Business development comprises of the ideas and initiatives taken by management to improve their sales. These initiatives include making strategic business decisions that result in revenue growth as well as the expansion of the business. The activities of business development are distributed across all the departments. Therefore, a Business Development Manager job description covers more than one department.
They have to coordinate with the sales and marketing team to implement cost-efficient solutions to existing problems. A Business Development Manager acts as the point of contact for existing as well as new clients. Because of this reason, it is essential that a BD Manager carries the knowledge of the entire product line. As well as everything a company has to offer. This article will give you a detailed view about the job description of a business development manager. You can also have an idea about the business development manager job description template.
Role & Responsibilities Of Business Development Manager
The primary role that a Business Development Manager plays in a company is to identify new business opportunities. These opportunities should ultimately result in business expansion. This includes identifying new business markets and trends in the industry.
Moreover, in the corporate world networking in the industry is crucial. So attending events like conferences and exhibitions is part of the Business Development Manager job description.
To specify, here is a set of responsibilities of a Business Development Manager:
- Preparing new market initiatives.
- Researching organizations to find new business opportunities.
- Contacting new clients to establish a partnership.
- Improve relationships with existing customers.
- Developing proposals for new clients.
- Creating targets for business growth and ensuring they are met.
- Attending industry events.
- Knowledge of the product range offered by the company.
- Supervising the company’s financial resources and allocating them wherever necessary.
Qualifications & Skills Of Business Development Manager
To get into the business development department, a bachelor’s degree in Business Administration or marketing should be enough. However, for a manager, it is preferred to have a Master’s in the same field. Taking a course in business administration will prepare a candidate for the challenging role in business development.
It covers subjects like managerial economics, strategic planning, finance, HR, accounting, corporate policy, etc. However, merely having a degree is not enough to become a manager. You need to have at least 3-5 years of work experience in Business Development or marketing and sales. Only then can you be considered for a managerial role.
Furthermore, a Business Development Manager also needs to possess the following skill set:
- Powerful communications skills
- Fluency in IT functions
- Strong presentation skills
- Excellent negotiation skills
- Good with numbers
- Great leadership skills
- Ability to define new business opportunities
- Strategic thinker
Career Scope Of Business Development
If you have ever felt like a 8-9 hours job is not your thing, this might be your dream job. Mainly because of the fact that a major portion of a Business Development Manager’s day involves being on the go. They have to meet new clients, close sales with existing ones and be responsible for job boards at times.
Moreover, they also have to attend industry events like conferences and seminars. As a result, the Business Development Manager job description doesn’t fit sitting on a desk all day. If you are proactive with a kink for sales, this is the career path for you.
- Director Of Business Development: The Director of BD helps a company to remain competitive and grab the perfect growth opportunities. As the complexities of business keep growing, the demand for strong leadership becomes even more vital for every organization.
- VP Of Business Development: You need to have several years of relevant work experience as a Director. Only then can a candidate be promoted to become the Vice President. The VP of Business Development reports directly to the CEO of the company. A major portion of their job goes into generating and executing a company’s sales and marketing plans.
The average salary package for a Business Development Manager in India is 6LPA. It eventually comes to an approximate of 50k per month. However, this is a standard salary package and might differ according to the company and job location.