Business development specialists enable companies to expand and flourish by reaching out to the unexplored segments of the market and acquiring new customers. They work in tandem with other departments in their organizations, including sales, marketing, and customer service departments to enhance the end result of the business.
The business development manager assesses the various techniques and strategies that are being followed in house to boost the bottom-line. The assessment of techniques involves gathering information related to the needs and requirements of the customers, keeping an eye on the competitors, assessing the marketing opportunities and lead generation methods, drafting policy for sales, developing effective models for business growth, etc. They carry out rigorous research for effective product development and product distribution. They work with the marketing departments and help to frame new business strategies, perform market analysis, and find out new and improved methods for marketing products through various new and traditional media.
As a senior manager in business development, one has to head the operations for the enhancement of business efficiency of the house in terms of sales and ROI. A business development manager meets clients, gives presentations, trainings, reviews business proposals, sets team targets, takes important client calls, coordinates with the team, so on and so forth.
A senior manager in business development explores the market to figure out potential business scopes. He consults key personnel such as legal advisors and financial advisors to know the possibilities and feasibilities. He performs routine situational analysis to assess the position of the business in the market. He attends seminars and fairs to keep updated about the developments in the market.
Academic Qualification and Training
A bachelor's degree in business, marketing or an allied field is a prerequisite to become a business development manger. It can be acquired from various business schools all over the United States. A master's degree from an accredited university is always an advantage for promotions. A PhD is necessary to go for research and development in the field or to take up teaching posts in reputed colleges and universities. There are institutes and online courses that groom business developers to be at law, IT, consulting, accounting, and other professional services firms.
A proper understanding of how professional service firms operate is mandatory. Besides a drive and passion to succeed, thriving under pressure, a competitive bent of mind, team spirit, good oral and written communications skills, relationship-building abilities, networking and leadership skills, capacities of strategic thinking, tactical implementation, innovation, decision making, and problem solving expertise are a must to progress in this career. A business development manager should be able to travel and to work flexible hours including evenings and weekends if needed to fulfill assigned responsibilities.
A bachelor's degree or higher with 3 to 5 years professional experience with demonstrated skill progression in the sales and marketing field required to get employed in reputed business houses. Many recruiters look for two to three years of experience for an entry-level position or eight to twelve plus years of significant proven experience for senior positions. Experience in leading and managing teams in the relevant business is always checked. Knowledge and experience of the product and production in the respective industry is a requirement. Familiarity with developing project designs, work plans, budgets, and schedules are also sometimes sought for. Experience with desktop, client/server, and Internet applications and architectures is a need in IT oriented operations.
The demand of the business development senior manager will continue to grow as cut throat competition in the business landscape increases. Business development managers are needed to play key roles to augment the efficiency of the trade houses.
A business development manager is a highly respected and paid professional in a business house. The average pay scale for a business development senior manager is about $84,000. Of course the pay package depends upon factors like location, years of experience and the employing firm.
So if you think you have the desired talents, qualifications as well as skill to become a development manager then a handsome pay package and a challenging but flourishing career awaits you. Best of luck!