They conduct research as well as product development and distribution and work with the sales and marketing departments to analyze which strategies are effective. And also which strategies needs improvement and which strategies can help the business run smoother and more effectively. They can also use the media to keep the company up to date with the most effective way of communication and technology.
The business development manager salary depends on their experience, credibility, company size and location, but on average they make $85,000 per year. Those who have more experience can usually handle more contracts so their salary may continue to grow with each contract. Many business development managers work as independent contractors for several companies at once to give them plenty of flexibility, benefits, and hours of work per week which allows them to spend more time at home than in an office. They normally travel to several offices but they rarely work alone as they are always communicating with business owners or conducting meetings with different departments within a business.
If you don't know how to prepare the annual Business Development Plan or annual Work plan then you will not be a good business development manager. You must also know how to identify the training needs of your staff and define your yearly objectives and targets. You will be able to determine new opportunities if you know how to analyze your business needs and develop as well as implement strategies of new products and services.
You are not a good business development manager if you don't know how to carry out research and formulate market analysis. You must know how to manage clients and pro actively hunt for organization's who can benefit from your products and services.
Also to become a good business development manager you must know how to grow your client's accounts, build referrals and lead generations. That is why it's important that you develop a marketing strategy and try to implement business models, and create new ventures and adopt hands-on approach in the execution for the said marketing program.
A bachelor's degree is required for business development manager jobs and marketing manager jobs but most employers prefer those with master's degree in business or economics and many years of experience if you want to be a good business development manager.
In order to be a good business development manager you have to have good communication skills. Business development managers have to do a high volume of communication between departments so they have to be familiar with business plans to be able to succeed.
If you want to apply for business development manager jobs you must have good leadership, analytical, organizational, and communication skills. You must also be able to understand how every department is connected with other ones so you're able to know how it works. Although some business development managers work individually, they will eventually be able to work with a specific company where they will be implementing strategies into the ever changing workforce.
If you are a professional who wants a career in business development, you must know how to effectively negotiate and closely deal with executive in other companies, so strategic planning and budgeting skills is a must. Otherwise, you will not be a good business manager. Also another thing you must do is keep up with the newest technology so that you don't use old or out of date software that can put you behind other business development managers.
The business development manager salary greatly varies depending on your job experience, the location, and company size but it normally range from $59,000 to $114,000. There will be plenty of job opportunities in technology, biotech, and pharmaceuticals and is going to be about 18% increase in business development manager jobs until 2018.
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