Marketing and Business Development – are they working in tandem?

Hands up if you know the difference between ‘Marketing’ and ‘Business Development’?

Chances are, you are not entirely sure as the terms are often – and mistakenly – used interchangeably. However, the roles have two distinct functions and it’s only when they work collaboratively will a firm truly see a difference. This blog explains the differences between the two, how they should work together and possibly inspire a few organisational changes!

Marketing and Business Development – are they working in tandem?

Marketing is the outward facing activities that get you in front of your clients. As you might expect, activities include brand management, social media, PR, advertising, event management and video marketing.

Business Development is what follows. It’s the nurturing of relationships so that they convert into clients. It includes one-to-one meetings, personal emails and activities that help build trust between the advisor and client. Every solicitor, barrister, accountant and financial advisor should take some responsibility for business development. Barristers in particular are often over-reliant on their clerks for business development. Whilst clerks obviously help with this function, it is still down to individual barristers to cement client relationships.

Marketing

Marketing strategies and activities should be devised with the aims of the business in mind. It’s surprising how often this can be forgotten, but it’s a principle that should be at the heart of every marketing decision.  Ensuring that your marketing team understands the long and short term business ambitions of the firm is the key to success.

Whilst marketers naturally tend to be creative, good ones are technical too. They will help you identify your key differentials whilst understanding the requirements of your target market. Work with your marketing team to craft compelling marketing messages and brand.

Business Development

Once the marketing department has implemented a strategic plan, business development can begin.

Business Development in professional service organisations is very much a sales function.  Those who focus on shaping and maintaining relationships with clients are building on the work done by the marketing team.

In the professional services market it invariably takes a long time for a business lead to evolve into a business relationship. Professionals should not let this time-scale put them off! It’s also important that marketing activities continue – educational seminar opportunities, networking events and social media all help to support the firms’ business development efforts.

Marketing needs Business Development & Business Development needs Marketing

The two functions of marketing and business development within a business not only complement each other, they depend upon each other to operate effectively.

If you’re not convinced that you’ve got the roles or functions quite right within your firm, get in touch for a free 30 minute consultation to see how we can help. Contact NatalieRodgers@Scala.uk.com or call 0114 4070159.