The Art and Science of Business Development

Business Development is not just a mere function in an organisation. However, it is a specialised aspect of business that incorporates both art and science. A good business development strategy has elements of both art and science.

The scientific aspect of business development:

It is rooted in market research, data analysis, and planning. Market research provides insight into the market the business is operating in, trends people follow, consumer behaviour, and an understanding of consumer needs.

Data analysis is a crucial skill for a Business Development Strategist. It consists of collecting, sorting, and organising the collected data so that it provides clarity on consumer behaviour and market trends. ‘Data analytics is the future and the future is NOW! Every mouse click, keyboard button press, swipe, or tap is used to shape business decisions. Everything is about data these days. Data is information and information is power.’ – Radi [Data analyst at CENTOGEN]

Planning - guides the approach a business will take to solve business and consumer challenges. However, to craft a great plan, all insight collected and organised through market research and data analytics has to be considered.

The artistic side of business development:

Encompasses creative problem-solving, storytelling, and innovation. In a world where billions of companies have the same or similar offerings, businesses need to distinguish themselves from the rest. That distinctiveness can be achieved through innovation, storytelling, and creative problem-solving strategies.

Elon Musk once said ‘Innovation is a key factor in any company’s ability to succeed in the long run’. Remember, business development efforts do not yield results immediately but materialise over time. So is innovation, it also takes time to get to perfection. It is therefore key to acknowledge that a great business development approach is innovative and time-dependent.

Storytelling enables brands to provide context, connect with the audience, and build emotional intelligence. By crafting a good brand story, business development experts gain a competitive advantage in the intense process of attempting to win audience trust.

One of the primary functions of a business development professional is to solve clients’, or potential clients' problems. What can be better than incorporating creativity in an attempt to solve clients' problems? Well, nothing but to incorporate creative elements to solving problems. This approach also provides an opportunity to think out of the box and try different approaches or mechanisms to problem-solving.

The synergy between art and science in business development cannot be overlooked and based on this discussion we can conclude by acknowledging that business development is a specialised form of art. This profession requires in-depth research, planning, and setting clear goals to achieve extraordinary success.