Business Development Tips For Small Advertising Agencies

business developmentStarting a new business is far more than simply hanging a sign out and waiting for customers to pour through the door and I’m sure anyone willing to invest in a new venture is well aware of this fact. The primary difference between sales and business development is the stage of the buyer’s journey that they operate in. Business development happens early on in the sales funnel ( sales funnels vs sales pipelines ). The business development representatives are the ones who leverage lead generation strategies to discover likely sources for prospects.

Although sales and business development are different teams and functions, it’s easy to see how important it is for both strategies to work in lock-step: effective selling isn’t possible without dedicated business development, and business development relationship-building can only be done if a business has a solution and reputation for being able to help meet a need in the market.

While it is essential to understand the difference between marketing and sales, it is also critical to understand how they work together. Only in this way, can a company make the most of all opportunities for its products and stay ahead of competitors. Build all of your sales and marketing messages on the value buyer’s gain from doing business with you.

Implement – If your business is not at the stage to appoint a full time marketing director, at least hire an experienced business development professional to work with your company for a few days a month. At this stage, business development deals with identification of various entry points to market.business development

But if you need help refining your business model or if you are a first-time CEO seeking guidance from proven peers and entrepreneurs, these types of services can be perfect. These can be in the form of possible partnership ventures, a potential segment of the market, or a shift in the company’s overall business operations.