What Is Business Development - YouTube

- 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.