A business development manager oversees sales and marketing efforts. Their job is to build customer relationships and align messaging. Sales representatives focus on prospecting qualified leads and closing deals. Marketing is responsible for implementing marketing campaigns to promote the company’s products or services. Both marketing and sales work to make the company’s top business objectives a reality.
Differences between sales marketing and business development
Sales marketing and business development are two related disciplines, but the focus of each field is different. While sales are primarily concerned with selling products and services, business development is concerned with developing customer relationships and building trust. Often, businesses lump both practices together because they are similar, but they are distinct fields with distinct roles.
Marketing focuses on spreading a company’s message and promoting its product or service. Business development focuses on identifying new opportunities in new markets and combining various offerings. Marketing and business development are often used interchangeably, but the two are quite distinct. Knowing the difference between the two will help you manage your team correctly.
The focus of marketing is to generate interest in a product or service and facilitate sales to prospective customers. On the other hand, business development focuses on building relationships with customers and markets to create long-term value. Marketing is scalable and can be performed as often as your budget allows, while business development focuses on face-to-face interactions with warm prospects.
While both fields are essential to business growth, the differences between business development and sales marketing are critical to the success of any business. A good salesperson clearly understands the industry in which they will sell their products or services. They also understand the challenges and barriers in a particular market or client. In addition, sales personnel should have specialized knowledge of their client’s industries.
Tasks performed by each department.
The marketing department of a company is responsible for creating awareness and selling as many products as possible. This department designs the proper marketing mix, focuses on the right product and price and targets the right consumer. It also develops promotions and manages long-term relationships with customers. The goal is to increase profits by generating new sales.
Sales and marketing professionals collaborate to devise strategies to maximize revenue and profits. They use sales data to develop and implement marketing strategies and analyze sales data to inform strategies. They draft business plans, presentations, and other documents and handle multiple projects simultaneously. While marketing and sales teams work closely together, they also have specific duties to perform.
Efforts required of each department
Marketing involves the management of advertising, promotions, customer service, and sales. It also includes the hiring of sales representatives and the creation of a marketing plan. In addition, marketing also involves establishing customer segments and identifying marketing and distribution channels. Business development also consists in identifying new business opportunities and new markets.
The marketing department primarily focuses on understanding customers and prospects and communicating their insights, strategies, and offers. In contrast, the business development department focuses on building relationships and increasing business capabilities. It also helps generate positive word-of-mouth and referrals.
Sales and business development teams should work together to generate new business. Both departments need to interact face-to-face with potential customers. Working together will enable them to convert leads into paying customers. But, it is a mistake to think that sales and business development teams are completely different. Both departments need to have similar skills and knowledge. For example, a sales representative must be able to close a deal.
Creating an action plan for each department
Creating an action plan for sales marketing and business development is integral to ensuring that your business will succeed. It helps to formalize your sales tactics and strategy, align your team towards the same goals, homogenize processes, and improve performance. This plan aims to increase sales and revenue for your business. It also identifies your target market and the activities you need to do to reach your goals. Lastly, it identifies obstacles preventing you from reaching your sales and revenue goals.
The next step in creating an action plan is to outline who will be responsible for each action. This could be the person who will act or a team overseeing it. For instance, you may need to include the CFO, the senior manager responsible for making decisions, or the head of the affected department. You will also need to specify what the measures will be to measure the progress of your actions. These measures may be quantifiable or milestones.
The action plan usually comes in a one-page Excel document and lists initiatives by function. Each action will be accompanied by key performance indicators (KPIs), people involved in executing the industry, and a timeline for execution. The plan will also list the priorities of the initiatives.
The first page of your sales plan should include an executive summary. Most executives want a quick look at the main points, goals, and action plans. If you plan to present it to a team of executives, you may want to include a PowerPoint presentation. PowerPoint slides can consist of images and vital information.
Increasing efficiency, lower costs, and better customer service are all benefits of integrating your sales and marketing departments. Yet 33% of organizations do not regularly meet with their sales and marketing teams. While the two departments are vital to a company’s success, working separately can hamper both teams. A recent study by LinkedIn showed that aligning the two departments can increase efficiency by 71%.
Ideally, your two teams should work closely on the fundamentals of your business and its market. Marketing determines the go-to-market strategy, target audience, and product features, while sales spend their day talking to and understanding customers and their needs. In addition, both departments are responsible for generating highly qualified leads and are likely to convert them into customers.
Sales and marketing teams should have consistent messaging to build brand awareness and trust. This can be done quickly through alignment and communication. This will create a positive feedback loop for both departments. The two teams should communicate regularly to ensure they are on the same page. Once they have aligned, they can work together to generate leads.
Collaboration also allows your sales team to work on challenges and share ideas. As a result, you’ll be able to solve problems faster and with a broader scope of solutions. It will also increase trust between your employees. Encourage your sales team to openly share their challenges with their colleagues and be flexible in solving them.