Business Development Vs. B2B Sales
What is sales?
The process of making money off the goods or services a business offers is called sales. Customers are converted from leads to buyers as a result of sales representatives guiding them through the sales funnel. Sales representatives are responsible for:
What is business development?
Finding potential customers and clients for a company’s goods or services is known as business development. This division focuses on locating the perfect match between the product and the customer. Business development professionals are responsible for:
Business development vs sales
Business development activities precede sales. Finding the most promising leads in a new market is a company’s first task when it enters that market. Lead generation falls under the business development team. Sales representatives can start guiding clients through the purchasing process as soon as the business development team has identified these leads.
A company needs to hire more business development specialists to look for opportunities for potential sales if it wants to grow or enter new niche markets. A company that has a lot of untapped leads needs more salespeople to follow up with them and develop relationships with them.
The business development and sales process
Despite being two separate positions and frequently two separate departments, business development and sales professionals collaborate closely and depend on one another. Professionals in business development and sales collaborate with the marketing team, forming a crucial team for success.
The following steps are frequently included in the business development, marketing, and sales process:
1. Positioning the products and services
The marketing department collaborates with the business development team to determine the best positioning for goods and services. Together, these experts assess the market and determine the best positions available.
2. Identifying the value proposition
The sales and business development teams work together to identify the best value proposition for the good or service. They list the problems the business solves and explain how their solutions help customers with their major issues.
3. Selecting the best marketing channels
The marketing team is primarily in charge of deciding which marketing channels are best for the business. At this point, they might work with business development experts to determine the most effective ways to get in touch with potential leads. The feedback from sales representatives on the channels that have been most successful in bringing them customers
4. Defining the lead generation process
The lead generation process is described by the business development and marketing teams from the initial point of contact to the final sale. Professionals in business development share the knowledge they have acquired through industry research and networking.
5. Connecting with customers
The marketing team facilitates customer connections through its campaigns. These might include advertisements on television or the radio, posts on social media, online advertisements, email newsletters, or SEO. The marketing division also oversees visibility, upholds the brand’s reputation, and offers educational materials to help customers comprehend the company’s goods and services. The business development team communicates with clients via cold emailing, cold calling, and networking. Both activities generate a list of qualified leads.
6. Following up with leads
Following the identification of leads by business development and marketing professionals, sales representatives start working. The middle of the sales funnel is where sales representatives take the leads produced by marketing campaigns or business development outreach and move them. To lay the groundwork for a successful sale, sales professionals rely on the marketing team to explain the value proposition to potential customers.
7. Closing sales
The remaining stages of the sales process are handled by sales representatives with customers. They make product pitches, hold product demonstrations, follow up with potential customers, discuss pricing and package options, and complete the sale.
8. Following up with customers
Salespeople stay in touch with customers, encouraging brand loyalty and working to convert potential customers into devoted, repeat customers.
Sales and business development jobs
Jobs in sales and those in business development fall into two distinct categories. If you’re interested in one of these positions, it’s critical that you comprehend the distinction.
Business development jobs
Sample job posting:
Seeking a business development representative to identify new leads. You will be in charge of networking, industry research, and spotting untapped markets for potential clients. Together with the marketing team, you will create campaigns that target potential leads in these regions. You will identify qualified leads and pass them along to the sales team, collaborating closely with sales representatives to decide how to best move these leads through the sales funnel. 15% of your time will be spent traveling to trade shows and business gatherings to meet potential customers.
Sample job posting:
Searching for a salesperson to make contact with prospects, present products, arrange product demonstrations, and close deals. You will be in charge of contacting leads via phone or email to determine their needs and recommend the ideal goods and services for each prospective customer. You will conduct sales presentations, close deals, and communicate with clients who have already made purchases. We’re looking for people who are results-driven and can establish trusting, long-lasting relationships with our customers.
Is business development the same as sales and marketing?
Business development prioritizes strategic alliances and business relationships from a broad perspective. Marketing focuses on communication and consumer targeting. Sales representatives work to close the deals that the two teams have brought to the table by prospecting qualified leads.
Is business development manager the same as sales manager?
On behalf of an organization, a business development manager (BDM) cultivates business ties or strategic alliances. When compared to a sales manager, this type of marketing focuses on creating opportunities for business growth.
Is business development executive a sales job?
Business development managers are essential to an organization’s success. These experts create fresh sales leads, bargain with clients over pricing, and project sales revenue, all in support of one of the most significant business development manager duties: assisting businesses in maximizing their profits.