Business development is beyond sales. Business development is the creation of long-term value for an organization from customers, markets, and relationships. It is the ideas, initiatives, and activities that will make a business grow. This includes increasing various activities to expand the business, increasing profitability by building partnerships, and making strategic business decisions. Partnerships are essential for any business, especially in the early stages.

Today there are so many ways to build a brand and reach customers that it can be difficult to focus on the right way to reach your customers. Also, it is easy to waste a lot of money on expensive and ineffective advertising campaigns online and traditional. Today, businesses have to consider the virality of a campaign in a digital first environment. Customers buy healthcare products, so it’s critical to provide the right offers at the right price and time through the most effective channels. To sell a consumer health product you must first develop an effective go-to-market strategy that’s rooted in a deep understanding of your customers.

As the competitive landscape changes, companies must pursue business models that better serve customer needs, drive new revenue streams, and position the company to capture value. A basic commercial strategy starts with an understanding of the customers’ needs, competitor capabilities, and organizational potential – more commonly referred to as a “strategic analysis”. This includes identifying the right markets, considering strategic go-to-market strategies, looking for new revenue streams and models, exploring potential product innovations, and looking for new markets.

Product management encompasses a broad set of ongoing strategic responsibilities.  Product management is an organizational function that guides every step of a product’s lifecycle, from development to positioning and pricing, by focusing on the product and its customers first and foremost. There are three primary areas of focus for product management, namely: Product discovery, product Planning, and product development. A product manager has to be resourceful and know how to coordinate activities within and organization.