IS THERE A DIFFERENCE BETWEEN BUSINESS DEVELOPMENT AND B2B MARKETING?
Many people struggle to understand the difference between marketing and business development. The reality is that Marketing and Business Development have two distinct yet interrelated roles in the sales process.
Marketing is the process of interesting potential customers in your products and/or services. The key word in this marketing definition is "process"; marketing involves researching, promoting, selling, and distributing your products or services.
Marketing is a broad and challenging function. If you ask people to define marketing, you will probably hear something like this:
- It’s brochures and slogans and print ads in magazines
- It’s websites and email campaigns
- It’s communicating with customers
- It’s an MBA crunching numbers on brand equity and market share
Yet, there is much more to marketing than just brochures, websites and numbers; it’s an investment that generates revenue, profit and opportunity for growth.
Here are several main points that need to be considered for a successful marketing campaign:
- Knowledge of the market and an effective strategy to penetrate it
- Distribution channels to use to connect with potential customers
- Competitive pricing strategy
- Clear message to deliver to your market
- Proper marketing materials
- Planning, preparation, forecasting
Business Development is a process of strengthening ties with existing clients as well as cultivating customers in other sectors of the consumer market.
Even though the goal of both, marketing and business development, is to acquire new business, ultimately resulting in increased revenues, business development is based on building and maintaining relationships with new and existing clients - CRM.
Business development is a process that involves generating targeted leads and nurturing them over time. Unlike marketing that is a much more general process, business development, when properly executed, will take you right to the desision maker, omitting all the middle men. This will ultimately save you time, money and resources. The results will be long term and very gratifying.
Business development process is comprised of the following steps:
- In-depth prospect research
- Database development within targeted industries
- Identification of bona fide decision-makers
- Pleasant but persistent contact
- Appointment securement
- Follow-up contact and reporting