Marketing and Business Development: A Powerful Combination

Marketing and Business Development: A Powerful Combination?

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Marketing and Business Development are often confused for one another. The difference between is sometimes blurred because they are similar but distinct functions that ultimately seek the same goals.?

Businesses need new strategies and solutions - this way they can improve the overall operations and sales of the company. To help with this, businesses must understand the difference between marketing and business development. Both of which play equally important roles.???

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What is the difference between Marketing and Business Development??

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As a rule of thumb, for the most part, Marketing does not have direct person-to-person interaction with potential partners, customers, complimentary product or service providers, etc. The Business Development team has direct interaction with the external entities just mentioned.???

Marketing focuses on developing a competitive advantage by generating brand awareness and promoting products or services. The role of marketing is, essentially, to educate potential customers and influence purchasing decisions.??

Business development, on the other hand, works with marketing to pursue new opportunities. Business development targets new markets to gain new clients. It works on relationships with businesses to help overall growth. A great example of Business Development relationships is the one that was created between IBM and Microsoft.??

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Importantly, Marketing and Business Development are very similar. Both aim to increase create opportunities and increase leads yet use different methods to do so. Marketing develops SEO, blogs, and social media, as a few examples, whereas business development helps develop better qualified and strong leads.??

Marketing uses influencers, analysts, and customers to find new leads. Business Development uses data streams, stakeholders, and partners. It's the same aim and outcome, but with different methods and targets.??

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How can Business Development and Marketing work together???

Marketing and business development should be on each other's side. They shouldn't be treated as separate entities, or worse, enemies.??

A cohesive strategy that uses each other's strengths to excel each other is the most effective way to run a company. Teams should support each other for a higher return on investment. Biz dev and marketing have long been recognized as the perfect match.??

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Overall, any business that is looking to drive substantial growth must develop strategies that unite marketing and business development. Both should be considered integral parts of any business, regardless of its size. While they have very similar objectives and focuses, they should be treated as separate, but equal.?

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