Organizations must have a reliable source of income to function. Understanding the difference between sales and business development will enable you to maximize ROI while focusing on long-term growth.
Finding Leads
Finding leads, communicating value, and closing sales are some of the most essential tasks for any business. New customers need to be brought into the fold and educated to ensure they understand what your company has to offer.
While those in sales are generally focused on closing deals, business development is more concerned with establishing a long-term customer base. Sales teams start with leads, and those in business development work to ensure a positive experience built on trust.
Creating Growth
Another area where sales personnel and individuals in business development differ is their ability to create new opportunities and markets for growth. Sales professionals often work within the constraints of the existing organizational environment, while business development is much more flexible.
To be successful in sales, you must be able to communicate with prospects and eliminate uncertainty. The best qualities of a top sales executive include resilience and the ability to embrace change. In contrast, business development managers must be able to organize campaigns and negotiate new contracts.
Measuring Outcomes
Sales teams and business development managers are distinct from one another in their ability to track and measure outcomes. While those in sales tend to view each individual campaign in isolation, business development requires a more comprehensive understanding of the organization.
By tracking campaigns and measuring the outcomes of success, business growth managers can ensure the organization succeeds in the long run. Sales professionals are more interested in isolated transactions made by individual clients.
Maximize Success and Achieve Positive Outcomes
Businesses must do everything they can to stay competitive in a crowded market. Differentiating between sales and business development allows you to control your residual income while building client partnerships.
For many organizations, the difference between sales and business development comes down to the strategic need to expand into new markets and build partnerships.