Difference between Business Development and Sales
Business development is the practice of identifying and acquiring new business areas to further your company’s growth and revenue by cultivating commercial relationships with other companies. On the contrary, a sales process is all about selling your products or services to clients using different business development strategies. It is concerned with closing deals with prospects.
While business development efforts include – lead generation nurturing, devising of plans and strategies, business partnerships, business expansion, sales efforts include – execution of business plans, selling, and distribution of products or services.
Another difference between the two is the time frame. Business development spans over a longer time frame. On the contrary, the overall time horizon of sales is shorter.
Developing business development strategies is crucial to long-term success. That’s why you might need to hire a professional and expert business development company to do the leg work.
Business Development Strategies
1. Reassess your business model
Reassess your business model regularly. You need to evaluate the impact of new sales, collections, expenditure, credit cycles, and more as a part of your business development strategy.
Reassess your business model regularly. You need to evaluate the impact of new sales, collections, expenditure, credit cycles, and more as a part of your business development strategy.
2.Networking
Use the universally-used strategy to develop new and good relationships – NETWORKING.
3. Cold calling and emails
Do not underestimate the power of outbound calling and emailing. Try delivering appealing offers to qualified and responsive prospects through proper research and analysis.
4. Plan business policies in advance
Since it is tough to gauge how long this pandemic will last, it is wiser to be prepared forall scenarios. You must at least plan your policies for the next 3-18 months.
5. Utilize digital/content marketing
Put digital marketing/content marketing to the best use. It is best to hire online marketers to curate content that will sell.
In a nutshell, business development can be complex concisely, but hiring business development services may make the process easier. Remember, the brightest minds always accommodate the change to achieve better results.
PS: We’ll be covering the strategies mentioned above in the upcoming blogs. Please stay tuned.
