Most marketing folks are more concerned about the big sales that they ignore the unspoken rules and intricacies of business development roles.
In recent years, it has been noticed that most people cannot tell the difference between the functions of marketing and business development, nor can they explain how and where they overlap. If you are in this category, then this article is the answer to your questions!
Read on as we look at the different aspects of marketing and business development, how they overlap and how they are pivotal to your business growth.
What is Marketing?
Marketing entails every process that has to do with creating and distributing service providers to a group of targeted people. This function determines what your company will produce and how it will be produced. Marketing may manage the entire value chain of one’s products or services. Marketing must be in alignment with the organization’s overall strategy to achieve success.
What Does Business Development Mean?
Business development deals with the process of identifying and evaluating potential business opportunities.
Interestingly, it involves identifying new market segments and producing sales. New business development, market development, and merchandise development are the three critical business areas affected.
- New business development is observing and incorporating new ways to reach and serve customers. This mainly involves developing and creating new lines of products or services, expanding into new markets, or finding current ways to disseminate already existing products or services.
- Marketplace development is the identification of new markets for good products or services. New geographic markets, new customer segments, or perhaps new marketing campaigns can all be incorporated into this strategy.
- Lastly, merchandise (or product) development is the improvement of new items or solutions. This is feasible by adding new features or enhancing current products or solutions to meet the needs of new markets.
The goal of business development is to build a successful business. Hence, to fulfill the ever-changing requirements of the market, companies must constantly adapt and evolve.
What is the Difference Between Marketing and Business Development?
They are both essential for any business, but they are very different disciplines. It is common for many people to get confused with business development and marketing easily. Although they are crucial for business, they are separate disciplines with apparent differences
- Marketing is focused on creating awareness regarding a service or product. On the other hand, business expansion is about building relationships with customers.
- While marketing is all about demand, expansion is about relationships. For business expansion, a more long-lasting and strategic procedure is required. That is about identifying new options and building relationships with key decision-makers.
- Marketing is more about execution and delivery, while business development is more of a consulting process.
- Finally, the end goal of business development is growth, while marketing deals with making more sales.
How do Marketing and Business Development Overlap?
Although they differ, business development and marketing are two facets of business that consistently overlap. Both are only concerned with building relationships with customers and clients but are also involved in their maintenance.
The aim of a business should be to employ both strategies to remain on the competitive edge. For instance, when a new product or service is generated, the company’s marketing team will focus on developing public awareness. In contrast, the business development team concentrates on strategies for prospective customers or clients.
This way, it is apparent that both teams have different functions but are working together to increase sales and grow the company.
How to Apply This Knowledge to Your Own Business?
Now that the difference and overlap between business development and marketing are glaring, it becomes easier for you can utilize both for the success of your business.
Here’s an ideal scenario: If you are trying to broaden your market reach, applying the combined knowledge of business growth and marketing will not only help you discover your target market but also help develop practical strategies to attract and keep them.
Before you apply your knowledge of business development and marketing, you must create practical marketing and business development plans individually, especially regarding your customers’ needs and demands.
Having these plans go a long way as they will improve the cohesiveness of your business strategies which makes your business operations more effective and efficient.
Marketing and business development are two varied but related business keys guaranteed to help your business grow and succeed. While marketing focuses on promoting the value of your brand, business development is seen effectively in your business growth via marketing.
Although you now understand and can identify the roles of marketing and business development, it shouldn’t just stop there. There is a lot more you can achieve if professionals are available to guide you through.
Are you ready to start enjoying the benefits of marketing and business overlap? Kindly reach out to our team of experts!