Developing a business development strategy? I’ve had a close-up view of how many different companies approach “biz dev” — and witnessed wildly different approaches.
When I worked at a marketing agency, everyone played a role in business development and could bring in a new client. For many of the SaaS clients I support now, sales and marketing departments take ownership of different parts of the business development funnel. Some companies heavily favor in-person networking and events, while others focus heavily on automation.
There isn’t a right or wrong — business development can look very different depending on company size and industry. Whether you have a team of one or 100, you need a business development strategy to orient everyone toward a unified game plan and goals.
Table of Contents
- Business Development vs. Sales vs. Marketing
- Benefits of a Business Development Strategy
- How to Create a Business Development Strategy
- Top Business Development Tactics
- Business Development Strategy Example
- Target Market
- Business Development vs. Sales vs. Marketing
While I’ve seen some companies use “business development” to describe lead generation, it’s, in fact, much broader. Business development is the process of strategically growing a company’s business through product and market positioning, partnerships, marketing, and sales. That process includes marketing, lead generation, and sales, but none of those components on their own constitute a business development strategy.
Business development requires both one-to-one and one-to-many approaches. Marketing is the one-to-many approach that reaches potential customers through mass communications and advertising. Once leads are generated, sales takes the lead with a one-to-one approach.
Referrals and retention are also important for business development, making sure that customers return year-after-year and tell their friends and peers about your business.
Who is responsible for a business development strategy?
In my experience, everyone. While many successful companies have a dedicated sales team or business development representative, I’ve found the most growth-oriented companies are the ones that give everyone a stake in building the business.
Gabrielle Blackwell, sales leader at Common Room and co-founder of the Women in Sales club, agrees.
“When it comes to generating pipeline across the board, it’s everyone's responsibility. In companies who [have] a developing pipeline and a quality pipeline, I’m seeing them have a cohesive effort across the board where everyone shares a pipeline number, and everyone understands the responsibility around that,” Blackwell says.
Because everyone is responsible, every department should contribute to planning and executing a business development strategy.
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Benefits of a Business Development Strategy
Creating a strategic plan for business development unites everyone on the same page and brings you closer to your goals. Here are the top reasons to build (or revamp!) a business development strategy.
1. Grow your business.
Of course, the main purpose and primary benefit of a business development strategy is growing your client base, accounts, and ultimately, revenue. A comprehensive business development strategy gives you a roadmap to bring in new customers and increase revenue streams.
2. Unify your team and allocate resources.
In a company where business development is shared across positions and departments, teams may have very different ideas about how to bring in new customers. Creating a company-wide strategy aligns your team around a unified vision, goals, and tactics.
A business development strategy also lets you allocate the appropriate budget and team to achieve your goals. Overall, a strategic focus makes it a better place to work. I’ve worked at companies with unrealistic, inconsistent, or no strategy — and it isn’t fun. Fewer siloes, increased collaboration, and a unified vision improve the culture.
3. Make data-driven decisions.
Last, a business development strategy lays out goals and key performance indicators (KPIs) that can measure your progress and achievement. With your strategy document as a touchstone, you can know your numbers and make data-driven decisions that help you measure, and reach, success.
How to Create a Business Development Strategy
While you may be tempted to jump straight into tactics, pause first to contextualize who you are, who your audience is, and your unique market. Otherwise, you risk investing your time and money in a faulty strategy. Here’s what every business development strategy should include — and don’t forget to grab the business development strategy template at the bottom.
1. Know your audience.
I’ve talked to many, many startups and small businesses who say they aren’t sure who their ideal customer is, or that their product or service is for everyone. I’ll tell you right now that it will be very difficult for you to market your business without a crystal-clear vision of who you serve and their daily needs.
Use your team’s industry knowledge to sketch out a portrait of your ideal customer. Then, validate and expand your knowledge with market research, focus groups, and buyer personas until you have a full picture of your audience's challenges, needs, and wants.
2. Identify your positioning.
Ideally, your business already knows your market position and unique value proposition (UVP), a short statement that sums up your messaging and market positioning in one concise sentence. Here’s an example of a UVP for an accounting business:
“We transform financial chaos into strategic growth by delivering streamlined processes and actionable financial insights so you can grow your startup with confidence.”
Including your positioning and UVP in your business development plan ensures that everyone is on the same page with your messaging and audience so they can effectively sell and pitch the business.
3. Identify growth opportunities.
Next, describe the current state of your business and market. According to Blackwell, every company should know where they currently stand and where they can grow. “You need to answer, ‘Where are we going? Where have we been? What is the delta (gap) between the two? One year from now, what about our current state might be the reason we don't hit our numbers?’”
Be honest about your weaknesses — a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) can be helpful to analyze the current state. Use this analysis as an incentive and driver for a change in strategy.
4. Set SMART goals and KPIs.
Next, set goals for your business development and attach key performance indicators (KPIs) to each of these goals. For example, one goal could be to increase leads while another could be to improve your close rate.
Remember to use the SMART goals framework (Specific, Measurable, Achievable, Relevant, Timely) to set specific and realistic goals. So, instead of a fuzzy goal like “double our business this year,” try something like:
- Goal: Increase new accounts by 25% in 2025
- KPIs: Total new leads, win rate, average deal size
- Goal: Position the firm as a thought leader by growing local or regional speaking engagements by 50% in 2025
- KPIs: Number of speaking engagements, podcast/webinar guest appearances, op-eds, and media interviews
Remember that while activity like the number of sales calls can speak to effort, it doesn’t speak to effectiveness. Instead look at what’s actually working.
5. Build an action plan.
Next, build an action plan around your goals. This is the trickiest but most critical part of a business development strategy. Under each goal, map out:
- Tactic(s)
- Goal it supports
- Timeline
- Responsible party
- KPIs
- Reporting cadence
Blackwell describes how an implementation plan gives a roadmap to move from strategy to action: “You can break out each of the different objectives based on which team is the best suited to accomplish it. It can be mapped out by phases, like phase one, phase two, etc., to roll a strategy out throughout the year.”
Blackwell notes that teams should know who’s responsible for what, the key deliverables, and major deadlines. Then, “identify what are the KPIs and, if we’re not hitting them, who needs to be consulted and what might be getting in the way?” Blackwell says.
6. Manage your pipeline with a CRM.
I’ve learned the hard way that it’s difficult as a business owner to manage a business pipeline on spreadsheets and Gmail alone. You need a customer relationship management (CRM) platform to effectively execute and measure a business development strategy.
Look for a CRM where you can view your pipeline at a glance, reach out to prospects, and analyze your KPIs. The best CRMs aren’t just a directory of contacts — they use data and AI to create real-time insights to guide business development teams to better outcomes.
“What we need to do is to close the gap between insight and action for sales,” says Blackwell. “We need to unify all these different data signals in one place so we can focus on highly targeted, highly tailored messaging and activities to reach relevant people based on their propensity to buy.”
According to Blackwell, companies are growing tired of tool bloat and want fewer tools to manage business development. Our own research found that 45% of sales pros are overwhelmed by the amount of tools in their tech stack. One powerful tool can help marketing and sales work in tandem and remove barriers to business development.
7. Implement, monitor,and adapt.
Finally, your business development strategy should create a framework for continuous improvement. Is there a dashboard where leaders and teams can view key metrics in real time? How often will you evaluate and potentially change your tactics based on what’s working and what isn’t? Then, envision a meeting structure that will facilitate accountability for your goals.
“I like people to have either a weekly or monthly meeting with their teams, depending on their sales cycle,” recommends Deb Feder, a business development and coach.
“It’s important to have a list of categories you’re going to check in on every single week, like dollars in and out, new clients signed, open opportunities, and loose ends you need to follow up on. It gives you that little edge when you pause and reflect on what’s happened, what’s coming next, and what your plan is to move forward.”
Free Sales Plan Template
Outline your company's sales strategy in one simple, coherent sales plan.
- Target Market
- Prospecting Strategy
- Budget
- Goals
Download Free
All fields are required.
Top Business Development Tactics
Looking for the best tactics to add to your toolbox this year? Consider these business development tactics to give your brand both visibility and credibility.
Networking
Networking isn’t just exchanging business cards and awkward introductions (although I’ve done plenty of that!). It’s about forming relationships and showing that you’re listening, not just selling.
“At the core of business development is building trusting relationships,” shares Feder. “They want to hire you because they want to trust that whatever the work that you're being brought into to do will be done with quality in a way that makes them shine internally.”
Networking doesn’t have to be in a group setting: It can be one-on-one with industry contacts, past coworkers, and even current clients to build relationships and gain information about future business opportunities. It can also take forms of social selling on networks like LinkedIn.
Referrals
I always say that your best salespeople are your current customers! Research has found that referred leads have a 30% higher conversion rate, a 16% higher lifetime value, and a 37% higher retention rate. Don’t wait for this to happen organically; instead, build a referral program to intentionally ask for — and incentivize— referrals from happy customers.
Sponsorships, Trade Shows, and Events
Sponsorship is essentially buying access to an audience, whether that’s a podcast, a newsletter, or a tradeshow. I love this tactic because you bring your message straight to a highly targeted audience. A digital sponsorship gains visibility for your brand, while hosting a booth or attending events as a sponsor gives you the chance to interact with prospects and communicate your value in person.
Cold Outreach
Cold calls and emails are still a core part of a business development repertoire. Create a plan for reaching out to buyers in your target industry and area and qualifying leads. Your business development strategy should cover who is responsible, outreach cadences, and messaging strategies.
Like networking, you need a strategy for what to say. “You want to build out a very specific conversation plan, start by listening, and then share your expertise and authority in the space to show, rather than tell, that you’re the best fit,” says Feder.
Build sales playbooks and scripts to give your reps the best chance of success. Hint: The Sales Cadence Template in our Sales Plan Template is a great starting point!
Thought Leadership
When I talk to prospective clients, they want to know that I have the expertise and ability to bring change for their company. The best way for me to do this at scale is through thought leadership. Every time I post on LinkedIn, speak at an event, or appear as a guest speaker on a podcast or webinar, I build credibility with my peers and target audience that will hopefully spark someone listening to want to hire me.
Free Trials, Audits, or Consultations
Offering a free audit, assessment, or consultation is a great way for services-based organizations to connect with potential clients and demonstrate their expertise. The hope is that the return on business development will justify the tradeoff in unpaid time.
On the product side, a free trial or product walkthrough gives potential clients a tangible experience with your product, with support and guidance from a sales rep.
Strategic Partnerships
Partnerships are another tried-and-true business development tactic. Look for a complementary business to yours with whom you can partner to cross-sell across both audiences.
Upselling and Cross-Selling
Business development isn’t just about bringing in new clients. Upselling and cross-selling your current clients can grow your business from within. Our Sales Trends report found that 72% of a company’s revenue comes from a company’s current customers, including 21% from upselling.
Business Development Strategy Example
I understand that building a strategy from scratch may seem overwhelming. That’s why I created a business development plan template so you can see it in action. Learn from the business development strategy example below, adapt this plan, and make it your own.
Target Market
Industry Focus: Small to mid-sized businesses in retail, professional services, and technology. These businesses typically have 10-100 employees and annual revenues of $1M-$10M.
Challenges:
- Keeping up with tax law changes and compliance requirements
- Inefficient financial processes leading to cash flow issues
- Lack of strategic financial guidance to scale operations
- Difficulty integrating accounting software with other business systems
Needs & Objectives:
- Improve financial visibility and control
- Reduce tax liabilities and enhance compliance
- Free up time to focus on business growth
- Utilize financial data for strategic decision-making
Market and Growth Analysis
The accounting services market is projected to grow from $660.65 billion in 2025 to $800.68 billion in 2029 at a CAGR of 4.9%. Factors driving demand include increased regulatory complexity, the rise of cloud-based accounting solutions, and a growing need for strategic financial advisory services.
Our firm has an opportunity to differentiate itself by focusing on digital transformation, automation, and industry-specific advisory services. The primary competitors are traditional firms that rely on outdated, manual processes and lack a proactive approach to financial consulting.
SMART Goals & Execution Plan
Goal 1: Increase Monthly Recurring Revenue (MRR) by 20% in 12 Months
Tactics:
- Launch tiered accounting service packages targeting SMBs
- Implement referral incentives for current clients
- Attend 10+ networking and industry events per quarter
- Launch an email and call outreach strategy for inbound prospects
Timeline: Q1-Q4
Responsible Party: Business Development Manager
KPIs: New clients onboarded, percentage increase in MRR, lead-to-customer conversion rate
Reporting Cadence: Monthly revenue review meeting
Tools: HubSpot Sales Hub
Goal 2: Generate 50 Qualified Leads Per Month Through Digital Marketing
Tactics:
- Optimize website for SEO with industry content
- Run targeted LinkedIn and Google Ads campaigns
- Publish bi-weekly thought leadership blogs on tax strategies and financial planning
- Place sponsorships and guest content in local business and financial newsletters, podcasts, and webinars
Timeline: Q1-Q4
Responsible Party: Marketing Manager
KPIs: Organic website traffic, ad click-through rates (CTR), lead form submissions
Reporting Cadence: Weekly digital performance review
Tools: HubSpot Marketing Hub, LinkedIn Ads, Google Ads
Goal 3: Improve Client Retention Rate by 15% in 12 Months
Tactics:
- Introduce quarterly financial strategy check-ins
- Offer exclusive client webinars on tax law changes
- Implement an automated client satisfaction survey and feedback loop
Timeline: Q2-Q4
Responsible Party: Client Success Manager
KPIs: Retention rate, Net Promoter Score (NPS), upsell/cross-sell revenue
Reporting Cadence: Quarterly client engagement review
Tools: HubSpot Service Cloud
Grow Your Business with a Business Development Plan Template
There’s no right or wrong answer to which tactics you choose to use for biz dev — in fact, sometimes an unusual approach can help you stand out in a crowded market.
What does matter is that you bring intention into your strategic planning process. Involve all departments in planning your business development strategy, use data to inform decision-making, clearly delegate roles and responsibilities, and create a framework and KPIs for accountability.
Look for a CRM tool that can unify marketing, sales, and service into one platform so you can track progress toward your goals all in one place. There’s no better day than today to get serious about growing your business!
Free Sales Plan Template
Outline your company's sales strategy in one simple, coherent sales plan.
- Target Market
- Prospecting Strategy
- Budget
- Goals
Download Free
All fields are required.
