Aligning Marketing & Business Development for Better Results: Planning Tips for Start-Ups
Co-Authored by: Jennifer Andrews, M.Sc., MBA, CEO & Chief Marketing Strategist, FreshLeaf Marketing & Erica Sosnowski, B.Sc., MBA, Managing Partner, Sosna + Co
Marketing and business development are like peanut butter and jelly.
Or at least they should be.
Both have important roles with a common objective—including lead generation and revenue growth—but the BD and marketing functions, and the people involved, go about it very differently.
It’s both a people problem and operations problem, but the outcome is the same: misalignment between two functions that should (in theory) be working together collaboratively and seamlessly.
Downsides of poorly aligned BD and marketing
Typical issues resulting from marketing and BD misalignment include:
Competing objectives
Lack of team consensus
Miscommunications
Dilution of resources
Competition for management and operational support
Lacklustre results
For start-ups and small companies especially, when resources are tight and fast growth is needed, effective business development and marketing are critical.
Below we share top tips to better align your start-up’s BD and marketing efforts, whether you have a small team, outsourced contractors, or a mix of both.
First, create a clear plan that encompasses both business development and marketing
As a start-up or small business, you likely already have a business plan. This is essential, of course, but often the conventional format glosses over, or overly simplifies, the marketing and BD piece.
An early-stage tech company targeting healthcare practitioners, for example, will not just aim to “increase brand awareness” or “establish a leadership position in the marketplace.” This is not detailed or actionable enough and makes it difficult to piece out each activity and where marketing and BD begin and end.
Great jargon for an executive summary, though!
Instead, create a specific, tactical marketing and business development plan anchored in your strategy and the objectives you want to reach. It will serve as an extension of your business plan that you can revisit quarterly or annually as you review and measure what’s working (and what isn’t).
The anatomy of a marketing and BD plan
A simple marketing plan that includes business development could include the following major sections.
It is important to keep the sections concise but descriptive and deliberate, especially for companies with limited time and resources to devote to planning.
Discover the market
Segmentation, targeting, positioning
Target audience
Buyer personas
Articulate your strategy
Mission, vision, value proposition (see our tips on how to write a powerful one for the life sciences)
The company
The environment
Develop the brand and determine tactics used
Brand identity and messaging
Tactics
Collateral
Websites
Content marketing
Social media marketing
Email marketing
Events
Memberships
Networking
Creative assets
Templates
Print
Digital image sets for social, email, web, etc.
Banners, headers
Execute the campaigns
Resources needed
People & reporting
Systems
Software
Content/promotional calendars
Scheduling and automation
Measure results
Tracking and reporting systems
Key performance indicators (KPIs):
Brand awareness (e.g., website traffic)
Lead generation (including source)
Revenue
Return on investment (ROI)
Then, have the right resources in place
If the above plan feels daunting, know that it doesn’t all have to be unrolled in one fell swoop. Choose the areas that are most critical to driving your key objectives and begin there.
In terms of resources, start-ups may not be able to hire full-time BD or marketing employees but do have budget to outsource to specialists.
Things to look for when finding an outsourced partner for BD, marketing, or both:
Experience in your industry/niche
Successful track record and/or portfolio
Testimonial quotes from similar companies
Scientific/technical background or knowledge
Demonstrated expertise in (for business development):
Networking
Lead generation
Relationship-building
Identifying deals/partnerships
Developing and executing deals and agreements
Driving transactions
Demonstrated expertise in (for marketing):
Marketing strategy
Content writing and design
Digital marketing (email, social, websites, SEO, etc.)
Branding
Event coordination/support
CRM management
Later, with growth, you can choose to bring in part-time or full-time employees and build out a team depending on your business’s needs.
Finally, ensure teams have shared goals and reporting metrics
How to ensure BD and marketing are like two sides of the same coin? We mentioned KPIs in the measurement section of the marketing/BD plan, but the key thing that will prevent misaligned BD and marketing is to have shared goals and reporting.
The specific KPIs will differ, since the activities and approaches are different, but expect there to be a lot of overlap between the two.
For instance, if you want to determine the effectiveness of a specific trade show, you can track and report on the following:
Brand awareness
Total leads (unqualified)
Marketing qualified leads
Sales qualified leads
Opportunities identified
Deals closed/won
Revenue generated
Just from the list above, you can see how the lines can be blurred. Marketing is certainly responsible for brand awareness, but does a sales rep’s networking activities (and the awareness gained from it) count toward this metric?
It should, provided that teams and management are on the same page and credit is given where it’s due.
A CRM helps a great deal with tracking and attribution, since it allows you to track with near certainty the source of a lead, the touchpoints that influenced the resulting deal or transaction, and the business development rep that closed the deal.
Conclusion
When marketing and business development work together, from the planning stage through execution and results reporting, a business has a better chance at benefitting from operational efficiencies and, ultimately, growth. If you can implement this practice in the start-up phase, you will be better equipped for the growth and team-building that follows.
—
Sosna + Co is a boutique, outsourced business development partner for the life sciences. From M&A advisory and licensing deals with Fortune 500 companies to uncovering the potential of savvy, new start-ups, the principle is simple: we work meticulously to uncover new opportunities that grow your business. Contact us today to learn more.
FreshLeaf Marketing offers full marketing solutions to help B2B life science and STEM-based organizations grow. From building a compelling messaging strategy to serving as your company’s entire marketing department, we’ll find a customized solution that meets your goals. Learn more and explore our services.
