Lead Generation VS Business Development: Do You Need Both?

Your desire to grow your business and make sales is at an all-time high. This desire means it’s more than likely you’re looking at your sales strategy and wondering what the best approach is going to be moving forward.

Lead generation and business development are both important for growing your business and making sales, but what is the answer when it comes to lead generation vs business development?

Lead Generation for Achieving Sales

Lead generation is known to be powerful for your business as it helps you to target your desired customers. These customers are known as quality leads because they are the ones who are most likely to make a purchase from your business.

Your potential for generating brand awareness is also greatly heightened with the use of lead generation, along with the ability to stay ahead of competitors. Lead generation is a must for those who want to stay ahead in the competitive market.

Business Development for Achieving Sales

Business development on the other hand is also incredible for your business as it takes care of the customers, markets and relationships involved with it. It provides long-term value for a business as it focuses on strategic benefits.

Sales, partnerships, strategy and marketing all fall under the umbrella of business development as it focuses on the organization and the relationships built within it.

While there are a lot of aspects that fall under business development, it is a huge part of the direct sales approach.

Lead Generation VS Business Development

Now that you have a better overview of the value that lead generation and business development bring to your business separately, it’s time to answer the burning question: Do you need both lead generation and business development?

The answer is YES!

A powerful duo for streamlined processes

Lead generation and business development always work best when used together. This is largely due to the streamlined process that the combination creates.

Lead generation does the work to bring high quality leads to the table which can then be used by the sales team to move forward with making sales. These sales are more likely to happen because the prospects have already been established as high quality.

Increased productivity with Integration

When a business can collect high-quality leads, the need for work on the business development side is greatly reduced.

Rather than spending time cold calling and attempting to bring over cold audiences, they have well-qualified opportunities already waiting for a follow-up.

These opportunities come right to the business website which makes them easily accessible. Sales representatives can then instantly move forward with their business development activities and become a lot more productive.

This ends up being a much better use of their time as they can follow up with well-qualified opportunities. It also creates for a much more interesting job for sales representatives as the action becomes more constant and the chances of success are greatly increased.

Lower sales cost

When you think about using both lead generation and business development to achieve sales, you’re more than likely to associate it with a dollar sign.

The interesting thing about this combination is that when done correctly, it actually results in a lower sales cost to the organization. As productivity is increased the amount of time that is put into each sale becomes less. This makes for more sales and more revenue over time.

When time is wasted on cold audiences that are much less likely to covert, precious dollars are also thrown out the window. Lead generation and business development work together to focus on warm audiences and ultimately save on sales costs.

Implementing Both Lead Generation and Business Development

Using leading generation to collect quality leads for your business development team is crucial to creating a streamlined process, increasing productivity and lowering overall sales costs.

Asset Digital Communications can help you to develop a strategy for implementing lead generation into your business development objectives. Click to book a free consultation and get started today!