Marketing vs Business Development [How to Win Big With Both]

Marketing vs business development is an unlikely head to head.

These terms are sometimes confused. But yes they are indeed different career paths.

Marketing and business development teams share the same objectives. They both generate new leads and customers, build strategic relationships, improve the sales process, and persuade current customers to refer friends. But they achieve these shared goals in different ways. Marketing charms at the macro-scale while business development does so on the micro. 

And this is what we will discuss today.

Marketing is the aspect of business that focuses on driving attention to your brand in a way that attracts potential customers and persuades them to stick around.

The top aim of marketing is all about offering something valuable to your potential markets' wants and needs in order to develop a relationship that creates leads, then customers, and then referrals. 

How does marketing work?

A strategic marketing plan is essential to ensure your company's effectiveness. This plan should establish the company's message, benefits and capabilities that the other departments can deliver. 

And this is why it's often essential for the entire company to have input in the marketing strategy. 

For example, it's really important that all information in online materials is accurate and consistent messaging.

If a company outsources copywriting to the wrong agency that makes grandiose claims, the company may be a couple of false promises away from a tarnished reputation or worse. 

And this is also why the marketing department can sometimes be a relatively unpopular department in a company.

But as long as the marketing tactics (check out the 8 ps of marketing) used by the marketing team are reflective of the shared goals and capabilities of the entire team, it should be a win-win for all. 

Marketing roles

Based on their chosen strategy, the Marketing Department are then responsible for the execution of a variety of marketing strategies (e.g. design of marketing materials, website updates, emails campaigns, etc).

Depending on the size of the business there may be marketing managers for each of these tasks or more. 

Public relations is another important part of marketing. And ideal messaging to the public should attempt to be honest and clear so that the company has a positive image among possible customers. 

Marketing is all about your target audience.

It's about understanding who they are, what they want, and how you can communicate with them that your product or service is what they are looking for.

Promote and Nurture at Scale

And this is typically done on the biggest and grandest scale possible to get the most attention and grow public awareness about your offering. 

Be creative and analytical

Which is why marketing professionals typically require both creative and analytical skills.

To ensure they're being seen by the right people, at the right place, and at the right time.

And not wasting money.

What is Business Development?

Business development has diverse applications depending on what industry or size of the company you are working in.

In general, a key function of the business development team is to help identify new business opportunities and business partnerships wherever appropriate. 

This includes developing growth opportunities in new markets and different geographic areas.

Business Development representatives are also responsible for the person-to-person interaction that often must take place for a big sale or order to go through or to develop strategic business partnerships. 

So one way to think of it is they help to lay the foundation for the marketing plan and then further help out after the marketing team has warmed up prospects. 

Business development roles

Depending on the size of the company, a business development manager is responsible for creating or closing leads.

For a smaller company, it can be great because it's like the sales department with a less abrasive title.

For a bigger company, the business development team help generate real-life leads they can then pass over to the sales team to close a sale. 

But in both cases, it's all about building real and genuine relationships with people. 

The sales team and business development department are both responsible for forming strategic partnerships that bring in new clients.

Business development specialists are usually expected develop prospects and referral lists. They tend join networking events and trade shows. They even assist in following up with qualified leads from marketing campaigns via email and phone calls.

There are people out there who put their guards up as soon as they're talking to someone in sales. 

But the business development team may be just as interested in creating a mutually beneficial 'connector' relationship with you to expand each other's networks as they are with the sale of products or services.

This is where client relationships and business relationships, in general, make this such a valuable team. The relationship-building done here transfers over into multiple benefits. 

Soft Skills

Business development is an area of the business that should be left for people with likability and a talent for communication (which can be learned). 

The business development process focuses on business growth through meetings with prospects or customers that align with company sales strategies. 

Customer Service

It's way more cost-effective to persuade an existing customer to stay or recommend to their friends instead of constantly starting over persuading new potential customers. 

Innovative Ideas

Your business development efforts help bring innovative ideas by considering new ways to help you grow your customer base.

Marketing vs Business Development: What are the Major Differences?

While they share the same goals, they have different focuses and responsibilities. 

Marketing focuses on the consumer and their journey from awareness to loyalty. It also identifies the strategies and tactics used to achieve that level of loyalty.

However, business development focuses on the tasks and processes that will increase revenue.

Again, the biggest difference between the two is the scalability of their efforts. 

The big difference between marketing and 'biz dev' is that marketing can be scaled up as much as a company's ad spend and SEO efforts allow it. Business development often requires meetings and face-to-face interactions with warm prospects. 

Business development finds new markets. Marketing then promotes to that market and gets people fired up to agree to meet the business development people in a new warmed context that can lead to sales.

Marketing vs Business Development: What are the Similarities?

As we've discussed marketing vs business development are not in conflict. They share goals to grow the business and they do this in many similar ways. 

They both look for opportunities and ways to increase leads.

They both try to nurture leads with the best possible experience to persuade leads to use their products and services. 

And they also both want to create a long-term relationship that can be sustained and provide mutual value well into the future. 

How Marketing vs. Business Development is The Ultimate Team

Although these roles require different skills, they work great together.

Business development is possible by close contact with your potential customer and listening to their needs.

This is crucial for marketing and essential for crafting an accurate customer profile to create effective campaigns for your potential market.

Together these two skills work together to help build the sustainability of your business.

And helping you maintain momentum in a flywheel-like motion.