Business development is the pursuit to expand your firm’s reach to a different market. In business development, you identify, attract, and acquire new businesses. Many people believe that business development and sales are the same but they aren’t. Sales are a way of generating revenue after documenting the market fit. In Sales, you have to keep scaling and optimizing your sales operation.
This is the only way you will be able to achieve market leadership. But in business development, your main aim is to find the right product for the market. When you switch to a different market, you have to develop your business before employing people for sales.
Why Do People Think Both Are Similar?
Whenever a person sees a job description of “Business Development Manager”, most of them come across the tasks of a sales representative. So let’s be clear about both the jobs.
- Sales assure that your business is running for a short period. Sales are all about ending product sales.
- Business Development makes sure that your business is growing for a longer period. The main target of business development is to create new opportunities for your organization.
- Business Developers are expected to start a conversation with clients. Hence, they attend meetings, connect on social media, coordinate the projects between marketing and sales, and they also launch new dynamism.
- People working in Sales are expected to conduct calls, meetings, or demos. They also consult and solve problems with prospects. They also convince targeted customers to select them.
When your business is in its earlier stage, sales hiring isn’t the most reliable option for you. It will be difficult for you to separate the two roles since your business is at its initial stage.
What is the need for Separating Business Development and Sales?
Labor Division: Everybody knows that work becomes easier when the task is divided. When you divide the tasks, you allow each person to particularize their field. For example, when the members of the sales focus on the work they have practiced all along, they become an expert. Moreover, productivity will also increase. Your team will be able to complete the work efficiently.
Productivity gains of Individuals: Productivity is important to every individual. When productivity will grow, the economy will grow. It will lower the operational costs and will optimize the resources. It also improves customer services.
How They Work Together?
Business Development and sales complement one another. There shouldn’t be any overlap between business development and sales. Both of them share a common intention that is to take their organization to new heights. The relationship between Business Developers and Sales should be good to develop the company. It is very important to clearly define the roles.
Even though their works are different, still they need to work together for the prosperity of your firm. The definition of the ideal customer should be proper and clear. The promotion of transparency and feedback is highly appreciable. It will help them to be clear about their skills. It will also help them to know where they have to work more.
Future of Business Development
Business Development is the strength of a growing business. At this stage, Business Development has clearly defined its boundaries. Business Developers need to have proper coordination with other departments as well. This will help them to access the right resources.
They have to have proper coordination with sales since they are the ones who will build business development into income. Business developers have to be good in relationship development.
They have to be great with people. Empathy is a quality, business developers need to have in them. You have to be a good communicator but most importantly you have to be a good listener. Business Developers also have to be open-minded. Their degree may help them to step into any organization.
Their degree will also help remain in the organization, but it is not enough for their self-growth. The future of business development is bright.
But it demands people with proper skillset. It needs people who are willing to cultivate their mind from time to time. It demands people who adapt to the changes or who adapt to a new environment. It demands people who do not back out in challenging situations.
The growth of business development will be possible only if people with proper skillset work for its growth. It requires determined and dedicated people for its prosperity.
Future of Sales
The future of sales is as bright as business development. One just has to be clear about the skill set required. One also needs to be clear about both the jobs. In the future Sales is going to depend more on technology and less on people. The Artificial Intelligence-driven tools automize the tasks.
It will give more time to sales representatives to spend time selling the product. The need to increase the headcount will decrease.
The predictive analytical tool will provide insight into the sales data which will help in better resource planning. The future of sales is also all about automating manual tasks such as data entry and email outreach. In the future, everything is going to depend on Artificial Intelligence.
So if you want to work in sales, Artificial Intelligence is going to be the most important skill for you. According to the surveys, Artificial Intelligence, machine learning, conversational user interface, and application integration are having the biggest growth potential.
If you are someone who wants to get into sales, you need to be clear about the fact that sales are going to be all about fewer products and more used cases. Artificial Intelligence is already being used by many organizations. The same goes for conversational UIs and Application Integration.
It may seem that human need will be less. But in reality, when the sales will start growing, the company will need extra representatives to keep up with the latest technologies.