Over the past few years, there has been a trend in every industry related to growing firms’ business development efforts. Also, keeping in mind that attention on business development is a critical vital activity, there is additional proof that this expanded centre has some significant disadvantages – an unattended focus and significance on marketing and branding. It isn’t an either/or recommendation, instead of picking marketing or business development, firms ought to centre around both.
To make this issue even more confusing, some firms don’t even try to understand the difference between them and consider both the same. It’s crucial for firms to understand how they differ, and how they relate. The critical difference between marketing and business development is that marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Business development is the process of pursuing strategic opportunities by developing new products, entering into new markets, and forming business partnerships with other companies.
Even if firms can operate both the functions in every firm are often considered completely separate when in fact, both functions must work together closely and integrate their activities.
When marketing and business development are working together, a professional firm has a slight competitive advantage from others. By working together, successful and professional firms’ marketing and business development activities build many more viable and potential leads. There is a much higher chance of converting those leads into work, and much faster: they boost the sales process. Moreover, our years of experience tells us, these firms/organizations sell bigger and more profitable projects. The secret, we’ve found, is that the most successful firms:
View marketing and selling not as different activities but rather as a single and adjoined process in which marketing and business development have defined, complementary but unique, roles.
Organize their demand-creation process in a way their clients prefer to buy complex, high-cost, high-stakes offerings, which are hallmarks of all professional services.
Concentrate marketing and business development activities on fewer service offerings rather than more to avoid fragmenting resources and reducing market exposure for each service.
Base their activities on strong points of view-well-researched and rigorous insights on business issues and how to solve them-that redefine the way their target clients think about these issues and enables the professional firms to shape leads to their advantage and stop responding to standard requests for proposals.
So how does this look in a firm?
Related: Hiring Employees for a STARTUP?
The marketing and business development departments have numerous chances to work together, which your firm should exploit with the end goal to augment endeavors and guarantee that tasks not copied. These six undertakings ought to compose between the two divisions for guaranteed utilization of marketing and business development assets:
- Methodology and Planning – smooth correspondence of firm informing
- Firm Messaging – a message ought to be created depending on how the firm is met all requirements to meet the needs and needs of a customer
- Content – things made by promoting, for example, articles, blog entries, and online classes ought to found on data on themes that the intended interest group needs to take in more about
- Facilitated Events – advertising handles the coordination and advancement of the occasion, while business improvement gives individual effort following the occasion
- Speaking Opportunities – the advertiser effectively pitches an accomplice at the firm to talk at an occasion, and the accomplice or different business engineer meets prospects, gives out business cards and follows up post-occasion
- Customer Feedback – both promoting and business advancement must know about changes to customer needs and challenges and modify how the firm reacts to these.
Main concern – offices can’t be fruitful without a branding and marketing procedure from which business development endeavors can assemble. As usual, an organization/firm’s image should be unequivocally characterized and incorporated through all mediums with the goal that when business development endeavors have effectively associated customers to an organization or firm, when that customer visits an association’s site, sees an advertisement, or preferences its Facebook page, they are getting a predictable message about the company’s administrations.