Business development is about working on things with revenue attached. It is about growing the company - finding new clients, selling more stuff to current users, figuring out how to generate more revenue or decrease the cost of doing business, hiring the right people with the right skills, effectively communicating with everyone involved in making success happen. This may be in addition to product work (making things), support (helping customers), or marketing (telling people about your stuff). Simply put, business development is what you do to help your business grow and profit.
Business development strategies are the tactics you'll employ to help your business grow and profit. It describes how a company aims to expand its operations.

Strategic Business Development
The process of obtaining optimal clients for key services is known as strategic business development. It's a method for making and keeping brand commitments. Business development processes and procedures are integrated with your company's long-term business goals in strategic business development. A well-executed strategy can lead to improved corporate growth and profitability, whereas a badly executed strategy can stifle growth and frustrate key employees. The best course of action is to conduct research and select tactics that will produce positive results for the company.

Top business Development Strategies
Networking
Because it is valuable and allows you to build close relationships with your audience, this is one of the most often employed business development strategies. Face-to-face networking is the most effective way to build new relationships and businesses, but it takes time and money. Most businesses are transitioning to digital networking via social platforms, which is more cost-effective, but even social media demands time and attention.

Referrals
Referrals are closely related to networking, and they can be a great business development strategy. Positive relationships with happy clients can bring in new business, and most businesses, particularly small businesses, rely on referrals for the majority of their clientele. Referrals, on the other hand, aren't always the best because they're passive; the referral source might not always recognize a strong prospect, and they might not be aware of the complete variety of services you can provide to help a client.

Advertising and Sponsorship
Traditional advertising is losing its long-standing effectiveness, and digital advertising is gaining traction because it allows businesses to get their messages and offerings in front of the right people for less money. Combining advertising and event sponsorship is a sound technique that works well. It will fix a variety of issues while also increasing your company's visibility.

Content marketing
A great business development strategy includes writing, speaking, or publishing content that displays your knowledge and how it can be utilized to solve customer problems. It establishes you as an authority in your industry and builds prospects' trust in the products/services you provide. Create a company blog where you can post industry-related content and host webinars for potential customers.