Attributes of Success in Business Development, Marketing and Sales

I've been involved in aspects of international business development for fifteen years, and have come across interesting viewpoints about the business development process and qualifications required.  In this post I focus on two aspects commonly discussed with young Israeli technology Start-ups looking to expand globally:

• The differentiation, if any, between business development, marketing and sales
• The level of industry/technology expertise required to do the job

In general terms, business development involved a high-level view and approach to getting a company from where it is today, to where it wants to be, or where it can be, in the future.  Marketing dives more specifically into the mechanisms for creating long-term value for the company, and sales centers on short-term generation of income.  Although this is a simplified view of the topic and the following is an incomplete outline of attributes, it might offer some high-level insight and differentiation.

Business Development, Marketing and Sales Defined

Business Development

• Gaining and understanding of the product to the point of distinguishing it from its alternatives, in the eyes of the prospective customer
• Acquiring initial knowledge about the target markets from the perspective of geography and industry at different resolutions
• Forming a vision statement, based on current knowledge
• Outlining a market-entry strategy and the tools necessary to achieve it
• Executing the strategy by stages, refined by the continuous acquisition of more accurate and realistic information and the accommodation of constraints (human or capital resources, etc.)

A professional business development person not only has knowledge and experience but also a talent for grasping technologies quickly and translating that knowledge into competitive messaging, followed by an ability to envision a complex strategy even with limited actual market information.  It is someone who successfully interacts with others, even across cultural and political boundaries, establishing trusting relationships and exploring new and creative approaches.

Marketing

• Building effective messages based on an understanding of the product, its value and competitive nature, alternatives and constraints
• Designing and building mechanisms for delivering information to prospective customers and partners, such as Web Site, brochures, presentations, trade shows, conferences, etc.

A professional marketing person doesn't only work with a commonly known set of tools, but is creative in how he or she uses those tools to effectively create long-term value for the company, translated into enduring sales.  This person is detail-oriented yet sees the big picture, possesses an ability to multitask yet bring things to a clear resolution, and knows how to identify, qualify and manage supportive resources.

Sales

Put simply, the role of sales people is to generate income as quickly as possible.  They are measured, and usually compensated by numbers.  Yet their effectiveness relies on a unique set of characteristics, which involve an ability to identify the shortest path to generating income, and executing on that path effectively.  Their success depends on knowledge of the product and the industry and the constraints and challenges that affect purchase decisions.  They communicate effectively by identifying and adjusting to the customer's personality, drivers and constraints.  They are persistent, yet courteous, and never lose sight of the dollar sign (or other currency…) that guides them.

Sales activities involve a set of attributes that are quite different from those upon which marketing or business development activities rely.  Nevertheless, to be successful, marketing and business development professionals must be sales-oriented.  The three functions can be combined at a managerial-level, although the successful integration of the three is also influenced by other factors, such as company size and stage of development, availability of specialized human capital, and more.

Technical or Industry Expertise

The assumption, by many chief executive officers, that their business development, marketing and sales professionals must possess specific experience in their industry, set of products or technologies, is not always correct.  It depends on how technical the initial interactions with prospective customers get, and what depth of knowledge they expect to receive early on in the process.  In my experience, there are only few areas where industry or technology experience and expertise are necessary for the successful implementation of either of these functions.  Instead, I believe CEOs should focus on identifying people who possess the right combination of knowledge, experience and talent to fulfil their role as business development, marketing or sales professionals.

Ilan Friedman
ilan@ncompas.net

 Originally posted on LinkedIn June 15, 2015