Most people when they hear the term marketing think of social media or door-to-door promotions.
What about business development, though? What comes to your mind when you hear that term? If you’re unsure, you’re not alone. Many people confuse business development with marketing or use the two terms interchangeably. Either of which can lead to missed opportunities.
“Marketing and business development go hand and hand with each other for the same goals of growing the company, but in different avenues.”
MarketingCooperGC 11
Both are crucial for building and maintaining a company’s growth in the short and long term. 8 While it’s easy to get the two confused with each other, it’s important to know that these are two different, albeit related, fields that often work together to achieve business goals.
What is Marketing?
Marketing is the process of identifying customers and “creating, communicating, delivering, and exchanging” goods and services for the satisfaction and retention of those customers. 4 Those in this line of work may use strategies such as branding, advertising, content creation, and social media. 11
Marketing focuses on the consumer and their needs. 11
“Marketing is a valuable tool for growing businesses, but to stay competitive and maximize return on investment (ROI), it’s important to approach marketing as a process and to use all the benefits it can provide.”
Indeed Editorial Team 9
What is Business Development?
Business development supports the growth of a company. Those in this line of work are responsible for seeking new business opportunities, building and sustaining connections with existing clients, facilitating strategic partnerships, and developing plans that ultimately boost the company’s profits and overall market share. 12
Business development focuses on the business and its revenue. 11
“When it comes to organizational growth, business development acts as the thread that ties together all of a company’s functions or departments, helping a business expand and improve its sales, revenues, product offerings, talent, customer service, and brand awareness.”
American Express 1
How Exactly are they Different, then?
As you can see, the two complement each other. However, the main differences are identified below.
- While marketing focuses more on consumers, business development is generally more focused on businesses. 8
- For instance, a marketer typically promotes a brand via personal communication efforts (i.e., emails, phone calls, social media posts, or other inbound efforts).
- On the other hand, a business development representative generally spends much of their time seeking out new business opportunities and arranging business meetings with potential prospects.
- While marketing is generally more involved in a products’ development and launch, business development is more involved in the sales process and deal closure. 12
- For instance, a marketer might work with product engineers to develop and launch new products, as well as help to create product messaging that will resonate with their consumers. 13
- On the other hand, a business development representative will work with their clients to prepare them for new product launches as well as attract investors. 6
- Marketing is focused on current sales leads, whereas business development is more focused on the future. 8
- For instance, a marketer will conduct research on current industry trends, as well as competitor trends.
- A business development representative identifies new markets, analyzes the market trends, and evaluates the potential of new partnerships or acquisitions. 5
- Marketing focuses on creating brand awareness, whereas business development is more focused on creating relationships and opportunities. 8
- For instance, a marketer is far more likely to be visible across all review platforms/reacting to media inquiries and feedback, as well as talking at industry events.
- A business development representative, however, is actively seeking new strategies and opportunities.
- Marketing is more measured by metrics such as reach, engagement, and conversion, while business development is more measured by metrics such as leads, revenue, and profitability. 2, 15, 16
- Key areas for marketing professionals include brand awareness (reach), engagement, and finally… converting prospects into qualified leads. 15
- Key areas for business development include sales growth, business expansion, and new opportunities in the market – or new markets altogether. 2, 16
Simply put, marketing is about promotion, while business development is about growth.
A Day in the Life of a Marketing/Business Development Professional
I get it… this post has been all about the differences between the two professions. And yet still, a day in the life of either role is awfully similar. But this explains why so many people get the two confused with each other. In reality, most companies coordinate their marketing strategies with their business development plans to generate leads and promote their companies. 8 With this in mind, it’s no surprise that a day in the life of either of these professionals is going to mirror the other.
The true difference is in the prospects that each professional is pursuing.
Which is Better: Marketing, or Business Development?
- Do you enjoy creating business relationships and strategizing on growth opportunities? If so, business development may be more up your ally.
- Do you enjoy strutting your knowledge and meeting new people? If so, maybe consider a role in marketing.
While both are rewarding career paths, neither is better than the other.
“While a business development team might work with marketing on a larger scale, they leave the fine-tuning up to the marketing team.”
Aneta Zawila-Jordan 14
Whether one of these roles fits within your scope of interests or skillset ultimately depends on you personally.
References
1 – American Express. (2022, June 14). Business Trends and Insights. https://www.americanexpress.com/en-ca/business/trends-and-insights/articles/business-development-and-its-importance/
2 – Business Development vs Marketing: What’s the difference? (2021, February 1). CMOx. https://cmox.co/business-development-vs-marketing/
3 – Dissanayake, A. A Day in the Life of a High-Performing Marketing Professional. (2023, June 22). http://Www.linkedin.com. https://www.linkedin.com/pulse/day-life-high-performing-marketing-professional-amila-dissanayake/
4 – Forsey, C. (2021, February 25). What Is Marketing? Hubspot.com. https://blog.hubspot.com/marketing/what-is-marketing
5 – Founder, T. (2023, June 21). Marketing vs Business Development: the Key Differences. TODAY FOUNDER. https://todayfounder.com/marketing-vs-business-development/
6 – Glassdoor LLC. (2024). Business Development Reps Overview. Glassdoor. https://www.glassdoor.co.uk/Career/business-development-reps-career_KO0,25.htm#:~:text=During%20the%20typical%20day%20of%20a%20business%20developer%2C,a%20new%20product%20or%20service%20and%20attract%20investors.
7 – Hodgson, S. (2024). Marketing vs business development: The key differences. Fabrik. https://fabrikbrands.com/marketing-vs-business-development/
8 – Indeed Editorial Team. (2023, March 20). The Difference Between Marketing vs Business Development. Indeed. https://uk.indeed.com/career-advice/career-development/marketing-vs-business-development
9 – Indeed Editorial Team. (2021, June 9). Why Is Marketing Important In Business? Indeed Career Guide. https://www.indeed.com/career-advice/career-development/why-marketing
10 – Learn About Marketing Vs Business Development Within 5 Minutes. (2021). http://Www.cliently.com. https://www.cliently.com/blog/marketing-vs-business-development#:~:text=Marketing%20is%20a%20business%20development%20process%20that%20aims
11 – MarketingCooperGC. (2020, February 1). Marketing VS. Business Development | What’s the Difference? Cooper & Co. General Contractors. https://www.coopergc.com/marketing-vs-business-development/
12 – Seth, S. (2019). Business Development: The Basics. Investopedia. https://www.investopedia.com/articles/personal-finance/090815/basics-business-development.asp
13 – What Does a Product Marketer Do? A Step-by-Step Guide to Success. (2023, June 1). InHerSight. https://www.inhersight.com/blog/career-development/what-does-a-product-marketer-do#:~:text=Some%20common%20projects%20include%3A%201%20Product%20launches%3A%20Product
14 – Zawila-Jordan, A. (2021, December 8). Business Development vs Marketing: Similarities & Differences. YorCMO. https://yorcmo.com/business-development-vs-marketing/
15 – 20 Marketing Metrics and KPIs. (2023, February 3). Indeed Career Guide. https://www.indeed.com/career-advice/career-development/marketing-metrics-and-kpis
16 – 8 Business Development Metrics to Help You Fill Your Pipeline. (2020). http://Www.bluleadz.com. Retrieved January 7, 2024, from https://www.bluleadz.com/blog/business-development-metrics
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