This article explores the differences between these three vital ‘business functions’ which, when seamlessly joined up form the powerhouse of any business. This article doesn’t dive deep into the details of what each function provides, more their impact on a business. It describes the journey by way of a conversation – because that’s what every business ultimately wants to have.
Let’s start with the business development function. This is defined by the overarching business strategy and involves every part of your business operations. It’s driven by the business goals – where you want your business to be tomorrow, in 12 months’ time, 3 years or even further ahead.
These goals should identify growth opportunities. So for instance, if your goal is to expand your target market geographically, this will drive the business development strategy in a brand awareness and market penetration direction. Another goal may be diversification – to increase your offerings, so this will drive the strategy towards product (and market) development. Just a couple of examples.
Business generation is not a numbers game, it’s about positioning yourself in the right place at the right time, and being armed with the right information, to open up that first line of discussion. Your business goals should identify what is required, and should steer marketing functions.
Summary: It’s vital that every part of the business development strategy is driven by the overall short and long-term goals.
Let’s move on to the marketing function. Marketing is responsible for bringing the strategy to life, getting the company in front of its optimum target audience, via that audience’s preferred channel, and creating intrigue that leads to engagement and ultimately meeting the business goals.
Marketing protects the brand, raises brand awareness, and increases brand credibility (all of which which should also be business goals). Marketing is steered by who to market to, what that audience looks like, understanding their pains and defining how your business is ‘the solution’ they need (as defined by the brand positioning). Even if they don’t realise they need it immediately – the more targeted the campaigns are, the more they will be drawn to you. Marketing should ‘Know Your Customer’ inside out!
Marketing covers all aspects of the customer journey, both internally (because employees are your customers too) and externally. Every touch point both inside your business (operations/people/systems) and via marketing activities, requires strategic navigational techniques, designed to lead the ‘inquisitive’ to become ‘interested’ in the conversation you want start with them. Typically it takes 8 seconds to plant a seed of engagement, and it can take up to 7 repeated messages before a ‘prospect’ becomes a lead, so multiple channels and steps are required along the way. Marketing involves constant analysis of performance by channel, refining and tweaking the format, message and budget allocation to achieve optimum results. The foot is never off the pedal for this function.
Summary: Marketing is both the voice and the vehicle of the business strategy – which is driven by the business goals.
So now for the sales function. Without this there would be some business growth from the above, but add sales to your core functions and success will be higher. As marketing has started the conversation, sales will close it out so good interpersonal skills are a must. The goal of the sales function is to turn leads into customers, generate sales, and drive revenue.
With business development defining the pathway to the audience, and marketing opening up the discussion, the most logical next step for a lead should be to acknowledge they need what you provide, and so the sales conversation begins. To close a sale you need to learn fast, make decisions fast and act fast.
It’s worth pointing out that the sales function does not need to be a dedicated team – it can organically come from business development, or it may be the result of marketing campaigns. However the sale is reached it should not end there, no sales cycle should be a finish line, there’s always room for further conversations whether that leads to repeat business or a referral – the best business connections are made via recommendation.
Summary: Sales is not the end of the customer journey – it is the beginning of a business relationship.
So as you can see these three functions are intertwined and together incredibly powerful, yet separately each has its role to play in reaching your business goals.
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