Global business development: Definition and how to create a plan

Global organizations must engage in thoughtful business development to drive growth and expand opportunities. Strategic planning helps companies unlock their potential and foster long-term customer relationships in new markets.

This guide will explore the role of business development in global success, with insights to help international companies navigate the process. You’ll discover strategies and tools to fuel success on the world stage.

What is business development?

Business development is a long-term strategic process to increase a company’s value. It involves attracting new customers, nurturing relationships, and improving products or services. 

Business development falls under the umbrella of sales organization, but its function extends beyond sales. Strategic business development drives growth and innovation across all departments.

Here are some ways a business development strategy can impact each department to benefit the overall organization:

• Sales: The sales team is the organization’s revenue driver. A business development strategy may implement tools and technologies to improve lead generation and nurture prospects throughout the buyer journey. This helps sales reps focus on the most promising opportunities.
• Marketing: A business development plan should include market research to ensure campaigns resonate with potential customers. Additionally, it should foster the creation of strategic partnerships with other brands. Buyers should feel a connection with your organization, particularly as you enter new markets.
• Product development: Buyer needs and market realities change over time. Organizations must listen to customer input and evolve their product or service. Otherwise, they risk becoming obsolete. A business development team is the bridge between customers and the product team. They gather feedback and identify new market opportunities.
• Customer service: Keep buyers happy, and they’ll keep coming back. A business development plan can support the customer service team with retention strategies that reduce churn and increase customer lifetime value.
• Finance: A business development strategy boosts an organization’s financial health by locating new revenue streams. This may include expanding into new markets or identifying new opportunities to sell within an existing environment.
• Operations: Service disruptions lead to missed sales and a tarnished reputation. Business development teams identify areas for operational improvement, enhancing efficiency and resilience to keep things running smoothly.
• IT: Stakeholders need tools and systems that remove friction from their workflow. Strategic business development fosters a culture of innovation by exploring and implementing new technologies that enhance workflows and customer experiences.

How does business development differ from sales?

Sales representatives can only close the leads they have access to. A strategic business development strategy helps find and start new conversations.

Business development representatives establish relationships with prospects, qualify leads, and move them through the funnel. They’re also responsible for increasing brand awareness and finding new growth opportunities in the target market. Their work helps sales teams thrive, uplifting the entire business.

How does a global business development growth strategy work?

Once a company has maximized its local market share, expansion into new markets is often a key driver of future revenue growth.

In many ways, an effective international business development strategy is similar to a local one. Success comes from market research, strategic outreach, and technology-driven solutions.

However, companies seeking global expansion must prepare to overcome additional challenges. Language barriers prevent potential customers from discovering a brand, and cultural differences impact how it’s perceived. In addition, the competitive and regulatory landscape is often unfamiliar. Businesses must establish new supplier relationships and navigate differences in shipping and inventory logistics.

Here are the basic steps of a business development growth strategy:

1. Conduct extensive market research

A successful business development strategy is data-driven. Businesses must understand their potential customer base, competitors, and the general state of their operating environment, especially when entering a new market.

Use tools like surveys and market reports to understand who is buying your product or service and why. Study the local culture to avoid missteps and make sure your messaging will resonate. Scope out the competition and look for approaches competitors haven’t yet tapped. Adjust if needed.

2. Raise visibility and awareness

After conducting market research, organizations introduce themselves to potential customers. This includes building a web presence (with localized content for new markets), investing in advertising, and forging strategic partnerships with local businesses.

An integrated translation management platform keeps your messaging consistent. Smartling integrates with numerous CMS platforms and marketing automation tools, helping you speak your customers’ language and build connections.

3. Conduct outreach

To vet prospects and convert them to qualified leads, businesses must reach out directly and continuously nurture these relationships. This is a core responsibility of business development representatives.

Use localized messaging to connect with potential customers and partners in a way they find linguistically and culturally familiar. Smartling’s integrations with popular CRMs enable you to refine outreach efforts and present a tailored message to your target audience.

4. Qualify leads to pass off to sales

The lead qualification process helps business development representatives determine whether a prospect is viable and worth the sales organization’s time and effort. Have conversations with leads and ask targeted questions to understand their position in the funnel and whether your product or service fits their needs.

5. Provide exemplary customer service

Business development strives for efficiency, and what could be more efficient than letting customers generate referrals for you?

When organizations keep customers happy, they incite positive word-of-mouth marketing that boosts their reputation. In this regard, the business development process makes promotion easier and more effective.

6. Continuously evaluate

Development for business is an ongoing process. There’s always room to evolve the strategy further.

Gather feedback and analyze performance metrics to identify areas for improvement. The market (and your understanding of it) will change over time. Refine your business development strategy to optimize long-term outcomes.

Managing business development: Create a plan in 5 steps

A solid business development strategy includes attainable growth goals and an informed development plan to achieve them. Whether you’re operating domestically or in new markets, the basic outline should look like this:

1. Define clear goals

A company must define its growth objectives before creating a global business development plan. These goals should align with the organization’s long-term vision and be SMART—specific, measurable, achievable, relevant, and time-bound.

For example, a business development plan might aim to achieve one of the following goals:

• Increase market share by 25% within three years
• Expand into two new international markets by the end of the fiscal year
• Generate 20% more qualified leads each quarter

By setting clear goals, businesses can focus their efforts on actionable strategies that drive measurable growth.

2. Identify target markets

Successful global business development relies on understanding where and how to expand. Conduct market research to identify high-potential regions and customer segments. This process may include:

• Analyzing industry trends and competitive landscapes
• Conducting customer surveys and focus groups
• Evaluating economic, regulatory, and cultural factors in potential markets

A comprehensive overview of the target market will help businesses tailor their outreach strategies and create marketing campaigns that resonate with specific audiences.

3. Develop a strategic approach to growth

After defining their target market, companies must determine the best approach to international business expansion. Here are some common strategies:

• Expanding or modifying products and services to meet customers’ needs in the target market
• Localizing content to connect with new audiences in a way that speaks to their values
• Forming strategic partnerships or alliances with complementary brands
• Leveraging digital transformation to enhance customer engagement and lead generation

A well-defined global growth strategy keeps business development efforts focused and sustainable.

4. Equip your business with the proper tools

Technology plays a crucial role in global business development by streamlining workflows, improving lead generation, and enhancing customer relationships. The right tools can increase efficiency and enable data-driven decision-making.

The following business development technologies are widely used by international organizations:

• HubSpot Sales Hub: A robust CRM platform for lead management, pipeline tracking, and sales automation.
• LinkedIn Sales Navigator: A sales tool that helps identify and engage key decision-makers in target industries.
• Salesforce CRM: A comprehensive solution for managing customer relationships, forecasting sales, and generating business insights.
• Marketing automation tools: Platforms like Marketo and Dyspatch optimize email campaign management, lead nurturing, and audience segmentation.

Smartling’s integrations streamline translation in various marketing automation tools, helping businesses personalize their customer interactions in foreign markets and scale globally with ease.

5. Measure, test, and improve

A business development plan should be dynamic—not static. Regular monitoring of key performance indicators (KPIs) allows a company to measure success and refine strategies over time. Common KPIs include the following:

• Revenue growth and profitability
• Customer acquisition cost (CAC) and customer lifetime value (CLV)
• Lead conversion rate and sales cycle length
• Market penetration and brand awareness metrics

After analyzing performance data and gathering feedback, businesses can adjust their business development plan to address challenges, seize new opportunities, and sustain long-term growth.

Expand your business development into global markets with Smartling

Business development is essential for growth, helping sales and marketing teams achieve long-term success. Effective business development strategies uncover new opportunities, enhance customer relationships, and drive revenue.

Smartling’s AI-driven translation solutions help businesses expand into new markets faster and more efficiently by reducing translation turnaround time and costs while maintaining high-quality results. Our language solutions ensure organizations deliver a consistent brand message worldwide.

For more help selecting the best localization platform for your business, download a copy of “What To Look for in a Translation Solution: A Buyer’s Guide.“ This free eBook is packed with resources for business development, including insights on what features to seek (and what questions to ask) to achieve high-performing translation outcomes in new markets worldwide.