Crucial Skills for International Business Development
International business development professionals, commonly abbreviated as IBDPs, are an invaluable resource for any global business team. Whether a new business is operating out of a large city in the United States such as Los Angeles or New York City, or from an established company overseas, IBDPs can be a worthwhile investment.
For corporations that rely heavily on international sales to generate profit, IBDPs are especially useful considerations. Positions included under the IBDP label range from International Business Development Manager to Vice President of Global Business Development.
Securing a great IBDP onto staff is not as simple as setting a job alert for a full time employee or part time consultant. To be most successful, an IBDP must possess very specific skillsets, experience, and areas of expertise.
Global business team professionals should master the following concepts and skills-
1. Market Expansion
Successfully expanding a global business into a new market requires a lot of preemptive planning and preparation. An experienced IBDP knows that it is not wise to enter a new market without executing various risk management and business plan initiatives.
When guided by IBDPs who facilitate business expansions regularly any market expansion initiatives will likely go much more smoothly. Ultimately, with the assistance of a seasoned IBDP, the new market expansion will be as successful as possible and experience the least amount of roadblocks.
2. International Trade
International business includes both international sales and trade. An experienced IBDP will analyze potential risks and gains comprehensively before recommending or promoting international trade for a specific company.
There are other important benefits that IBDPs offer companies that are interested in international business and trade. One significant benefit includes evaluating if international sales or trade objectives are in alliance with a business's strategic direction and overall bottom line.
3. Market Entry
The ability to develop and implement a market entry strategy is an important skill for IBDPs to master. Market entry strategies should always consider strategic partnerships closely and solidify these partnerships as needed.
IBDP professionals will perform a comprehensive assessment before recommending any market entry strategy to a company. Comprehensive assessments contain research regarding export logistics of services or products that a corporation offers.
4. International Sales
Alike international trade, international sales are foundational for global business success. IBDPs will not only evaluate the potential of a new market but can also help target specific clients, customers, or strategic partners.
Instead of primarily relying on development marketing to facilitate customer demand when entering a new market, IBDPs focus instead on the unique wants and needs of the target audience.
5. Intercultural Relationships
Any business savvy individual knows how important relationships are for long term success and profitability. One of the most significant challenges of global business is the establishment of strategic partnerships and other crucial relationships.
Creating and sustaining long term healthy relationships with clients, customers, and strategic partners is a full time job in itself. IBDPs not only realize the importance of these relationships but use their years of experience to navigate complex intercultural dynamics.
Consideration of mutual recognition agreements, local labor regulations, and compliance guidelines become complicated quickly. IBDPs will not only take into consideration all of these components of global corporation but they additionally can assist with adapting services or products to comply with them.
The ability to adapt products and services to succeed in the international business world provides a global corporation with an invaluable competitive edge. The flexibility that IBDPs supply a global company can also be useful for customization efforts.
Customizations can bring in an even broader customer base, while still adhering to international business regulations and rules.
7. International Ethics
International business contains a plethora of rules, regulations, laws, and ethics. Proficient IBDPs hold a suitable baseline understanding of the basic legal principles of international business.
Many IBDPs have years of experience dealing with international law. This foundation allows IBDPs to not only comply with complex international guidelines but also make more ethical recommendations and decisions.
- International business development professionals, commonly referred to as IBDPs, should master a range of activities from new market entry to intercultural relationship establishment.
- Job titles that IBDPs have include Vice President of Global Business Development and International Business Development Manager.
- The experience business professionals with an international background bring to a global business is invaluable and can provide a massive competitive edge.