Yinka Olaito is happy,excited and passionate Brand Communication, Social Media expert, Trainer and speaker. Yinka Olaito helps brands(Profits and Non-profits)with effective communication and positioning for premium service delivery and returns.Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage consulting and African Child Right Inc.Lagos Nigeria
Really, we live in the age of innovation, creativity and changing landscapes. This is affecting business and communication environment. Not to now talk of technology, an environment that has received ‘many slaps’ on its face.
Prior to the middle of 20th century, many organizations did not have a position tagged ‘Business development’. If it existed at all, it had another nomenclature. After that era, organizations saw the need for the creation of that position. Almost in every field, including engineering now, we now have Business Development position. So what then is Business Development and how does social/digital media has major influence on its result? Business development looks like a big term for several functions which includes new concept, market, sales, partnership, alliance formation, customer, relationship creation, development, nurturing and support among many other vital points.
A few research made me come across several opinions but I must confess I love the way Scott Pollack views business development: ‘Business development is the creation of long-term value for an organization from customers, markets, and relationships’. Scott went on to say: ’there is elegance in simplicity, but perhaps this definition leaves you wanting more. At its heart, business development is all about figuring out how the interactions of those forces combine together to create opportunities for growth’.
If we go by this opinion, it means there is nothing like business development if there is absence of bonding, strong interaction of combine forces of customer, markets and relationships. We have earlier maintained here that the essence of social media is at the core of human needs; socializations and relationships. What this means is that any business development professional who ignores social/digital Media values because of the inherent dangers in it has thrown away the baby with the bath water. So we say, social/digital media will help a business development manager in the following ways in addition to other sources:
Customer behaviour, psycho-analytics, support and feedback management: We live in a 24/7 communication world. People converse with one another every seconds. Monitoring conversations can give a business development manager opportunities to understand customers’ need, wants, desire and why he/she will continue to trip for certain products and services. Using Social/digital media will helps in proper understanding of potential and actual customers’ identification/classification. Business development Managers sometimes by being a part of an online group can therefore help these pools of potentials with relevant information as well as support them before engaging in a subtle social marketing of the brands he/she represents. This also gives opportunity to have access to vital information that can help in market development which we will discuss in the next point.
Market development and nurturing: today, there is what is called wisdom of the crowd. Unlike before, organizations have to invest heavy budget on research and developments. While this may still be essential, effective use of digital and social media by Business Development Manager can save the organization some costs related to this. What about monitoring marketing trends? Aside from this, when it comes to product and market development and proper segmentation, effective use of digital media will help in crafting products, services that people will actually need and not what the corporate organizations think. It can also guide in which area of technology to invest in.
Relationship: at the heart of business development is partnership, alliance formation, relationship building and nurturing. Social media offers people opportunity to connect, network and stay in touch. Ability to take advantage and maximize this platform will in no way help a Business Development Manager becomes a star employee. Is it not clear to all today that digital Media use should not only be an exclusive arena for communication, Public Relations professional? Be wise and act fast before your organization places an advert for your position. Social/digital media should be part of your professional tools.