Sales and marketing are the two pillars of business development. The term business development is defined as the number of tasks and processes generally aiming at developing and implementing the growth opportunities of the organization both within and outside its boundaries. Sales and marketing can be termed as the two eyes of business development. Business development involves the creation of long-term value for an organization from the perspective of its customers, markets and relationships. Business development involves exploring the unknown by forming partnerships and strategic development relationships with referral sources and other professional contacts in target markets to bring in new clients.
Sales and marketing involves introducing products or services to customers by various strategies of sales and marketing that covers advertising, public relations, promotions. Companies investing heavily on sales and marketing capabilities drive above the market growth in terms of revenue. Studies carried on by McKinsey do proved that revenue growth at companies with more advanced marketing and sales capabilities tended to be 30% more or greater than the average company within their sector does.
When better sales and marketing is in place then the path for business development is ready to be waylaid for new clients. Business development these days need skilled sales and marketing personal that have refined consultative skills and top companies hiring sales and marketing executives will invest prudently in teaching their executives in identifying and in cultivating opportunities that fit into their business objectives. The customers these days are placing high value to subject matter experts and therefore are making their buying decisions only when they find how marketers can add value to their brand of products and services.
In traditional sense, sales and marketing have a relationship that is based on rivalry rather than collaboration. Even though, the common objects of both sales and marketing is to help organizations in profit generation. Marketing is more concerned with concentrating on customer segments while sales or selling relies in individual customer experience. Both sales and marketing teams possess critical information or data that when used together can help in strengthening the business development of an organization.
For majority of small business organizations or enterprises, the revenue generators are sales team with marketing remaining non-existent. With the growth in the organizational set up, marketing becomes important and even separated from sales department. Marketing professionals then becomes the bane of organization for segmenting, targeting and positioning the brand of services or products of their company. Business experts do agree that when marketing and sales are synchronized then sales cycles become shorter, market entry costs are reduced and cost of sales are lower. Both sales and marketing departments can be balanced when both time and resources are invested to synthesize the insights of data collected from various market interactions of sales and marketing departments thereby enhancing the prospects of business development.
About Joseph Cortale
Joseph Cortale is the top most Marketing & Sales Director in America who has helped many small to mid-size businesses and corporations in setting new records for their different products in last few decades. Joe Cortale believes in need for innovation in sales and marketing strategies in an increasing world of competition in the field of lens processing industry.