of technologies to know what the customer want.
When large firms know what their customers want, they can realize the right decisions on products improvement, choose the right partners in the market and carry out R&D on the right products that the clients want. Usually, these companies record high growth and increased profits. Exploiting the new technologies to understand the customers is a new way that brings broader and profound competencies enough to survive in the global competition.
The business development big companies adopt translates to not only new capabilities that lead to growth but also a strategy that earns the companies extra revenue. It is also a way to help large enterprises to become fully integrated and innovative to sustain the focus on strategy alignment, execution, and anchoring.