Advertising and marketing are two of the fastest-growing industries in the modern world. The two are closely related, with advertising often being seen as one part of marketing, which has a larger scope. The internet has played a major role in providing a boost to these sectors. Steven Rindner especially stresses on the fact that marketing has a crucial role to play in the overall development of any business. Rindner worked at the position of an executive vice president, marketing and corporate development of Kastle Systems, and hence is quite well-acquainted with the impact of marketing in business development.
Marketing is often considered to be the strategic enabler of sales and a pipeline generator for the future business of the company. Steven Rindner additionally emphasizes the fact that marketing is a function that often leads the whole company in positioning itself against the competition. Modern-day marketing professionals must consider themselves to be strategists for their individual business streams, as they have the capacity to influence, measure, and interact daily with each potential market. These professionals typically have an understanding of various buying attitudes and patterns of discerning individuals, as well as the psychology behind distinct marketing techniques. These individuals typically leverage their expertise and knowledge to guide the future course of a business.
The following pointers underlined by Steven Rindner discuss the link between marketing and business development:
- While business development largely deals with the leads already available to the company, it is the marketing professionals who effectively attract these prospects towards the business in the workplace. Hence, the business development team can use some of the marketing campaign languages to bridge the gap between what attracted customers towards the business and where the sales department is trying to move them. This ultimately helps conversion and retention rates throughout the entire sales cycle, thereby supporting the business development aspect of the company.
- Marketing experts can make use of the business development knowledge of good and bad leads to formulate effective campaigns and target key buyers and influencers. By working together, these departments can create a valuable stakeholder map and build strategies that address the matters most vital for business growth and development. Doing so shall help the marketing team to create campaigns that drive the most meaningful leads as measured by stakeholder criteria.
- The marketing team tends to have access to competitive intelligence and activities on social media, and hence usually is at the forefront of industry changes. This allows them to promptly adjust and refine differentiated messaging in order to acquire an edge against the competitors. By choosing to work together and develop a cohesive business strategy, both the marketing and business development teams can enjoy better lead outcomes and reliable, dependable lead tracking through the whole sales funnel.
With proper collaboration and coordination, the business development and the marketing department of any organization can take the business to new heights and ensure its smooth operations.