what's the difference between marketing, business development and client development?
DESCRIPTION
Unlike most consumer products, selling services such as accounting, real estate and architecture involve higher involvement and a longer process, especially highly regulated professions like law and medicine. Knowing the difference between the tasks involved can help. There are three basic components to the sales cycle - marketing, business development and client development. These three disciplines are separate, yet inter-dependent. This is a slide deck I created to illustrate the difference. Credit for the concept is often attributed to an article in Reader's Digest, which is in the public domain - publication date unknown.TRANSCRIPT
UNDERSTANDING
MarketingBusiness Development
Client Development
Marketing is about influencing opinions and attitudes.
Business Development is about influencing and encouraging action.
Client Development is the retention, expansion and growth of revenues derived from existing clients.
Three Different, Yet Interdependent Disciplines
Marketing sets the stage, providing exposure of products or services
Business development connects people to products and services
Client development, where everyone works to expand existing relationships
MARKETING
[Advertising]
“The Circus is Coming to Fairgrounds Sunday!!!”
[Promotion]
Walk an elephant through town...
[Publicity]
Elephant walks through the Mayor’s flower bed...
[Public Relations]
Get the Mayor to laugh about it...
Get people to think of elephants, trapeze artists, clowns and fun, instead of carnies, pickpockets, whining kids and
overpriced fiberoptic necklaces required to stop the whining...
[BRANDING]
If you planned the whole thing,
that’s MARKETING
BUSINESS DEVELOPMENT
Add a birthday party option
[Connection]
Ring Master shakes hands with parents and kids who attend....
[Encouraging Action]
Ticket buyers are so happy about their experience that they tell their
friends...
[Influencing Decisions]
If you planned the whole thing, that’s
BUSINESS DEVELOPMENT
CLIENT DEVELOPMENT
Publish educational literature for circus lovers...
[Stay top-of-mind]
Host a picnic for VIP’s...
...where guests can mingle with performers
…and receive an autographed poster
...ride an elephant
[Expand existing relationships]
If you planned the whole thing, that’s
CLIENT DEVELOPMENT
Together, it becomes the story others will tell about your service,
product or company!
Marketing, business development and client development are interdependent.
Marketing sets the stage, providing exposure of products or services
Business development connects people to products and services
Client development involves everyone working together to expand existing relationships
