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Business Development - the Missing Link Between Marketing & Sales Business Development - The Missing Link between Marketing & Sales Business Development The Missing Link Between Marketing & Sales 1 Business Development - The Missing Link between Marketing & Sales All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, write to the publisher, at the address below. Noble House Group - www.noblehousegroup.eu Ordering Information http://www.shopmybook.com Quantity sales. Special discounts are available on quantity. For details: http://www.shopmybook.com/en/calculate-book- price About Online Book Publisher ShopMyBook ShopMyBook is a revolutionary online service that opens the print-on-demand (POD) market to both publishers and everyone who wants to self publish for FREE high-quality books and print them on demand. No long-term commitments, sign-up fees, or service contracts are required. First edition: 01-08-2014 Printed in the Europe 2 Business Development - The Missing Link between Marketing & Sales From the same author: 12/01/2012 THE 7 STAGES OF BUSINESS LIFE CYCLE 11/07/2011 Collaboration - The new Global Economic Paradigm (Logistics) 11/01/2010 4PL - The book that never should have been written! (Logistics) 28/07/2008 Vuil Spel – Thriller written in Dutch 3 Business Development - The Missing Link between Marketing & Sales Business Development The Missing Link Between Marketing & Sales Linked-In: https://www.linkedin.com/groups?home=&gid =1850284&trk=anet_ug_hm Business Development is the process of continuously boosting communication, PR, sales and marketing to be & remain successful in the selected (and new) markets with existing and new products or services. Business Development thus includes parts of all the above functions. Paul Van den Brande be.linkedin.com/in/paulvandenbrande/ 4 Business Development - The Missing Link between Marketing & Sales Reflections. Unlike in the evolution of sciences e.g. physics or mathematics Business Development is not a science even though some of us try to persuade ourselves that it is. My approach would not sort under authentic research although I feel that it will be interesting to share some of the results of my enquiries with a wider audience. I humbly rest at the unscientific choice of sample of actual inquiries nature, and the interpretation of results. It is simply a collection of material that today’s Business Development Experts refer to of having an influence on enterprise business development & its evolution. As a practitioner this white paper provides recipes for success, blueprints for action, advice on how to behave and guidance on how to deal with generalized Business Development changes. All rights reserved. Except for the quotation of short passages for the purposes of 5 Business Development - The Missing Link between Marketing & Sales criticism and review, no part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission of [email protected] . Europe, August 1, 2014 – First Edition 6 Business Development - The Missing Link between Marketing & Sales Business Development IQ What you can read in this paper: 1. The Difference Between Sales and Business Development. 2. What’s the Difference Between Marketing and Business Development? 3. Business is granted based upon trust and influence. 4. Influencers, Affluent. 5. Positioning BD – the diverse rolls in the go to market process. 6. What kind of working skill do we need to be a qualified Business Developer? 7. Read like your eyes are on fire – Street- Smart Codes & Practices 8. The importance of Networking Smart. 9. Calling on the CEO - Executive Relationship Marketing. 10.Appointments & how to help the prospect with positioning/placing and naming 7 Business Development - The Missing Link between Marketing & Sales objections when applying for a meeting. Learn to fly around them. 11.Questions are never an exam – when meeting difficult or shy people just use choice questions: e.g. Whose budget is this coming out of sales or marketing? 12.Qualifying your customer is the process of determining their interest in your value proposition 13.How to clarify: It cost too much - I'm satisfied with my current vendor - It doesn't meet my needs -It’s not in our budget - We have had a bad experience with your (mother) company in the past 14. Wall of Fame - contributors to the white paper . 15.Red-Hot Cold Call-Mail Selling Business Development Cycle 16.The 10 commandments of prospecting. Enjoy the reading and have a BD-Day! 8 Business Development - The Missing Link between Marketing & Sales A rejection never means 'no.' It means 'not now.' Until the prospect becomes a customer, the sales life cycle continues. 9 Business Development - The Missing Link between Marketing & Sales The Difference Between Sales and Business Development http://andrewdumont.me/the-difference-between-sales-and- business-development/ Almost daily, I run into the misconception that the function of sales and business development are interchangeable, from co-workers to industry peers. This stems primarily, I believe, from the shift in titles of salespeople to business development -- which has been done in an effort to avoid the negative connotation that surrounds it. In reality, the two are very different. When you think about the function of business development, it should be thought of as a kind of marketing function. Yes, there are some soft sales skills (qualification, negotiation, etc.) that are necessary to become a good business development professional, but at the end of the day, it's closer to a marketing function. If you were to think about it on a sliding scale between a pure function of sales or marketing, it would wind up somewhere around here. 10 Business Development - The Missing Link between Marketing & Sales The reason behind this, is that typical goals of business development include brand placement, market expansion, new user acquisition, and awareness -- all of which are shared goals with marketing. The slight slide towards sales is simply because of the tactics business development employs to achieve those goals. Which is where we get into the meat of it. Regardless of the company, business development tends to hold the same structure, which I sketched up quickly below. 11 Business Development - The Missing Link between Marketing & Sales Simply stated, the function of sales is to sell directly to the end customer. The function of business development is to work through partners e.g. pre-existing sales teams or communities to sell to the end customer, in a scalable way. That last part is key. Scalability is the differentiator. It allows a company to use pre-existing sales teams or communities that a partner has developed to reach new audiences. Sales is very much an equation of capacity, which is why sales teams 12 Business Development - The Missing Link between Marketing & Sales tend to grow so large. Business development teams, on the other hand, are typically very small, maintaining their small size by working through existing partner infrastructures. The art of business development comes in identifying partners that fit that description, while finding a way to provide value to the partner's end customer and business. Now, all of this isn't meant to de-value the function of sales. Truth be told, I really respect good salespeople. It's an extremely difficult career, one with constant denial and pressure to succeed. Sales is hard, and should be respected when it's done at a high level. But the two are very different, despite their apparent overlap. 13 Business Development - The Missing Link between Marketing & Sales What’s the Difference Between Marketing and Business Development? http://www.fluentimc.com/fluent-imc-blog/2013/8/7/whats- the-difference-between-marketing-and-business- development Marketing and Business Development: They go together, but they're not the same. Marketing. Business Development. I hear these words used interchangeably all the time. If you want more business, everything you do to achieve that goal could be called “business development,” right? Maybe. That mindset is a bit confusing and can quickly lead to unmet expectations. If you think you need marketing or business development support, you should first understand how they differ and where they overlap. What is marketing? Marketing is about identifying your key differentiators, developing your message and establishing a positioning within your market(s). Think advertising, event promotion, website content and building thought leadership through public relations – these are all marketing strategies (or at least first cousins to marketing). 14 Business Development - The Missing Link between Marketing & Sales What is Business Development? Business development is about making connections. It’s building upon the brand that you have established through marketing efforts to connect your audience to your products and services. It’s prospecting (think networking events), qualifying leads and then converting those leads into clients through sales teams . Business development is all about creating relationships. Some in-house marketing directors wear both marketing and business development hats. A talented marketing generalist with some business acumen can provide strategic advice and coaching in both areas. But the truth is that the efforts are quite different and usually require a different set of skills and expertise. Marketing and public relations people tend to be creative. They’re usually good storytellers and know how to develop a message through a brand look and compelling marketing messages. 15 Business Development - The Missing Link between Marketing & Sales They create new and interesting ways to build awareness for your brand. They’re scouting opportunities and thinking of new ideas.
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