Do You Really Know What "Business Development" Means?

This is the first of a 2- part post designed to clarify the differences between “marketing” and “business development.” As the term “business development” finds its way into common discussions, we find it means all things to all people. It has created great confusion as firms look to expand their client bases, grow per-client revenue, cross market more practice areas and take a larger piece of a pie that many in-house legal departments are trying to shrink.

However, with the pressures on our marketing professionals to produce collateral materials, update websites, plan and staff seminars and conferences, provide public relations to and with the media, etc., all to often the MARKETING PLAN (spoken with great reverence) sits on a shelf. If spoken of at all, it is usually at the annual partners meeting.

If an enlightened leadership wants to update the “M” plan, or (perish the thought) develop a real business development strategy, the details, time, cost and staff input is money often misspent. Stratagems abound but too few provide visible, measurable results.

Part II next time will deal with KEEPING THE END IN MIND.