Purpose:
Business Development is the Product Owner’s ability to identify, create, and capitalize on opportunities that grow the product’s business value and market presence. It is about thinking beyond day-to-day delivery to shape long-term commercial success for the product and the organization.
Description:
Product Owners skilled in Business Development take an active role in understanding the broader business context and market landscape in which their product exists. They seek out new opportunities—such as partnerships, new markets, or additional revenue streams—and evaluate them against the product vision and strategy. They analyze trends, competitors, and customer segments to inform business decisions, and collaborate with sales, marketing, and strategy functions to drive sustainable growth. Business Development also means understanding and influencing business models, pricing strategies, go-to-market approaches, and value propositions. Product Owners with this competency act as entrepreneurial leaders: they balance innovation with risk awareness and ensure the product continuously delivers commercial and strategic value.
Key Behaviors:
- Opportunity Identification: Scanning the market, customer needs, and technological trends for new business opportunities.
- Strategic Alignment: Ensuring that new initiatives fit with the product vision, organizational goals, and market position.
- Commercial Awareness: Understanding and shaping business models, pricing, and value propositions.
- Relationship Building: Developing strong networks with potential partners, stakeholders, and key business units.
- Experimentation & Validation: Testing new business ideas and strategies through experiments and data-driven validation.
- Market Analysis: Conducting competitor analysis and customer segmentation to inform business strategy.
- Go-to-Market Planning: Collaborating on launch strategies that maximize reach and impact.
Development Path (Competency Levels):
- Beginner:
- Understands the basic business model and value proposition of the product.
- Is aware of market trends and the organization’s commercial strategy.
- Intermediate:
- Actively contributes to market research, competitor analysis, and opportunity identification.
- Collaborates with business development, sales, and marketing teams to shape go-to-market approaches.
- Advanced:
- Proactively drives new business initiatives, partnerships, or market expansions.
- Leads the development and validation of new business models or revenue streams.
- Acts as an entrepreneurial ambassador for the product, balancing innovation and risk.
Summary:
Business Development equips Product Owners to look beyond the immediate product backlog and shape the future commercial success of the product. It is about seizing opportunities, building strategic relationships, and driving sustained value in a dynamic marketplace.