In the context of sales, Business Development and Account Management serve distinct but complementary roles.

1.Business Development:

This phase predominantly focuses on identifying new business opportunities, market penetration, and relationship building. It's about growing the business in new directions and includes tasks like customer research, prospecting, networking, and closing initial deals.

Key Points:

• Market Analysis

• Lead Generation

• Initial Customer Engagement

• Sales Presentations

• Closing Deals

2.Account Management:

Once a client relationship has been established, account management takes over. This role is geared toward client retention and maximizing the value of the relationship over the long term. It involves ongoing support, up-selling or cross-selling opportunities, and client satisfaction measures.

Key Points:

• Customer Retention

• Relationship Building

• Client Support

• Up-selling & Cross-Selling

• Contract Renewals

Transition Point: Business Development hands over the reins to Account Management once a deal is closed and a formal client relationship is established. The transition typically involves a knowledge transfer meeting where essential client information, expectations, and future opportunities are discussed.

In summary, business development activities culminate in securing new client relationships, at which point account management becomes responsible for maintaining and expanding those relationships.

Contact ASTRA PACIFICA to identify your biggest opportunities and the most effective strategies to accelerate the growth of your business.