What Is Business Development

Summary

In this video, Patrick Dang explains the concept of business development, emphasizing its role in creating long-term growth opportunities and partnerships. Through examples from the gaming industry, such as the collaboration between Activision's Call of Duty and PlayStation, he highlights how business development is more about fostering lasting relationships than simply making sales. Patrick explores the strategic nature of business development, comparing it to sales, and discusses its broad applications across various industries, offering insights for those interested in pursuing a career in this field.

Takeaways

• 😀 Business development involves developing growth opportunities and building long-term relationships with other organizations.
• 😀 It is distinct from sales because business development focuses on creating lasting partnerships rather than completing one-off transactions.
• 😀 The goal of business development is to find win-win situations for both parties involved in the partnership.
• 😀 A key example of business development is seen in the relationship between Call of Duty and PlayStation for e-sports tournaments.
• 😀 Business development professionals negotiate with platforms like PlayStation, Xbox, or PC to determine which one gets to host major gaming tournaments.
• 😀 PlayStation’s involvement in Call of Duty tournaments gives them exposure and drives sales, as gamers tend to follow professional players.
• 😀 Another example of business development is the U.S. Army’s partnership with Call of Duty to create an e-sports team for recruitment purposes.
• 😀 The U.S. Army uses Call of Duty tournaments to recruit younger individuals by aligning with their interests in gaming and military themes.
• 😀 Business development opportunities can be found across all industries, including gaming, real estate, construction, finance, and more.
• 😀 A career in business development is suited for people who enjoy working with others to establish long-term, mutually beneficial relationships.
• 😀 Business development is about finding ways to create opportunities for growth, whether through partnerships, sponsorships, or innovative collaborations.

Q & A

What is business development?

Business development is the process of creating growth opportunities and building long-term relationships with other organizations. It focuses on establishing mutually beneficial partnerships that provide lasting value for all parties involved.

How is business development different from sales?

Unlike sales, which focuses on completing individual transactions, business development is about cultivating long-term relationships and partnerships that can last years or even decades. It aims to create win-win situations rather than simply making a sale.

Can you give an example of business development in the gaming industry?

In the gaming industry, an example of business development is the partnership between Activision, the makers of Call of Duty, and PlayStation. Activision worked with different gaming platforms to secure a deal for PlayStation to host Call of Duty e-sports tournaments, which created long-term benefits for both parties.

Why did PlayStation win the deal to host Call of Duty tournaments?

PlayStation secured the deal because it was able to offer a compelling pitch to Activision, providing long-term opportunities that benefited both sides. As a result, professional e-sports players began using PlayStation controllers during tournaments, which in turn influenced gamers to choose PlayStation over other platforms.

How does the U.S. Army use business development in gaming?

The U.S. Army partnered with Activision's Call of Duty to create its own professional e-sports team. This team serves as a marketing tool to recruit potential soldiers, particularly younger audiences who are interested in gaming and military culture. This partnership is an example of business development, where both organizations benefit from the relationship.

What makes business development a good career choice?

Business development is a great career choice for those who enjoy working with people and finding win-win situations. It involves negotiating long-term partnerships, exploring new growth opportunities, and creating lasting value, making it an ideal path for individuals who thrive in relationship-building roles.

What are the primary goals of a business development professional?

A business development professional aims to identify new growth opportunities, form strategic partnerships, and foster long-term relationships with other organizations. The goal is to drive the organization’s growth by finding mutually beneficial collaborations that create sustained value.

How do business developers approach negotiations with potential partners?

Business developers approach negotiations by understanding the needs of both parties and finding ways to create value for both sides. They often propose deals that offer long-term growth and establish strong, lasting relationships, rather than focusing on short-term gains or single transactions.

What role do e-sports and gaming tournaments play in business development?

E-sports and gaming tournaments are valuable platforms for business development, as they provide opportunities for companies like game developers, hardware manufacturers, and even non-gaming organizations (such as the U.S. Army) to form partnerships and promote their brands to a large, engaged audience.

How does business development help companies create long-term value?

Business development helps companies create long-term value by building relationships that lead to sustainable growth opportunities. This could involve securing exclusive partnerships, entering new markets, or collaborating on projects that yield long-term success for both organizations involved.