Creating a positive company identity, brand and culture are serious tasks. Business and marketing consultants from all over the world write books and provide structure to companies looking to startup, rebrand or just continue on a path to growth. Though company identity involves every position in the company we want to focus on the importance of Marketing and New Business Development.
Many times the words “marketing” and “new business development” are used as one and one person holds both positions. Though common, it’s a mistake to think of the two as the same thing. Each position has a different meaning and understanding the distinction will make a big difference in the success of your business.
The dictionary defines marketing as “the action or business of promoting and selling products or services.“ The process helps a business to establish a position in the market. Advertising, event promotion and website content are all aspects to keep in mind when it comes to marketing. Think of it as a way to shape opinion and attitudes.
Though the general definition of marketing stands true, technology and the way that society engages and gathers information has changed with digital marketing. Traditional outbound marketing methods such as television, radio, events and other face-to-face techniques limit your reach. Digital marketing has evolved into a whole new segment of marketing and having a dedicated person or team, depending on the size of your business, is extremely important. Often times when a business combines the role of marketing and new business development digital marketing efforts get neglected due to the pull of face-to-face interaction.
Business development comes once a marketing plan has been developed. It’s about the connections made through marketing efforts. Business development puts the strategies into action three ways: establishing business in new markets, generating partnerships and improving the current customer base. In other words, it’s all about growing and expanding from the current situation.
The two concepts do come together to help establish your business in the community and open doors for future business. The marketing person or department in the company works with the business development team to nurture and develop the brand. Marketing provides the needed sales tools to keep the client happy and engaged.
For example, your marketing team sets a strategy to expand business into a neighboring territory. Marketing puts together a strategy by researching the area and demographics, begins ads, expands the social media presence and then finds opportunities for sales. The New Business Development team takes action on those opportunities, makes personal connections, follows up, and attends events. Then works with marketing to tweak the strategy to “real life” situations and conditions.
Knowing what your clients likes and dislikes are can help both departments come up with better ways to connect and maintain that relationship. Remember to think outside the box and know that not everyone will respond the same to these tactics, so be willing to change up things depending on the situation at hand. Create business personas to help relate to your market. Your New Business Development team is in the trenches and should provide valuable feedback to help shape marketing efforts.
Many times a company will confuse the roles of New Business Development and Marketing and hire one person with the hopes they can accomplish both sets of distinct duties. Combining two distinct and vital roles can lead to a failure more often than not. Both the marketing staff and new business development staff should be working together, but they cannot effectively function as the same unit.
Most experts agree to have success you need both marketing and new business development working together. It’s important to come up with a list of goals for each aspect of your company’s strategy and not neglect the digital ways of reaching out to customers and clients.
How has your business structured your Company Identity roles?
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