Marketing and business development are very similar right? In truth, marketing and business development are actually two different aspects of a business and it’s important not to mix them up. Business development is all about prospecting, qualifying leads and converting the leads into paying customers. Marketing, however, involves creating a key message and establishing your position in the market.
In this article, we will look at how the two can work together to get winning results.
Business development and marketing work together
It’s important to understand that marketing and business development work well together and often they depend upon each other for results. Marketing will often focus their efforts on establishing the brand in the marketplace and increasing exposure through key messaging. Through increased exposure, marketers aim to bring more leads to the business which will then be passed over to business development.
Business development plays a critical role within the business by qualifying leads, building relationships and converting prospects into paying customers. Once marketing has filled the business’ pipeline with leads, business marketing can start working through them with the aim of converting them into customers.
What would happen if marketing or business development did not exist in a business?
If one of the departments did not exist within a business, the success could be very limited as the two can become very dependent on each other. In the scenario where marketing only exists, marketing would most likely fail to convert prospects into paying customers as they are not familiar with building and nurturing the relationship. Alternatively, if marketing did not exist in a business, business development might struggle to fill the pipeline with consistent leads.
Marketing can learn from business development
Since business development is all about nurturing prospects and building strong relationships, marketing can actually learn one or two things from business development. As traditional marketing shifts more and more towards digital, the approach marketers take also changes. Now marketers are looking to build relationships with their audience through channels such social media, blogs, email and more.
By working together business development can inform marketing on how to build more meaningful relationships which would help to keep the entire approach consistent all the way from the top end of the funnel through to the bottom end of the funnel.
Marketers can also use the knowledge of the business development team to understand the difference between a good and a bad lead. From this, they can then create campaigns that will target the ideal target audience to improve return on investment.
The rise of digital
The rise of digital marketing is becoming more common. In fact, by the end of 2020, digital advertising expenditure is projected to be £15.6 billion. With the use of technology and online platforms, marketers are now able to reach prospects at more touchpoints, helping to build the relationship. The technology provided can even allow marketers to track leads for re-targeting purposes.
The introduction of this technology has made it easier for marketers to build those relationships that the business development team would normally handle. You might think that digital marketing has taken the role of the business development team but that’s not the case. These technologies are simply a way to facilitate the whole process and make life easier for the business development team at the bottom of the funnel.
Summary
Marketing and business development work hand in hand. Marketing is focused on the top of the funnel, bringing in new leads on a consistent basis while the business development team focuses on the bottom of the funnel. Without one or the other, both departments would fail to reach the overall objective which is the same in any business – more paying customers!
If you are looking for marketing support to help increase your exposure, please contact one of our team here.