How marketing and business development work together

Transcript: Today I want to talk about the five key skills of a marketing manager now if you're an individual contributor that is you're just one person and you're working for the marketing manager I'm really making this video for your boss also if your this is just one of you again this is not really for you I want to make really clear I want to talk about the skills that the manager of marketing needs funnel vision is brought to you by mass marketing creators of the funnel plan mass marketing is the source of the one to three be to be high if we have met I'm Hugh McFarlane I'm super super passionate about b2b marketing and in particular I want to make better be marketing a respective management science around the world this video blog is a part of what I do towards that end there are lots of others contributing of course this is our modest contribution to it today obviously we're talking about the five key skills of a b2b marketing manager so I googled the term key skills of a marketing manager and I'm going to share with you some key conclusions for the... See more →

Key quotes:

• "Essentially SPM means that much of my day is focused on identifying mutually beneficial partnerships (both marketing and product) that will help Buffer achieve very specific business goals."
• "Successful partners see eye-to-eye on key variables such as target customer, market, product, brand positioning, values, and long-term goals."
• "But there’s also opportunities to strategically build integrations on top of other platforms in order to expose your product to a new market."
• "The wonderful thing about product and partnerships working together is that it relieves some of the pressure from the engineering to “build everything.” “Make what most people want to do most of the time easy, and make the rest possible.” Finally, on a smaller, but important point, building integrations also allows businesses to develop relationships with key partners in their industry."
• "As mentioned above, if your product relies on any sort of external partners, networks, or APIs, the relational aspect of strategic partnerships can provide significant long-term benefits such as de-risking your business from significant market changes."
• "Strategic partnerships have the ability to impact both marketing results and product KPIs."

Key quotes:

• "The good news is that it’s an unbelievably rewarding career in the tech world that involves a great deal of strategic thinking."
• "Below you’ll find a perspective on what Business Development actually means, how its different from Sales and how successful Business Development professionals spend their time."
• "To be clear: Business Development = New Opportunities in existing markets with existing products that leverage partners."
• "Business Development works closely with Product as they have a great perspective on what’s happening in the market."
• "In summary, Business Development spends time working with the groups above to help identify new opportunities in new or existing markets with new or existing products."
• "Sales is about driving revenue today, whereas Business Development is about selectively targeting partners that can have a material impact in the growth trajectory of the company."

Key quotes:

• "Over the past several years there has been a trend in the legal industry related to growing law firms’ business development efforts."
• "The terms marketing and business development are frequently used interchangeably, especially by law firms that utilize both to grow their businesses."
• "While both marketing and business development cover similar ground and ultimately contribute to growing your law firm’s business, each has different strengths and each department should have distinct responsibilities."
• "The Bloom Group explains the impact that having an integrated effort can have on firms’ bottom lines: A survey by The Bloom Group suggests that when marketing and business development are on the same page, a professional firm has a significant competitive advantage."
• "By working in concert, successful firms’ marketing and sales activities create many more viable leads."
• "Andrews gives some examples: The marketing and business development departments have many opportunities to collaborate, which your law firm should take advantage of in order to maximize efforts and ensure that tasks are not duplicated."

Key quotes:

• "Business Development is often used as a mask or special costume; when someone doesn’t want to be seen as a Sales person they become Business-Development-Man."
• "Like Account-Manager-Man, or Channel-Manager-Man these terms, while all having their own definition and purpose, are often used to soften the blow at introductions or even to make sales people feel more important by giving them a special title for their new business cards."
• "Recruitment companies will advertise for Account Managers and a Business Development role to stand out and to make jobs sound more appealing, but often it is gloss and garnish for a more straightforward sales position."
• "Marketing department goal is to attract clients and promise them the best product / service what they REALLY can give."
• "Business development manager — expanding new markets and thinking about new products / services to offer to new clients."
• "Account manager — support exisiting clients and work closely with the marketing department."

Key quotes:

• "They don’t share common goals or metrics The key deliverables and output for product and marketing organizations are similar but do not closely overlap."
• "Viewed in a narrow lens, the focus of these teams is perceived to be very different — marketers are focusing on the top of the funnel and customer communications, and product managers on building amazing product experiences that engage and delight customers."
• "Without a shared understanding of what this metric is, it becomes possible for a product to falter despite great execution from marketers and product managers."
• "By establishing a planning process, the expectations become very clear that marketers should be discussing upcoming features and launches with product managers and that product should be thinking ahead on what marketing resources they will need."
• "Marketers and product managers should strive to include each other as key stakeholders or sponsors in customer-focused work."
• "We’d ask the product managers to attend marketing plan reviews and also provide final approval of collateral and website copy prior to launch."