What is the difference between Marketing, Sales, and Business Development

What is Business Development?

What’s the difference between Marketing, BD, and Sales?

MARKETING:

Makes prospect aware of the corporation during Awareness Phase.

In this phase, prospect has zero intent to solve a problem.

BUSINESS DEVELOPMENT:

Starts at First Moment of Truth when prospect identifies a problem to solve.

BD commences setting prospect expectation about product quality.

Prospect gathers information on:
1.  Price
2.  Performance
3.  Perceived Benefits

Intent Signals may be created when a prospect engages with the community and corporation.

Information Qualified Lead (IQL): Prospect shows their first intent signal such as:

Prospect provides their contact info in exchange for a "lead magnet"  white paper, etc.

Prospect becomes social media follower or attends the corporation’s webinar.

As prospect advances, they may emit more intent signals becoming a:

Marketing Qualified Lead (MQL): Lead meets a specific threshold Lead Score.

Product Qualified Lead (PQL): Some corporations have Freemium products providing intent signals.

Prospect exits the Activation Phase as Sales Accepted Leads.

Sales Accepted Lead (SAL): The prospect "raises their hand" and Declares Intent to purchase a product.

Some “Dark Funnel” prospects appear out of nowhere at the end of the Activation Phase because the corporation didn't detect any of their intent signals.

During Activation Phase, BD increases customer Trust with Purpose, Empathy, and Truth for the prospect to "raise their hand" and declare intent.

Some products require more prospect intent than others:

-High Intent Threshold (HIT) products require a high amount for a prospect to declare intent. For example, an expensive complex product.

-Low Intent Threshold (LIT) requires very little to declare intent. For example, a low cost commodity.

During this phase, prospects may ask BD to respond to a Request for Information (RFI).

SALES:

Prospect enters the Conversion phase as Sales Accepted Lead (SAL).

The Sales team engages the prospect to determine if prospect is worth pursuing as a Sales Qualified Lead (SQL) or a Sales Qualified Opportunity (SQO).

The prospect may issue a Request for Proposal (RFP) or Request for Quote (RFQ).

Sales responds to the RFP or RFQ and attempts to close the prospect by winning their business with a compliant, credible, and compelling proposal.

Sales engages the prospect in negotiations and submits a best and final offer.

If the corporation wins, the prospect is converted into a customer.

Tony Gray, BDP

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