Unlock the power of business development funnel stages for teams

How to create outlook signature

- If you're looking to learn exactly what business development is, how it works, and whether or not it's something you should be interested in, stick around 'cause we're gonna get all your questions answered in this video. (bright music). What's up guys? It's Patrick Dang here and today we're gonna talk about exactly what business development is. Now before we go ahead and get started, make sure you give this video a like, subscribe and turn on notifications. So what exactly is business development? Well, the definition is going to vary depending on what industry you're in and the company that you are working at. But just to keep things as simple as possible for this video, we're gonna define business development as the process of developing growth opportunities and relationships with other organizations. So breaking it down even further, the two main variables here is developing growth opportunities and establishing relationships with other organizations. And typically these relationships are going to hold longterm value. So it's not as if you're just selling something and you're disappearing. You're actually building a relationship with another person, another organization, so that there can be a win-win situation on both sides. So let's go ahead and get more tactical and get into some examples of business development. So recently I've been really interested in the e-sports and gaming industry. Now for those of you who may not know, gaming is actually bigger than movies and the music industry combined. So it's a huge billion, billion, billion dollar industry, okay. So there are gonna be people who are competing in major tournaments and competitions similar to how people compete in the NBA for basketball, there is the equivalent for e-sports for many different games. And again it is a billion, multi billion dollar industry. Okay, so what exactly does this have to do with business development? Okay, so basically there's this game called Call of Duty. And Call of Duty has been out for many, many years, right. Now this game is extremely popular where the most recent one that came out, there are 50 million active users playing this game. 50 million is a lot of people who are playing Call of Duty, right? So naturally there's gonna be a Call of Duty league where it's similar to how you have, let's say the Lakers playing in the NBA, you have different e-sports teams playing in Call of Duty competing to see who is the best and trying to win tournaments. And now here's the thing, Call of Duty is available on many different platforms. There's PlayStation, there's Xbox and the PC. So recently I've been kinda interested in this so I've been going on YouTube, checking out what these tournaments are like. So here's a picture of some professional e-sports player competing in a live tournament. And as you can see here, something that caught my attention was that if you look at what controllers these professionals players are playing on, it's actually a PlayStation controller. And now that's kinda interesting because I looked at other different tournaments and everybody is playing on PlayStation. They could be playing on Xbox, they could be playing on PC, but for some reason every tournament is played on PlayStation. And so that got me thinking, how exactly did this happen? And the answer is business development. So like I said before, when we define business development, that's essentially having growth relationships and longterm partnerships. So basically Call of Duty, Activision, Blizzard, which is the people behind World of Warcraft and that entire series. So pretty much if you are Activision, you're making Call of Duty and you're gonna have these tournaments, you're gonna have these big leagues and it's a multibillion dollar industry. You have the choice of playing on Xbox, PlayStation, or PC. So as a business development person working at Activision, they're gonna go out to all the platforms and they're gonna say, "Hey look, we're gonna have these tournaments and we're tryna find the right console to play our games on. Are you interested in having your console be featured in all of our tournaments?" Now the business development person at Activision, Call of Duty is gonna go out to all the platforms and come out with this pitch and all of these platforms like PlayStation, Xbox, PC, they're going to have their own business development people work with Call of Duty and try to figure out what is the best deal. Maybe they might offer money, maybe they might offer different type of opportunities, but essentially the people that are working on this deal together, that is business development. Longterm growth opportunities with other organizations. So if you look at this Call of Duty example, in the end it was PlayStation that won the deal. So PlayStation, every time that Call of Duty has some kind of major e-sports tournament. Everyone is playing on PlayStation, that's a huge bonus for PlayStation because when average gamers look at their favorite players and favorite teams play Call of Duty, they're gonna think, "Oh, all the pros are playing on PlayStation. So if I'm making a decision of whether I should buy a PlayStation or an Xbox or game on a PC, I'm gonna choose a PlayStation because that's where all the other pros play and I admire all the professional players. So I'm gonna play on the same system that they're playing on." And so obviously to make this do happen, PlayStation probably had to pay a lot of money and offer many different opportunities for Activision and Call of Duty but essentially that is business development. Longterm opportunities that have win-wins on both sides. Now let's even get more interesting with these opportunities. Now I showed you this picture before. Now here is a professional e-sports team playing in a gaming tournament. But if you notice on the little tag on which team this is, you kinda see the logo there. It actually says U.S. Army. And I thought that's kinda strange, right? Why is there a U.S. Army logo on a e-sports team? Well, I did a little more research and I figured out that the U.S. Army is using Call of Duty and it's game tournaments to recruit new people, younger kids into the army. So the logic is that, if people are interested in Call of Duty, they are interested in military and guns and that kind of service. So if the U.S. Army has a professional gaming team that it's promoting the U.S. Army and it's in this arena, then these kids who are interested in this field may consider joining the army because they're represented in these gaming industries. So what is this exactly? This is business development. The U.S. Army has a business development person working with Call of Duty to see how they might be able to create a team to recruit new candidates. And Activision, obviously the makers of Call of Duty is also gonna have their own business development person working with the U.S. Army to see how that deal will fit together. And this is a very interesting opportunity because the U.S. Army has many different ways to recruit. They can do Facebook advertising, Google advertising, they can work with different type of partners, schools, universities. But in this situation, because gaming is so huge, they decided to just create their own e-sports team as a form of advertisement. And obviously they have to invest a lot of money to do this, but in return they get new recruits into the U.S. Army. So when it comes to business development, it's not always necessarily like making a sale or a transaction. Sometimes it's some type of partnership where there's a win on both sides. Now obviously business development has other applications besides just the gaming industry, right? Whether it's hotels, construction, real estate, finance, you name it. Every single industry does have business development people. So if you're considering a career in business development or you just tryna see like what exactly it is, if you're interested in working with other people and finding partnerships and situations where both sides can win. Now if you're somebody that likes to work with people and you like to find win-win situations for both parties, business development might be a serious career opportunity for you. And it's indifferent from sales because for sales, it's a little more transactional where you're selling something, the person buys, and it's a done deal. But for business development, if you're someone that wants to build longterm partnerships and relationships that are gonna last years or even decades in some situations, then business development might be the route for you. So with that said, that is pretty much what exactly business development is. Now, if you enjoyed this video, give it a like, subscribe and turn on notifications, if you wanna see more videos like this. And let me know in the comments if you enjoyed how I incorporated modern gaming examples into explaining business development, I'm always interested in hearing feedback from you guys. Now, if you're looking to learn a little bit more about sales and business development, I actually have a free training that'll teach you exactly how you can sell anything to anybody. So if you wanna take that training, go ahead and click the link in the description and it's gonna take you to the next page. So with that said, my name is Patrick Dang, and I'm gonna see you guys in the next one.