Is business development and sales the same thing?
Sales makes sure your business is running in the short term, business development reassures your business will survive and/or grow in the long term. While in sales it is all about closing product sales, business development is all about opening up new business opportunities for your company.
Is sales a part of business development?
Simply stated, the function of sales is to sell directly to the end customer. The function of business development is to work through partners to sell to the end customer, in a scalable way. It allows a company to use pre-existing sales teams or communities that a partner has developed to reach new audiences.
What is the difference between sales development and business development?
Sales development and business development are different functions within a company that both work to increase awareness and sales. Sales development focuses on identifying leads, researching and developing them and moving them along the sales cycle toward a closing.
What is the difference between business development and marketer’s marketing?
Marketing’s focus is on your consumer, their journey from awareness to loyalty, and the strategies and tactics that are employed to reach that loyalty stage. Business development, however, focuses on the processes and tasks that will grow revenue opportunities.
Who does the marketing department report to in a company?
Members of the marketing department will often report to the CMO, or Chief Marketing Officer, to ensure that their activities are aiding in overall business development. The business development process focuses on business growth.
Does your business development strategy complement your sales and marketing strategy?
When it comes to developing a Business Development Strategy for your firm or Business, Marketing & Sales are essential piece. Likewise, a Sales and Marketing Strategy should be built with your business development goals in mind. These three not only complement each other, they depend upon each other – but that doesn’t make them the same.