Do You Get Lured by Business Development Jobs?

Business development is one of the vital segments in almost every business, these days. It can be considered an extended form of sales, but isn’t just getting leads to the business, but also emphasizes the expansion of a business in other ways. It is a balanced combination of strategy, marketing, and sales. Those employed as business development executives are involved in getting leads, negotiating & closing the deals besides maintaining cordial relationships with the clients. They serve as the link between the corporate partners and the organization.

Business development executives are involved in identifying the potential target market, new business opportunities and the new business partnership that they can benefit with, in the near future. They work towards expanding the company’s client base and corporate relationships to ultimately add to the revenue.

Where do they work?

The need to hire these professionals is now being realised by almost every business and industry. Those seeking jobs in business development can get into real estate, infrastructure, IT, digital marketing, telecom, and other sectors too. Some of the leading companies they can aim to work with are HCL Technologies, Cognizant Technology Solutions, and many others.

Who can qualify?

For those, who master the combination of communication and influential skills and do not wish to get into direct sales, business development is a viable career choice. To get started, you need to hold a bachelor’s degree in business administration. However, those who hail from other fields too can be considered for this job role.

Generally, the professionals having gained considerable experience in corporate sales are considered apt for this position. The prior sales experience even helps a professional aim for considerably higher salary than a fresher.

Skills to take you ahead

Business acumen:

It is one of the major skills that help a profession qualify for this job role. An understanding of how the market works and what are the essentials to keep the audiences interested in the product serve as the major skills for these jobs.

Communication:

The business development executives are involved in dealing with the customers, business partners, and other associates and for this, communication remains a desired skill.

Analytical Skills:

To analyse a situation and bring out the best of opportunities is what these professionals are desired for. They work to get business leads and even maintain the professional relationships with the associates so to ensure their satisfaction with the association.

Networking:

If networking is something you are best at, you can contribute well to the business.

Average Pay Scale

If you have prior experience in sales, you can make well in this profile. On the other hand, if you get started as a business development executive with no prior experience, the pay scale may not be too alluring. As per a global research firm, a business development professional in India earns Rs 242,480 per year. Experience remains a major factor for pay hike in this job.

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 Is Business Development an Important Factor for the Advancement of Business Initiatives?

The simplest and most direct way of describing what business development is all about is that, it is the initiatives and idea taken, discussed and put forth in order to make a certain business bigger and better.

This includes a lot of factors such as the steps taken in the expansion of business, planning strategies and implementing them, seeing where the profit lies and focusing it to grow further and making effective business decisions.

There is a lot of scope and concept and understanding that goes behind Business Development. It doesn’t happen in a day and with just one step taken.

Here are a certain fields where business development can be connected and made to bring in a change

1. Sales need the expansion if they need the advancement

The key function of someone in Sales is to prod upon a targeted client or a particular market which seems to be booming with prospects. Now the sales department makes certain strategies and focus on certain goals to assess these particular markets and see how the sales of that market can be achieved in a specified amount of time that can bring advantage to their field of work. The sales department keeps their main focus on the customer based in the targeted markets with their discussed strategies.

2. Marketing is for the ones with quick brains

Marketing is basically a smart and innovative way of advertising a certain product or a brand that would promote the sale of the same. When we come into the picture of Business development in these scenes, the ones with this initiative need to finalize on a certain budget. Higher the budgets, more effective and extravagant are the marketing strategy like making personal visits or phone calls. Lower budgets call for minimal sort of strategies such a limited newspaper advertisements. So here the Business development helps in allocating the budget based on the kind and level of profit the marketing team is looking for.

3. Cost effective moves for beneficial grounds

A lot of people might conclude that this kind of development is only about promoting sales and advertising marketing reach. But no, it involves a lot of cost saving measures as well. The strategic decisions that are taken need to include cost cutting measures to have a balanced step taken and not overdoing on the expenditure. Through all the new ideas and steps taken for the business development it ultimately aims in developing the business prospective.

Thus here we get a clear idea about how business development is linked with other career linked paths and how it is enabling their growth and advancement.