If business development is about researching new products and adapting them to a new market, then selling is the process of successfully delivering a product to that market.
You can’t sell a product without first developing it, but you won’t be able to earn a handsome amount and grow your business without selling its message to potential buyers.
Client, products, and market niches
The business development team will define your target audience and figure out what product or service they want, then design the production and ensure it meets the needs of the current market.
Finally, professionals maximize referrals from existing clients.
Basically, this is lead generation – when you develop a list of potential new opportunities (your target market).
Your whole job is to ensure that you sell the proper product in the proper market and provide opportunities for your business to grow.
Sales: successful delivery of your products to customers
Sales are the team that deals with the sale of the product after you have completed all the essential developments and tests in the market and sent it to the selected sales channels.
To maximize market sales, you need a successful team with established KPIs that grow as your product becomes more successful and guarantee that all leads are processed through the sales funnel.
The tasks of a successful seller should include:
- presentation to interested parties,
- conversion of qualified leads,
- effectively attracting new business to your company as part of your sales role,
- creating attractive invoices.
The KPIs you choose may change depending on the nature of your business and its sales cycle.
What do sales and business development have in common?
In large corporations, the sales team may not have time to keep track of all the leads generated by the development team.
Hiring a sales rep can help test Biz Dev’s sales potential before it’s passed on to sales managers for follow-up, freeing up their time for successful sales.
Alternatively, the sales team’s role can generate leads while the product development team handles product development and market expansion.