By,
Divya
What is Business Development:
Business Development Identifies and executes NEW areas of business - new markets, new distribution channels, new products - typically through the use of partnerships between another company and an internal department at your company.also In the traditional sense, business development refers to activities designed to expand your organization's reach into a new market -- for example, forming partnerships with other businesses to sell Company X’s product to Company Y’s customers.
Divya
Business Development and Sales are same....?
Sales and business development. Just two different ways to refer to the
same activity -- getting your company’s product into customers' hands,
is it really true?
What is Sales:
Sales is responsible for selling a specific product or service, with a clear price and value, to an identifiable individual customer. Sales is the activity that happens once the specific customer is identified.
Sales is all about closing. After receiving a qualified lead from an SDR, sales reps take the deals across the finish line. Sales reps might perform some additional qualification in certain circumstances, but their primary objective is to close deals. Sales reps are also responsible for demonstrating the product, handling prospect objections, and drafting contracts.
What is Sales:
Sales is responsible for selling a specific product or service, with a clear price and value, to an identifiable individual customer. Sales is the activity that happens once the specific customer is identified.
Sales is all about closing. After receiving a qualified lead from an SDR, sales reps take the deals across the finish line. Sales reps might perform some additional qualification in certain circumstances, but their primary objective is to close deals. Sales reps are also responsible for demonstrating the product, handling prospect objections, and drafting contracts.
What is Business Development:
Business Development Identifies and executes NEW areas of business - new markets, new distribution channels, new products - typically through the use of partnerships between another company and an internal department at your company.also In the traditional sense, business development refers to activities designed to expand your organization's reach into a new market -- for example, forming partnerships with other businesses to sell Company X’s product to Company Y’s customers.
How Sales and Business Development Differs
1.Expansion Vs Distribution
BD managers look for ways to grow the business in order to increase the revenue, and so they make strategies to expand the current market and find a new one. Sales managers, on the other hand, look after the distribution of product and services in the market and designate territories to sales representatives to achieve the pre-defined goals
Focus and Execution
The function of business development is to identify how much a business will expand and where that expansion will come from, and then interpreting the approach through which it can be achieved. Sales develop a relationship with end-users in order to link them to a final product or service. In other words, BD is about devising, focusing and measuring the plan, whereas, sales is about its execution
Adapting with Market trends
Business development is about agility. It is one of the most important traits of a business development manager, because the market trends keep changing from time to time, and there are multiple factors that trigger such variations. Therefore, they have to make timely decisions and adjust the company’s products, services, and pricing accordingly as soon as they notice currency fluctuation and variation in consumers’ demand or trends. On the contrary, consumer trends are regularly observed by the sales manager to determine the ways of how performance can be improved. For instance, sales representatives may be directed by their manager to promote such goods and services that are similar to those sold by their competitors for profit
The effectiveness of a business development is partially based on his ability to see a bigger picture beyond his own responsibilities and keeping his focus to achieve the targets defined by a business. For example, it usually includes working side by side with managers from different departments in a company to assist them in the preparation of presentations and management of contract negotiations.
The success of sales is based on their ability to be able to oversee a number of product outlets in different territories. This is where sales managers have to change their tactics according to the demand of that region in order to improve their revenues and boost profits.
Although, business development can be seen as a jack of all trades, but it should be noted that they cannot replace sales. In fact, a business would probably fail in the absence of a focused sales staff. Individuals working in sales department possess different traits than those working in the business development department, for example, they can understand the marketing techniques better than BD managers. If the purpose of BDR is to bring the key elements of business together, it is sales representatives who materialize the targets defined by BDR.
They are social engineering processes that are based heavily on understanding and impacting a human behavior that cannot be controlled by any business. This is why it is important to define, test, formalize, optimize, and scale the processes of sales and business development so as to gain market leadership.
1.Expansion Vs Distribution
BD managers look for ways to grow the business in order to increase the revenue, and so they make strategies to expand the current market and find a new one. Sales managers, on the other hand, look after the distribution of product and services in the market and designate territories to sales representatives to achieve the pre-defined goals
Focus and Execution
The function of business development is to identify how much a business will expand and where that expansion will come from, and then interpreting the approach through which it can be achieved. Sales develop a relationship with end-users in order to link them to a final product or service. In other words, BD is about devising, focusing and measuring the plan, whereas, sales is about its execution
Adapting with Market trends
Business development is about agility. It is one of the most important traits of a business development manager, because the market trends keep changing from time to time, and there are multiple factors that trigger such variations. Therefore, they have to make timely decisions and adjust the company’s products, services, and pricing accordingly as soon as they notice currency fluctuation and variation in consumers’ demand or trends. On the contrary, consumer trends are regularly observed by the sales manager to determine the ways of how performance can be improved. For instance, sales representatives may be directed by their manager to promote such goods and services that are similar to those sold by their competitors for profit
The effectiveness of a business development is partially based on his ability to see a bigger picture beyond his own responsibilities and keeping his focus to achieve the targets defined by a business. For example, it usually includes working side by side with managers from different departments in a company to assist them in the preparation of presentations and management of contract negotiations.
The success of sales is based on their ability to be able to oversee a number of product outlets in different territories. This is where sales managers have to change their tactics according to the demand of that region in order to improve their revenues and boost profits.
Although, business development can be seen as a jack of all trades, but it should be noted that they cannot replace sales. In fact, a business would probably fail in the absence of a focused sales staff. Individuals working in sales department possess different traits than those working in the business development department, for example, they can understand the marketing techniques better than BD managers. If the purpose of BDR is to bring the key elements of business together, it is sales representatives who materialize the targets defined by BDR.
They are social engineering processes that are based heavily on understanding and impacting a human behavior that cannot be controlled by any business. This is why it is important to define, test, formalize, optimize, and scale the processes of sales and business development so as to gain market leadership.
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