In the last post we talked about the difference between sales and marketing. We also discussed how it would be difficult for one to be successful without the other. This time let us explore business development and how it plays into this process, since it really takes all three components to play ball.
Business development is often defined as the activity of pursuing opportunities for a particular business/organization. Think of it as a targeted and customized effort towards a defined segment/company/individual. Truly, business development would be more comparable to marketing in its intent and efforts. Marketing would be the holistic effort, with components such as brand image, messaging, and vision. Business development would be the targeted efforts and engagements, solidified with marketing materials. Both can be (should be, really) strategic in nature, with the end goal of the sale in mind.
In small/medium/privately owned businesses where oftentimes one person wears many hats, the person handling marketing, business development efforts, and sales happens to be the same person. With the insight from their business development efforts, they can create targeted marketing material that speaks to the clients directly. With marketing’s effort in presenting the company or performing market research, the company’s reach can expand past existing clients and partners. Finally, with full conviction and experience as a skilled salesperson, the client lifecycle comes to full circle upon conversion of the transaction. Unfortunately, there comes a tipping point when one person handling so many aspects bottleneck the process. If we compared marketing, business development, and sales with an offensive football team’s strategy, you might understand why some teams grow to a certain point and seem to plateau.
If you use the same concept that a sale (the transaction) would be a touchdown, then marketing would be the offensive linemen, where business development efforts would be the fullback, running back, wide receivers, and tight end positions. The quarterback leading the strategy and execution would be the role who oversees these three efforts, whether it be a manager, director, principal, vice president, or chief officer.
Thinking in terms of an offensive football team’s players and their responsibilities might bring to light why it is possible to be on the verge of full capacity with limited skilled resources. Does your team have the right strategy, tools, team players, and mindset to ensure the lifecycle comes to fruition?
