Enhance Your Sales Process with airSlate SignNow's Business Development Sales Funnel for Sales

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if you're a business development Pro you often are people saying okay so you basically just do sales right we've all been there and that can be quite frustrating because although Business Development and sales are both very important for the growth of a company they're not exactly the same thing that's why today in this video we're gonna talk about the main five differences between Business Development and sales and this is going to help you explain your role with more clarity provide more value to your company and avoid some frustrations whenever people tell you that would just do sales but before we get started make sure to subscribe to our Channel and hit the notification Bell so you don't miss any of our weekly BD hacks to improve your career alright let's get started [Music] foreign number one long term versus short term the first difference between Business Development and sales it's in the timeline basically sales is really focused on the present right so what we want to do is to generate enough Revenue in a given amount of time meaning we want to sell a certain amount of goods or services within the limited time frame which could be one month two months one quarter or maybe one year in contrast business development focuses on the future what we do in business development is really to find new opportunities which can come from New Markets new value propositions new products and sometimes the projects we work on are a little bit more long-term compared to sales that's why the timeline is the first most important difference between Business Development and sales difference number two validate versus repeat the second main difference between Business Development and sales it's basically their mission while sales is basically focused on repeating activities that can generate more clients and more Revenue business development is actually focused on validating value propositions new products new hypotheses basically for example as a business developer you might be involved in launching new products new services or maybe entering new markets on the other hand sales is really focused on repeating sales to specific type of customers which is already identified as your ideal customer profile and what you do is basically repeating the same process that's already been validated to work for that specific audience difference number three closing deals versus sporting opportunities the main job of Business Development Pros is actually to find the new ways to generate value for our companies and that's what we call opportunities now opportunities can come in different forms and shapes it can be a strategic partnership for example or maybe acquiring another company or why not collaborating with a competitor on the contrary the main job of sales professionals is to close deals with our ideal customer profiles so basically what we're doing is trying to find the new potential customers that match our criteria and then try to close as many deals as possible with them so we can generate value for our company so of course both professions are actually generating value for the company but we do it in two different ways sales by closing deals Business Development by spotting New Opportunities difference number four uncertainty versus certainty a big difference between sales and business development is the level of certainty that there is in these two different functions Business Development can feel very uncertain and I'm secure for people working in it because it's a very experimental field so that means that sometimes we're working on different value propositions different products different audiences and we're not really sure of what outcome we're gonna get out of our actions sales on the other hand is more predictable and therefore a little bit more certain than business development why because once we have our ideal customer profile a good pitch and we know how many leads we need to convert them into paying customers it's a little bit easier to know how we should approach our job and therefore it feels a little bit safer for people working in sales of course I'm not saying that saves is easier than business development that's really not the case both of them can be very challenging however it is a big difference that we have to take into account when we consider the differences between sales and Business Development Fifth and last difference between Business Development and sales is the way we measure them sales is mainly mentioned in terms of Revenue right you probably heard of quotas or how much money you generated in a given month of quarter you might even be scared of that if you work in sales this is because sales basically works on generating new revenue from new customers right and that's why the main kpi the main indicator of success is the amount of Revenue that we generate in a given time frame but if we apply the same concept to Business Development we're gonna have basically a flooded Business Development strategy why because Business Development professionals don't only work on new client acquisition sometimes they work on different type of tasks and activities which can be related to New Market entry new product launches and so on some of these activities they are not generating Revenue therefore if we measure Business Development just in terms of Revenue we might think that our business development Pros are actually not doing anything and not generating any value that is why when we look at Business Development we actually measure it in terms of return on investment in simple terms the return on investment is the ratio between our investment and the net income that we generate from that activity so we can consider Business Development successful if we have a positive return on investment on our BDF for it while we can consider say successful if we reach our Revenue targets alright these were the five major differences between Business Development and sales I hope you learned something new and now you're better able to counteract whenever someone tells you that as a BD you just do sales if you did learn something new please like the video and subscribe to our channel so you don't miss any of our weekly BD hacks to improve your bidi skills and grow your career have a great day and see you next week foreign