What is the Difference between Business Development and Sales?
Business development is adopting growth and revenue-generating strategies and opportunities across your firm.
It entails looking for ways to help your company grow, identifying new prospects, and converting more leads to consumers. Margie Zaragoza Dimaculangan believes that business development and sales are inextricably linked, with business development teams and salespeople nearly always being part of the larger sales organization.
Business Development vs. Sales
Business development, as previously said, is part of the larger sales team, although it serves a distinct purpose than usual sales labor and responsibilities.
Business development is a process that aids your firm in establishing and maintaining relationships with prospects, learning about your customer profiles, increasing brand recognition, and seeking new growth opportunities.
Sales teams, on the other hand, work to turn leads into customers and sell your product or service to them. Business development work makes a salesperson's or sales manager's job easier.
Business Development Representative Responsibilities
Although some BDR responsibilities may change over time and as your business grows, the following list will provide you with a solid understanding of typical BDR tasks.
- Qualify leads.
BDRs must qualify leads and pinpoint suitable prospects to identify who they will sell. Calls, emails, web forms, and social media are commonly used to qualify leads.
The key to qualifying leads (both those assigned to BDRs and those with that BDRs identify themselves) is to think about their demands and determine if your product or software can help them.
- Identify and communicate with prospects.
BDRs will uncover suitable prospects by qualifying leads and searching for people that fit your buyer profiles. They can speak directly with those prospects to learn more about their requirements and problems.
BDRs can then assess whether the prospect will truly profit from your product or service if they become customers. This is significant because it enhances the likelihood of more excellent client retention and loyalty.
Once the BDRs have identified potential prospects, they can be sent along to a team member's sales rep (or, if necessary, a sales manager), who can nurture them into closing a contract.
- Proactively seek new business opportunities.
Proactively exploring new opportunities, whether in terms of product line, markets, prospects, or brand awareness, is critical to your company's success. BDRs network, analyze your competitors and speak with prospective and current clients to uncover new business opportunities.
If a new business opportunity is discovered, BDRs should plan marketing evaluations and discovery meetings with the team's sales reps so that everyone can assess whether or not a deal is possible.
- Stay up-to-date on competition and new market trends.
It's critical to be informed about your competitors' strategy, products, target markets, and any new market or industry trends.
You'll be able to better identify ideal prospects due to this. It also aids your company in preparing for market upheavals that may necessitate a fresh approach to qualifying leads and attracting your target audience.
- Report to salespeople and development managers.
BDRs report to sales reps and sales managers in most firms, as we've seen. BDRS needs to engage with these higher-ups for various reasons, including lead qualification techniques and how to connect prospects with sales reps so they can be nurtured into customers.
BDRs must also submit their results to sales reps and managers (such as business possibilities and industry trends). It is vital to your organization's success that you relay this knowledge and collaborate with sales reps and management to build and revise relevant strategies for your business and audience.