Marketing and business development (biz dev) are often used interchangeably by brands. But, the truth is, they’re different beasts. It should never be a case of either/or. Biz dev and marketing should work in tandem to boost the visibility, growth, and potential of your brand.
Like the sun and moon, Lennon and McCartney, Han Solo and Chewbacca — they need to work in sync to really push your potential.
Let’s break it down to the basics.
What’s The Difference?
So, we’ve established that there’s a difference between biz dev and marketing. While both are responsible for growing a business, they each have separate roles in achieving the same goal.
Business Development is all about collaborations and partnerships. Building strategic relationships in target markets in order to bring in new clients.
Marketing is about identifying your target market. Understanding the needs and wants of potential customers and developing a strategic plan to establish and deliver the brand’s mission.
The key to both is engagement. But while marketing is more about focusing on getting your brand message out to a wider audience, business development is really about creating a network.
Read more on Digital Marketing for Startups.
Think of business development and marketing as the salt and pepper in your recipe for success. One or the other will work fine, but together they make a magical combination that maximises potential.
A lack of integration between the two can result in lost opportunities and a reduction in ROI of both time and capital. But surprisingly, in a survey of 224 marketers and business developers, only 54% said that marketing and business development activities were strongly coordinated.
It’s time to get the two departments communicating. Successful collaboration between biz dev and marketing can really boost your potential reach and visibility. More importantly, it can also streamline the process. So think collaboration, not competition.
Make collaboration your new buzzword. Remember the old saying, two heads are better than one? Think of it like that. It’s a good way to make sure you deliver a cohesive and well-planned brand mission and strategy. By encompassing both departments you can make content that is considered, engaging and brand-appropriate.
Combining Biz Dev and Marketing
And in an age of ad blockers and savvy consumers, content is king. Consumers are no longer interested in quick one-size-fits-all marketing campaigns. They want targeted adverts that spark their interest and passion. By utilising biz dev and marketing you can really dig down into who your audience is and what makes them tick.
Carefully-planned, well-targeted content is what will build and grow your network of potential clients.
In part two of our series we’ll take a look at what happens when business development and marketing work together: Biz Dev & Marketing – Propelling Your Business Forward.