Elevator Pitch? Check. Business Cards? Check. Business Development? Maybe.

While networking and business development often go hand-in-hand, and their differences may appear negligible to some, they are not the same thing. There are many parallels between the two, however. The importance of follow-up applies to both, as does the desire to be considered a valuable resource in a relationship. Yet despite some overlap, they each require a distinctive approach.

When I first moved into a business development role, I was unaware that there was a distinction between the two. I was under the impression that if I was out at a networking event, I was clearly developing business too. But even if you’re armed with an exceptional elevator pitch and collect a stack of business cards at each event you attend, to truly develop business you need to go further.

Networking is, according to author Harvey Mackay, “digging your well before you’re thirsty.” Dictionary.com defines it as “a supportive system of sharing information and services among individuals and groups having a common interest.” Essentially it’s laying the ground work for establishing the trusting relationships that may later turn into business, or (equally as important) referrals for business.

The real difference comes down to how you define success. With networking, several outcomes can be considered successful. Some examples:

• Getting a warm introduction to someone you’ve been looking to meet
• Obtaining a vetted referral for a specific type of doctor (or attorney, banker, personal trainer, etc.) you’ve been seeking
• Receiving job opportunities – whether for yourself, a relative, a friend, etc.
• Acquiring new information – this can range from learning that one of your prospects is considering switching service providers to hearing that a certain company has the budget to sponsor the non-profit you chair

On the contrary, in business development there’s only one desired result: closing business. It requires a clearly defined strategy and thoughtful approach. It’s knowing the right questions to ask and the appropriate time to ask them. You’re proactively identifying the pain points of a prospect, the things keeping them up at night so to speak, and then articulating how the products or services your company provides can alleviate this pain. You must demonstrate a value proposition and show why your product or service is exactly what the doctor ordered. There are plenty of alternative treatments that might help soothe the pain (i.e., your competition), but only your product or service can provide the cure.

Now don’t get me wrong, I’m certainly not entertaining the idea that networking isn’t crucial for any well-rounded professional. It unequivocally is. But you’ll be far more effective at both if you truly understand the purpose of each and approach these activities with the appropriate goals in mind.