Definition
The work of creating new growth opportunities for a company, by finding new customers, opening new markets, and forming partnerships, as distinct from managing existing accounts.
In many B2B teams, especially in India, business development is the title given to whoever runs outbound prospecting and early sales conversations, which overlaps heavily with the SDR role. New business development specifically means winning logos you don't have yet, which is why it relies on outbound rather than on upselling the customers you already serve.
Where this comes from
Read the related term: SDR (Sales Development Rep)