Would You Aim for a Business Development Manager’s Role?

The presence of an efficient business development manager is crucial to a business’ existence. It is one of the key roles of this age, that every business seeks to fill in, hiring a strategic planner, who can grow with the company. Those employed as the business development managers look after his/her team’s collective effort, looks for potential clients in the market, defines the target audience, and if needed, even redefines the company’s objectives.

These are top-level executives, who remain I contact with the management. Their ultimate goal is to create new business opportunities and ensure the company’s long- term growth. The term ‘business development’ can be described as an amalgamation of strategic planning, sales and marketing. Those holding more than 5 years of experience in sales can also be considered for this position. Besides, many leading firms consider MBAs to be hired as business development managers. Most commonly, those hailing from sales are seen heading for these career options. However, business development has a lot more than just sales, but the sales professionals are found suitable to fit in these jobs.

Job Description

  • Defining target audience and looking for potential clients
  • Preparing strategies to pitch the products to clients
  • Marking team’s collective efforts and keeping a checking on the lead generation
  • Representing the organization in the corporate events
  • Preparing monthly reports and analyzing the same
  • Providing essential data to the management
  • Taking essential steps for corporate associations
  • Identifying new sales opportunities
  • Working in coordination with other departments such as sales & marketing

Key elements for a business development manager’s role

For every business development manager, the following elements are of great significance.

Business Acumen

A business development manager can explore job opportunities in numerous sectors, including FMCG (Fast Moving Consume Goods), IT (Information Technology), Finance, Manufacturing, Consulting, and others. In any of these sectors, an understanding of the industry and the business is needed for the professional to possess. It will not just help him conveniently take on the role, but will also take the right decisions with an understanding of the business.

Management & Research

He plans as well as manages to take the business the next level. A professional serving as business development manager has to lead the team and direct it to the right path. For this, leadership and management are of great essence. Besides, research too is a major element for these professionals. They need to research well about the market, the prevailing trends, the customer’s requirements, and so on.

Strategic Planning

The business development managers are also involved in planning the campaigns to target the potential clients. They may even look for marketing and sales related data for the same.

Customer Service

Another major element remains the customer service. They need to ensure whether the customer their team is dealing with, is entirely satisfied with the services. They also need to constantly check on a crucial deal that has not been closed.

The Other Essential Details

In the recent years, the need to hire these professionals has been realized by most of the brands. They can explore the job offers from varied sectors as per their preferences and knowledge. However, some of the leading organizations they can aim to work with include Infosys, Deloitte, KPMG, Ernst & Young, Wipro Technologies, Cognizant, and many others. Further, these professionals can expect to earn Rs 578,392 per year in India.

How to Become a Business Development Executive?

A business development executive (BDE) plays an imperative role in the growth of a company. It is the job of a BDE to promote the product/service segment of the company. At some organisations, business development executives are also called sales executives. If you want to build a career as a business development executive, below career guide would ease your journey.

Some of the duties of a business development executive-
1) As a BDE, you would need to frequently interact with potential clients to establish new business relations.
2) It is the job of an executive to do market analysis. On the basis of these market reports, business strategies would be formulated.

Required education & qualifications
The stream in which you have completed your graduation doesn’t play a crucial role because students from all fields can apply for the job. Moreover, top-notch companies prefer to hire candidates who know two or more foreign languages. In fact, this is a kind of job where your soft skills would be more beneficial than your academic qualifications & degree.

It is advised to gain some good work experience in finance and management by pursuing a business-related course. If you want to work in a technical company then it is important to have some good technical background and sales experience in a particular field.

Some crucial skills
1) Excellent business knowledge
2) Good communication skills
3) Learner
4) Negotiable skills
5) Team player
6) Analytical ability

Scope of business development executive jobs
In the near future, there would be a great rise in the number of BDE job positions, especially in fast developing fields like online commerce and pharma. As more and more companies are vying for the online space, there would be a huge demand of business development executives who can help a company in expanding its online business.

The package
Typically, the salary structure of a business development executive includes basic pay and commission. The basic salary of a BDE can vary anywhere between Rs 2-3 lakh/annum. If you hit the target then you will also earn commission and incentives.

Where to look for BDE jobs in India?
The jobs are available throughout the country. However, there are few Indian cities, like Delhi, Gurgaon, Mumbai, Chandigarh, Bangalore, Chennai and Pune, where you can find booming job opportunities in diversified sectors. Various top-notch companies have opened their offices in these cities and therefore, there is a high demand of BDE in these areas.

How Much Sales Is Involved With Business Development?

If you ask a group of people what they think business development is, you would most likely get a few different answers. There is even a chance that your own view of business development and sales may be used interchangeably.

Business development involves more of a strategic approach such as strategy, marketing, customer management, and partnerships; these activities encompass about 75%-80% of the approach, and sales about 20%-25%.

When I get asked the question, does business development have something to do with sales? Yes, it does. Is it related to business growth? Most definitely it does. Does it have anything to do with business strategy? There is a good chance it does.

Business development is a culmination of these different activities but most importantly, it’s all about shifting to the point of view of the client. This will provide you with that new perspective and will have you balance your efforts across these key activities that you and your client will both need and address. Whenever you conduct your business development efforts make sure to take the perspective from the client’s point of view and try to develop a deeper understanding of what their problem is. Realize that the client only cares about one thing and that’s their own group or company’s survival and the problem that they are facing. The client is only interested in you if they identify a need/problem or pain point that you can solve and provide a solution for it. It’s the kind of value that you can provide them that will enable them to consider your firm for the project.

If your firm’s approach is strictly from a sales perspective, generally, the economy of scale is to grow as large as you can. The strategy is to sell your product or service with a clear price and value directly to an identifiable individual client.

From a Business development perspective, the economy of scale is much smaller because the approach to your service is more strategic with the intent to create a partnership. It entails cultivating a relationship with the client and provide a service that could be more cyclical by working through existing partner infrastructures.

In my 14+ years of professional experience in management consulting, business development has been stretched to encompass a wider variety of activities with the intent to stay smaller in size. In its most traditional definition it is all about developing partnerships, which often includes some sales. Whereas, strictly sales are more transaction oriented where scalability is the differentiator.