When you’re growing your business, understanding the jargon is just as important as understanding the basics of business development. Here are definitions for the top 21 buzzwords of business development you need to know. Whether you’re chatting with investors or doing research online, understanding these terms will make it much easier for you to get your business off the ground.
What is Business Development?
Business growth and development is a combination of relationship building, marketing strategy, and customer acquisition. Ideally, all businesses should add value to their investors and customers. Business development strategies aim to identify opportunities to seek out new relationships, markets, and customers and provide long-term value for them. When you are developing your business, you may come across these buzzwords in your research or hear your colleagues use them.
If a potential customer sees an ad and likes it, you can show them the ad again with a special offer to entice them to make a purchase.
Any interaction that a customer has with your business is known as a touchpoint.
Videos, blog posts, social media posts, press releases, and more are all types of content you can use to market your business.
Your bandwidth refers to how much time or energy you or your team members have available for a task.
The who, what, when, where, why, and how of an event are known as logistics in corporate speak.
6. Core Competency
Core competency is the thing your business specializes in. If you are a baker, your core competency could be cakes.
Ballpark is a term used to indicate proximity. You can use this term when giving estimates or to tell a colleague that they are taking a project in the right direction. For example, “You’re in the ballpark with this, but it still needs a few more edits before we publish it.”
8. Return on Investment
Your return on investment is how much profit or benefit you get from something you spent time or money on.
9. Buyer’s Journey
The buyer’s journey is the process your customer goes through to discover, consider, and purchase your product or service.
Visibility is how well you show up in the search results.
11. User-Generated Content
Customers creating content about your business can be shared by you to demonstrate social proof. User-generated content can also raise brand awareness and help spread the word.
12. Growth Hacking
A hack is a shortcut that makes something easier. Growth hacking refers to the use of free tools like social media and blog posts to get your business off the ground.
When you use popular memes, recent news, and existing content in your marketing strategy, this is known as jacking.
To leverage is to use something to your advantage. For example, you can leverage social media to promote your products and services.
Influencers on social media leverage their large followings to promote your products for an upfront fee or commission. Working with an influencer can help you reach new customers and grow brand awareness.
Location-based SEO can help your customers find your business when they are near you. Using hyperlocal search is a win-win for you and your customers.
17. Corporate Synergy
Synergy is overused, but in some situations, it’s appropriate. Corporate synergy refers to the ease at which the departments within a company work together.
Your impact is the effect your business has on a market or industry. Making a positive, strong impact is important if you want to attract customers and get people’s attention.
Products and ideas that bring something new to the table are considered disruptive to the industry.
Coming up with ideas for new content, products, slogans, or designs is called ideation in the world of business development.
21. Low-Hanging Fruit
Customers who are eager to buy your product are considered low-hanging fruit. You’ll only need to put a small amount of effort to make these easy sales.
Business development strategies are ever-evolving, and should be worked on daily with your team. These buzzwords of business development will be part of your daily business development actions, so becoming familiar with them will serve you well.