How to Become a Business Development Manager

Introduction of Business Development Manager

Business success is dynamic, and accomplishing one set of goals must serve as a springboard for a firm to achieve higher ones. A Business Development Manager assists businesses in growing by researching their markets, identifying new opportunities, and creating and implementing strategic growth plans. They often collaborate with the sales and marketing departments to decide the best course of action given a company’s present situation and long-term objectives.

Similar Job Titles

• BDM
• Development Manager
• Business Developer
• Business Development Executive
• Business Development Specialist
• Business Development Director
• Chief Business Development Officer (CBDO)

Typical Job Responsibilities

What do Business Development Managers do?
A Business Development Manager would typically need to:

• Create and implement a business development strategy that will generate long-term expansion and financial success by finding growth possibilities, boosting sales and revenue through marketing strategies and partnerships, and enhancing market position.
• Review, comprehend, and strategically construct or reset the overall organisational goals and objectives.
• Recognise the company’s product or service, present and target markets, market position, business strategy, competitors, and human resource and other capabilities; identify the company’s unique selling propositions.
• Investigate the needs of your customers and other businesses and determine how your company’s product or service may meet them.
• Investigate departmental functions, product development, and product distribution; assist departments in operating at peak efficiency by providing new plans and methods
• Work with the marketing and sales divisions to identify efficient promotional methods, those that need to be improved, and new ones to help the firm run more smoothly. create sales pipelines
• Consult with senior company members and collaborate with other employees to achieve corporate goals and standards.
• Find and implement ways to improve business operations in order to increase efficiency, improve the company’s reputation, and strengthen its market position.
• Discover and capitalise on profitable business possibilities such as new markets, customers/clients, goods, and services; identify growth areas and industry trends; and discover new ways to enter existing markets.
• Share research findings with top management and key company divisions, and consult with them on how and which new services or products to develop, as well as which distribution channels to use.
• Create a business development plan for the company and share it with the company.
• Ensure that everyone in the firm understands the plan, the need for and strategy for change, and their role in putting it into action. internal or external programmes to train team members and workers to carry out the strategy
• Meet with current customers/clients in person, over the phone, or online to create and maintain healthy relationships and increase repeat business and referrals.
• Advertising and networking are used to generate leads and potential business prospects and collaborations; prospective clients or consumers are contacted via email, cold calling, or in person.
• Create and pitch proposals to current and prospective customers/clients/partners, describing how your company’s new and improved services or products can satisfy their needs efficiently.
• Create or assist colleagues in creating client contracts; negotiate pricing with customers, clients, and suppliers
• Collaborate with team members, finance, warehouse, logistics departments, and technical employees to meet the needs of customers and clients.
• Monitor and document account activity to help the company reach its goals; send timely and accurate progress reports.
• Take input from customers and clients and make necessary modifications.
• Attend industry events and conferences organised by organisations to stay up to date on the latest market trends and advancements in the business sector.

Standard Work Environment

Business Development Managers rarely operate alone, but rather as part of a team that includes senior management, sales and marketing teams, and other departments within the organisation. They frequently travel to meet with potential or current clients, business partners, community members, and representatives from the public sector. Most work in numerous offices since they collaborate with multiple companies at the same time. They may also work from their personal office or home once they have completed their work at a client’s place of business.

Regular travel and communication are required because attending networking events is a vital duty for the Business Development Manager. Some events or clients may be located overseas, demanding extended times away from home; alternatively, if you work for a multinational corporation, you may be relocated on temporary or permanent international assignments.

As a result, Business Development Managers must be able to balance the needs of various clients while also attending business and public events, necessitating time management and organisation skills.

Business Development Managers must have strong time management and organisational abilities in order to balance the needs of many clients and the business with public events.

Work Schedule

A Business Development Manager typically works more than the conventional 40-hour work week. They may work beyond hours to meet deadlines, depending on their workload. Attending events and conferences, as well as going to meet with clients from other countries, can all help to extend working hours.

According to research, the younger generation values flexible hours and favourable telework regulations more than money. Employers are more prepared to give talented employees the opportunity to adapt their schedules to meet employment needs. Business Development Managers deal with many firms in multiple offices; so, when they are not meeting clients in person, they can work from their personal office or from home. Telework is becoming more popular as a time-saving alternative to face-to-face meetings, allowing for more flexible work schedules and locales.

Employers

Finding a new job may appear difficult. Business Development Managers can improve their job search by soliciting referrals from their network, contacting firms directly, using job search platforms, attending job fairs, leveraging social media, and contacting staffing agencies.

Business Development Managers are generally employed by:

• Banks & Financial Institutions
• Academic Institutions
• IT Firms
• Healthcare Providers
• Manufacturing Firms
• Retail Firms
• Telecommunications Firms
• Pharmaceutical Companies
• Technology & Cybersecurity Firms
• Construction Companies
• Local & National Governments
• Non-Governmental Organisations
• Industry Associations

Unions / Professional Organizations

Professional organisations and groups, such as the International Institute of Business Analysis (IIBA), are essential for Business Growth Managers who want to further their professional growth or interact with other professionals in their industry or trade. Professional groups offer their members a variety of continuing education, networking, and mentorship possibilities. Membership in one or more of these organisations adds value to your CV while strengthening your credentials and qualifications.

Workplace Challenges

• Adapting to change as each business requires business development strategies tailored to its requirements and objectives
• The diverse technical and soft skills required, such as business strategy, marketing, communication and industry knowledge, to effectively work with numerous clients
• Collaborating with team members and training them; ensuring that all employees are on board with changes in sales strategies and business operations
• The difficulty in meeting targets either because they are unrealistic or require greater effort and persistence when faced with repeated rejection
• Time management and organisation needed to attend to multiple clients and participate in meetings and events
• High pressure from being responsible for the success of a company and making crucial decisions regarding a company’s sales and business operations
• Filtering through a large number of leads to find the relevant and beneficial ones

Suggested Work Experience

Any academic programme that a prospective Business Development Manager pursues often requires supervised experience, such as an internship or a year in industry. During the master’s programme, you will most likely work with a Business Development Manager, which will help you transition into the workforce after graduation.

Tasks outside the classroom that are ideally aligned with teachings inside will help Business Development Managers. Many anecdotes can be heard and significant hands-on experience can be gained from more experienced individuals who can turn seemingly ordinary occurrences into unique learning opportunities.

You might also look at summer internships, part-time jobs in an entry-level position, or short-term paid/volunteer work while studying. Interning with a company will give you a taste of the career, provide valuable insight into how the company or institution operates, familiarise you with the company’s products, services, and business plans, as well as how to generate leads, assist in the development of useful contacts, and improve your chances of landing a permanent job, whether entry-level or higher, once you graduate.

The experience you gain may also assist you in determining whether the public, private, or voluntary sectors are most suited to accomplish your goals. The career services department at your educational provider can provide information about suitable opportunities for work placements, internships, and volunteer work in a variety of areas.

While professional experience focusing on business development and management is the most relevant, formal experience in sales, marketing, or business administration may also be beneficial. Employees can also advance in their organisations by gaining sales and marketing experience and receiving on-the-job training to become the company’s Business Development Manager.

Graduates with no practical experience may work as junior Business Development Managers or in entry-level positions, although skills in marketing, consumer connections, or sales will offer you an advantage. If you lack a formal degree or have a degree in a topic other than business, relevant experience and soft skills may be advantageous.

To demonstrate your devotion to course providers and possible employers, read about the profession and interview or job shadow professionals in business management development.

Recommended Qualifications

Aspiring Business Development Managers often require a combination of academic credentials and professional experience.

A bachelor’s degree in business management, business development, business studies, economics, finance, marketing, international relations, accounting, or a related field is frequently required and can improve your chances of getting recruited. A bachelor’s degree in mathematics, information technology, politics, social sciences, or law is also an option. Given the importance of interdepartmental collaboration, it is beneficial to concentrate on communications. Furthermore, if you want to work in a specific area, it is beneficial to study either a degree in a comparable subject or a dual degree combining business and a related field.

A master’s degree, particularly an MBA (Master of Business Administration) or a degree in economics, communication, or a comparable field, may not be required but may provide you a competitive advantage in the employment market. It can also help applicants with non-business bachelor’s degrees who want to focus on the business aspect of their respective fields.

Apprenticeships are another way to go into company development management, combining work with part-time study and receiving a stipend.

Familiarising oneself with case studies and business plans at any level of study provides the experience, research skills, and current trends, technologies, and tactics required to generate successful results in business practice.

Keep in mind that finishing a certain academic programme does not ensure your admittance into the field. Regardless, your professional credentials and transferable talents may open more than one door.

If you intend to pursue a bachelor’s degree in a business-related subject, you should take high school courses in business, economics, accounting, mathematics, information technology, and English. Furthermore, because business management entails connecting with and attracting new customers, sociology, psychology, communications, and marketing subjects may be beneficial.

Certifications, Licenses and Registration

A Business Development Manager’s expertise in a skill set is demonstrated through certification, which is often obtained through work experience, training, and passing an examination. Business certificates are optional, but when obtained from a reputable and objective organisation, they can help you stand out in a competitive job market, carry a large wage premium of up to 18%, boost your prospects of progression, and help you become an independent consultant. By including a Code of Ethics, successful certification programmes defend the public welfare.

Certifications in areas such as leadership, marketing, customer service, and business analysis are available. It is critical to research the organisations providing the credentials because some are more recognised and valued in the business world than others, such as the International Institute of Business Analysis’s (IIBA) Certified Business Analysis Professional (CBAP), the Project Management Institute’s (PMI) Project Management Professional (PMP), or relevant Salesforce certification. The Chartered Institute of Marketing (CIM) also offers internationally recognised qualifications.

Business Development Managers may also be subjected to an employment background check, which may include but is not limited to, a person’s job history, education, credit history, motor vehicle records (MVRs), criminal record, medical history, usage of social media, and drug testing.

Projected Career Map

Career advancement is driven by performance, experience, and the acquisition of professional certifications. Employees who consistently deliver above-average results may be eligible for advancement every two to three years.

Those with prior experience in commerce, sales, or accounting may be appointed as Business Development Managers due to overlapping work responsibilities.

A Business Development Manager may specialise in one industry, such as healthcare, information technology, construction, finance, education, manufacturing, or telecommunications. You could also operate in multiple industries, specialising in B2B (business to business) or B2C (business to consumer).

Business Development Managers can advance to senior positions such as Senior Business Development Manager, Director or Vice President of Business Development, Chief Executive Officer or Partner with sufficient experience or higher education, such as an MBA (Master of Business Administration) degree. As you advance in your career, you will be able to work with larger teams and focus on strategic planning to accomplish higher goals.

In major corporations, you may advance to the position of Chief Partnerships Officer, which oversees the business development unit and is in charge of generating productive and profitable partnerships to help the firm grow.

Furthermore, experience as a firm growth Manager allows you to start your own firm as a Consultant, advising companies on how to establish and execute their business growth plans.

Working for a multinational corporation may also lead to temporary or permanent overseas relocation options.

A growing number of millennials are opting to job hop and build a scattershot resume that demonstrates ambition, enthusiasm, and a willingness to master a wide range of skills in order to expedite their career progress and personal development.

Studies show that job hopping, which was formerly considered a “flaky” activity, might lead to increased work satisfaction. Employees looking for a healthy culture and fascinating work are eager to try out different roles and settings while learning vital, transferrable skills.

Job Prospects

Candidates with the required abilities, experience, and education have the highest chances of landing a job. Many employers demand a postsecondary education degree in economic development and transportation. An MBA (Master of Business Administration) is even more helpful in today’s competitive employment market.

Beneficial Professional Development

CPD will assist an active Business Development Manager in developing personal skills and competency through work-based learning, a professional activity, formal education, or self-directed learning. It enables you to always improve your skills regardless of your age, career, or degree of expertise.

Business Development Managers often gain critical skills through on-the-job training, which allows them to gain an understanding of the company’s products and services, existing and target markets, marketing methods, rivals, and overarching goals and objectives.

Because you must attend meetings, events, and conferences with company leaders and public figures on a regular basis, you are always up to date on business concerns and trends in the broader community.

Taking courses in business, marketing, sales, management, communication, and customer and client relations, on the other hand, allows you to expand your portfolio. Furthermore, remaining up to date on the latest technology and trends, market conditions, and company strategies increases your performance, fortifies your talents, and enhances your reputation.

In order to compete for senior business development manager positions, you could pursue a master’s degree, preferably an MBA (Master of Business Administration).

Conclusion of Business Development Manager

Business Development Managers do it all, whether working alone or as part of a team. They contribute to a company’s success by assisting it in expanding, increasing sales and revenues, improving product or service offerings, and fine-tuning customer service and brand image. They also understand their clients’ industries in addition to the firm itself and maintain effective ties through significant networking. Their technical and soft abilities enable them to communicate with many departments and manage the pace of their job and the variety of challenges it presents, ensuring their professional growth and organisational success.

Advice from the Wise

Give current connections the attention they deserve in order to establish a consumer base that is loyal to and trusts your company. Repeat customers are more inclined to try your new products or services than new customers. Increasing retention rates can boost earnings. Keep up with your clients’ news, connect with them on social media, and give them relevant information.

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