16 industry trends for business development leaders to watch

As the growth of technology continues to level the playing field in the global enterprise market, business leaders aim to find and use the best solutions in their industries. These solutions will improve the efficiency of daily workflows and better serve their customers.

In addition to technological innovations, some employers are also reconsidering unconventional investments that they may have once thought were too risky.

As 2023 fast approaches, 16 Forbes Business Development Council members discuss booming industries and trends that new business development leaders should pay attention to.

1. Revenue Activation

If you don’t think about how to optimize customer touchpoints at every stage of the pipeline, from acquiring customers to closing deals, you’re leaving revenue on the table for your competitors. This is the determining factor for companies that have slow growth rather than scalable growth. Companies that have better revenue enablement processes will win hands down. – Oscar Chavez, Growth group

2. Product Engineering

Until the last decade, product engineering was only a small subset of the overall solution provider offering. However, technological advances such as electric vehicles, fully autonomous cars, drones and many other offerings based on real products require an exceptional product result. The end-to-end ideation, design, test, engineering and support value chain has helped product engineering emerge as a standalone industry – Prashant Bansal, L&T Technology Services, Inc.

3. Durable solutions

Sustainability is the most frequently discussed topic and yet many are unsure how to approach it beyond compliance and reporting. This represents a huge opportunity for companies to discover the true value of sustainability as a competitive advantage while creating benefits for their industry, their communities and the environment. – Gabriel Tan, GUAVA

Forbes Business Development Council is an invite-only community for sales and business development executives. Am I eligible?

4. Automation

Autonomous enterprise is an important transformative trend that will forever change the way businesses operate. Covid and economic shifts have propelled a once-in-a-generation transformation – whether industrial or technological, it’s about doing more with less smartly. This means bringing data, processes, and experiences together by powering them with automation and AI technologies. – Bharat Yadla, Workato

5. Digital assets and investments

Organizations are starting to dabble in unconventional investments, which can include cryptocurrencies and other forms of digital assets. Additionally, as more organizations embrace open technology, digital assets could become a more common medium of exchange and a streamlined, cost-effective form of value transfer. However, investments in digital assets will require constant monitoring of several risk factors. – Folasade Femi-Lawal, FirstBank of Nigeria Ltd

6. AI and machine learning

This technology has been around for decades, but the re-emergence of the importance of this technology and how it plays into an organization’s strategy is key. Most companies are looking for ways to increase efficiency while increasing compliance and simultaneously using AI and machine learning. On the other hand, every solution and platform will have this built-in, so being educated is key. – Donald O’Sullivan, Pegasystems

7. Robots

From a generation that grew up with The Terminator, I find the idea of ​​robotics a bit disturbing. Robots of all types are designed and brought to market in virtually every market segment and economy. Tiny robots will be used to clean the arteries while large robots will be used to clean our seas – and millions of people are already having them clean their floors. – Jonathan Mills, EPIC Strategies

8. Travel and Tourism

For any new or current business development managers looking for where they should put down roots, it’s the travel industry. Of the 10 fastest growing industries in 2022, seven of them are travel-related. Look for positions in companies in industries such as travel insurance, travel agencies and airlines. – Joe Mendonca, Joe Mendonca Melloace

9. Online communities and semi-private social networks

Organizations, marketers and individual creators are tired of building on the rented virtual land of Facebook and LinkedIn groups and other social media giants. As the technology for creating private, paid, and proprietary communities becomes cheaper and more widely available, we are going to see a boom in these proprietary networks. – David Matson, sandler

10. Clean technologies

With the adoption of the Inflation Reduction Act in the United States and the clean energy package for all Europeans, clean technologies are becoming a global juggernaut. Focusing attention on this industry is time well spent. The canvas is empty when it comes to ideas, concepts and the implementation of sustainable technologies, so it’s time to think green. – Tyler Trimbat, Trimbath Advisory Group

11. Profiling Services

Profiling is a growing service. From recruiters to teleagents, every human role in the industry works best with data. The more personalized the role, the better. Profiling services offer hyper-targeted prospect lists, which makes the business development market more efficient, of course. They also increase speed by reducing cold calling, but there are also privacy and relevance issues that need to be revisited from time to time. – Wajid Mirza, Arthur Lawrence

12. Voice Technology

Voice technology provides product-related benefits such as efficiency and convenience over typing, resulting in more conversational interactions. Our research reveals that customers expect products to be compatible with voice assistants on all platforms. Growing businesses that want to deliver seamless user experiences should consider adding voice-integrated chatbots and search capabilities. – Claire Alexander, Capterra

13. Fractional Leadership Services

With so many technological innovations and opportunities that a small regional startup anywhere in the world can scale to meet global demands, what is overlooked is true domain knowledge. Organizations may not have the means, expertise, capacity, or long-term need for a particular seasoned, seasoned leader. For the business development industry, due to its purely people-centric nature, this is even more pronounced. – Mustansir Paliwala, EQUANS

14. Edtech

Investment in education technology continues to grow with increasing demand and interest in online education in particular. Startups are disrupting degree-granting universities and reshaping the education and training sector. As students want more returns on their educational investment and institutions continue to shift to blended learning powered by digital technologies, the edtech industry shows promise. – Chor Meng Tan, Wiley

15. Advertising in gaming ecosystems

The new branch of advertising in the gaming industry seems to be extremely intriguing. It’s a chance for brands to reach a highly engaged audience with their message. The gaming industry is growing and today’s marketers need to be nimble, ready to adapt to new media channels and open to executing their branding campaigns in hitherto marketing spaces. unknown. – Anna Jankowska, RTB house

16. Health and well-being

People are turning to wellness to manage their health, improve their quality of life, and reduce their reliance on expensive medications. Well-being covers many products and services that promote health. It includes medical devices, fitness and wellness apps, self-help books, and health monitoring and tracking devices. The thing to remember about wellness is that it’s a lifestyle that more people are choosing. – Wayne Elsey, The Funds2Orgs group

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