Business development is the strategic initiatives that serve to improve and grow a company's long-term success. In its most simple form, business development is any activity that creates value for the organization. This can include strategic partnerships, expanding sales into new markets, relationship building, lead generation, marketing tactics and more. Business development teams are a crucial part of a B2B SaaS company; they are responsible for identifying growth opportunities in order to scale the business.
Specifically as it relates to partnerships, business development partnerships are when two or more companies join together to grow their business in a new market or to a new customer base.
Example: A B2B SaaS company's business development should ladder up to an organization's high level priorities in order to yield the best results
A buyer persona is a fictional or semi-fictional profile of a customer that explores how they would use your product or service. These depictions of target customers help to define your company's ideal target customers. They should be created after extensive market research and data collection to help you focus your marketing and sales efforts on the customers who would be the best fit for your product.
Example: To help focus their marketing efforts, Company X created a buyer persona of the potential customer who would be most interested in their SaaS product.