Is Business Development the same thing as Marketing?

What is Business Development?

Some think Business Development is just another word for Marketing.

That's false. They each have very different roles and responsibilities.

So, where does Marketing stop and Business Development start?

Marketing controls the Awareness Phase.

BD controls the Activation Phase.

Awareness Phase:

Marketing is in charge during this phase when Prospects become aware of a brand during Business Development Ecosystem interactions (also called Brand Awareness or Branding).

Prospects exit this phase as an Information Qualified Lead (IQL), also called a Cold Lead, Marketing Sourced Lead, or Unqualified Lead.

Business developers support marketing during this phase by providing feedback from prospects about messaging effectiveness.

Activation Phase:

Business Developers (specifically Prospect Developers) take charge when a prospect realizes they have a problem to be solved.

During this period, the prospect gathers information on the Three P's of a Purchasing Decision:
1.    Price
2.    Performance
3.    Perception of Benefits

Marketing supports Prospect Developers by helping to optimize brand activation messaging during this phase.

But, marketing never stops.

Marketing continues to support throughout the remainder of the business development value chain Conversion, Success, and Growth phases.

Marketing implements a Promotional Mix of:

· Inbound Marketing: Inbound Marketing is also called Demand Generation (Demand Gen), Pull Marketing, Long Term Marketing, Consensual Advertising, Consensual Marketing, Sales Activation, and Permission Marketing.

· Outbound Marketing: Outbound Marketing, also called Lead Generation (Lead Gen), Push Marketing, Direct Marketing, Nonconsensual Marketing, Short Term Marketing, and Interruption Marketing.

· Buyer Group Marketing: This strategy uses Account Based Marketing (ABM) and Content-Based Marketing. This strategy is a combination of Inbound and Outbound marketing.

· Expansion Marketing: Expansion Marketing (also called Customer Marketing, Relationship Marketing, or Customer Expansion) promotes products to existing customers.

· Growth Marketing: Growth Marketing (also called "Always-On Marketing (AOM), Real-Time Marketing, Acquisition Marketing, Lifecycle Marketing, Revenue Marketing, Precision Marketing, Precision Demand Gen, and Full-Funnel Marketing) integrates marketing activities across the entire customer journey to maximize business growth.

BD is a team sport.

Marketing & BD...

One team, one fight!

Tony Gray, BDP

P.S. learn more in the “Business Development Body of Knowledge”
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