Definition of Business Development vs. Marketing Communications
Business Development is, by simplest definition, the conscious decision to seek out, qualify, and legitimize opportunities that broaden and deepen the offerings of a business. While seemingly a simple concept on the surface, the activities involved in consciously deciding to develop business are as broad as they are deep.
Such activities include the proactive analysis of present business activities, and the realistic and brutally honest assessment of where those activities are taking the business. They include the formulation of decision-making criteria that will determine opportunities a business will and won’t explore. They are the activities required to conduct competitive landscape analyses, and the determination to perform due diligence and develop risk/reward profiles for both near and long-term growth for all opportunities designed to compete within the defined market space.
Business Development is a conscious decision to dedicate resources toward the identification of new growth opportunities for the company, and then design and develop a solid infrastructure to support and deliver on these new opportunities. In support of Business Development, is Marketing Communications.
Marketing Communications is the design and development of communications plans, channels of communications, and tactics that detail, inform, and promote company offers to economic buyers. Marketing Communications’ efforts are designed, by default, to pick up and drive home the business concepts and strategies articulated by the Business Development team.
By design, Marketing Communications specializes in the articulation of promotional messaging, the development of physical tactics used to promote services, and the means by which sales staff communicates with prospects and customers. Market Communications does not, nor should it ever, be tasked with risk assessments, product and service P&L responsibility, or financial-based decision-making criteria.
Business Development and Marketing Communications Process Optimization
The optimization of Business Development and Marketing Communications activities can only occur when each is afforded the opportunity to focus on its area of core competency. For Business Development, time taken away from the evaluation of new opportunities, competitive products and services, and growth through licensing opportunities equates to lost opportunity. Conversely, for Marketing Communications, time taken away from getting the word out, priming the press, providing timely information to customers, and supporting sales through the provision of support tactics and services, equates to lost opportunity.
It is critical to understand that this stated position is not intended to dilute or diversify, but rather consolidate and focus. Business Development and Marketing Communications should always…always…communicate, practice shared-learning’s, and work together to achieve the common goal.
When properly structured, mutually exclusive Business Development and Marketing Communications groups actively engage each other and interact in ways that focus the overall business effort. The end result is the generation of more leads, more bids, and more contract opportunities that ultimately lead to more revenue growth and expanded business opportunities. [i]
[i] Sabre Systems, Inc, Business Development and Marketing Communications Best Practices Version 5.0 , September 2003.