A business development manager aids in opening up new business opportunities for organizations and their key partners. In order to assist the company’s success and aid in the achievement of its organizational objectives while boosting income, they establish business development plans. It may be helpful for you to discover more about the responsibilities of the business development manager job if you’re interested in the position.
In this article, we outline the duties of a business development manager and provide additional information about this elite profession, including its prerequisites, competencies, compensation, and employment prospects.
What Does A Business Development Manager Do?
Business development managers identify new business possibilities, conduct lead research, build contacts with potential customers, schedule meetings for sales representatives, and perform other tasks that help businesses grow and reach new markets. They must have a thorough awareness of the industry as a whole, as well as the products and market positioning of their organization. Additionally, they must keep abreast of the most recent business trends by studying corporate rivals. Their additional duties could consist of:
- Conducting market-specific research on potential clients, developing leads, and creating agreements
- Determining the target market and sector for the business and creating methods to attract more customers
- Coordinating with the sales and design departments to make sure they satisfy all client needs
- Keeping in touch with current clients
- Locating new customers inside the sector and creating thorough sales presentations
Conditions of Employment for Business Development Managers
Business development managers typically work 40 hours a week, Monday through Friday. However, conditions at work may vary. Business development managers can choose to work mostly from home, in an office, or a combination of the two. Additionally, experts in this industry frequently travel for client meetings, conferences, and conventions.
Business development managers are employed across a variety of sectors, including:
- Hardware and software
- Staffing
- Cybersecurity
- Construction
- Healthcare
- Monetary services
- E-commerce
Fundamental Skills For Business Development Managers
A combination of hard and soft talents is required for aspiring business development managers. Examples include drive and self-motivation as well as organizational, time-management, technical, and computer skills.
- Business development managers need to be able to communicate with customers from diverse socioeconomic and educational backgrounds. For professionals in this industry, effective written and verbal communication skills are a requirement.
- Organizational abilities: People choosing this professional route need to be able to manage many clients, on-site and off-site meetings, and deadlines. Highly organized people are best suited to manage the various aspects of the profession and maintain the timeliness of customer proposals and other activities.
- Business development managers need to be proficient time managers who know how to set priorities. People in this field must feel at ease using a calendar and modifying their schedule as necessary.
- Technical and computer skills: To track leads and client calls and record where each prospect is in the sales cycle, the majority of firms utilize a sales content management system (CMS). Future business development managers should have a foundational understanding of technology.
- The most effective company development managers are goal-oriented and motivated by commission. Driven and motivated professionals will exert extra effort to succeed.
Requirements To Become A Business Development Manager
The following are some common qualifications for a successful business development manager:
Education
While a bachelor’s degree in business administration, business management, finance, accounting, marketing, communications, or a similar discipline isn’t a required to work as a business development manager, many employers do. Most full-time students finish a bachelor’s degree program in three to five years. You can study about company procedures, strategic planning, management techniques, and budgeting methods during your studies.
Some business development managers also hold a master’s degree in management theory or marketing, an MBA, or both. An MBA can help you prepare to lead others and build more strategic client connections. You can learn how to use different organizational theories in the business from it as well.
Experience
The mid-level nature of a business development manager’s position necessitates the acquisition of relevant work experience prior to job applications. You can expand your professional network, learn more about the industry, and hone your talents by participating in a business internship. Look for an entry-level career as a sales associate or marketing expert because the position frequently requires experience in both of these fields. With the experience you earn in these jobs, you may be able to rise into managerial positions and become a business development manager.
Certification
Business development managers can demonstrate their knowledge, abilities, and competence to clients, colleagues, and other senior managers and executives by obtaining certifications. Your career and ability to rise in the position of business development manager may be aided by relevant qualifications in strategic planning, business ethics, or corporate leadership. The Certified Professional Business Development Manager (CPBDM) certificate is offered by the International Association of Business Development Professionals (IABDP), and it calls for either a bachelor’s degree or a minimum of two years of experience working in a business capacity.
How To Become A Business Development Manager
A business development manager finds new prospects, builds relationships with customers, and does lead-generation research to assist a company in expanding. A career as a business development manager can be an option for you if you are articulate and driven. Here are the steps you need to take to become a business development manager:
#1. Earn a degree in business administration
The majority of employers prefer candidates with a bachelor’s degree in business administration, communications, finance, marketing, accounting, or a similar discipline, despite the fact that there is no national requirement to work as a business development manager. A master’s degree can boost your value to potential employers and raise your chances of landing a managerial position on the company’s development team. However, it is not necessary.
What qualifications do business development managers need?
- Integrator
- AWS
- Cloud Computing
- Consulting
- Business Units
- CRM
- Leadership
- Exceptional Communication
#2. Find a mentor.
The best way to learn about a certain job route is to occasionally chat with someone who is already employed in that sector. Finding a mentor is one way to accomplish this. Through your undergraduate or graduate degree program, you might be able to locate one. Additionally, you might meet someone by participating in networking activities.
#3. Take on entry-level jobs in company development to get experience.
You can acquire experience through previous employment or internship opportunities. Prior experience in this position may be suggested but is not a requirement for entry-level business development management positions. Because those jobs let you concentrate on your communication and negotiation abilities, experience in marketing, sales, or technology may also be transferable to a role as a business development manager.
#4. Develop relevant soft skills, such as reliability and self-motivation.
You need to have a few abilities if you want to succeed as a company development manager. You should be self-driven and able to accomplish goals on your own with little guidance. Given that you will be expected to manage your time and set priorities for key activities, it is ideal to also possess great organizational skills. Being an effective communicator is another essential ability because you will work with clients and colleagues.
#5. Develop your technical expertise by studying CRM databases.
To be a successful business development manager, you need both technical and soft talents. It’s essential to have in-depth knowledge of technologies, particularly marketing automation tools and CRM databases. Project management, client relationship management, and corporate presentation software are some further areas of specialization.
#6. Obtain credentials like Certified Sales Professional.
Although they are not required, certificates can be a strong method to demonstrate to potential employers your commitment to working as a business development manager. The following are three of the more popular certification options:
- The National Association of Sales Professionals (NASP) issues the Certified Sales Professional (CSP) certification, which attests to your proficiency in client alignment and strong communication abilities.
- Project Management Professional (PMP): PMI grants this certification, which denotes that you have knowledge and experience in leadership.
- The American Marketing Association (AMA) maintains three different qualifications for professional certified marketers (PCMs): marketing, sales, and digital content. It demonstrates your capacity to meet the problems of contemporary marketing.
How to Draft A Cover Letter For A Business Development Manager
Although you may alter it depending on the sector the employer is in or your expertise, most cover letters for business development manager roles contain the following information:
#1. Begin with your contact information.
Give the hiring manager your contact information at the start of the cover letter document to make it simple for them to arrange an interview or phone screening after reading your letter. Your city and state of residence should come before your first and last names. You might later include your complete address on a form or other document. Next, provide the recruiting manager with many ways to contact you by including your professional email address and phone number. Include the URL if your business development plans and other work are available on a website or online portfolio.
#2. Make a list of your accomplishments and objectives.
Hiring managers frequently receive a large number of applications for business development manager positions, so introducing your candidacy at the beginning of your cover letter can demonstrate to them that you fulfill the requirements of the position and persuade them to read on. You might begin your cover letter by introducing yourself and outlining the position you’re applying for. You might then go into detail about your most noteworthy or relevant qualifications. Also, you may mention how long you’ve worked in business development or in the company’s field, include pertinent certificates, or describe key professional talents, depending on the role and your experience.
#3. Include any relevant employment history you have.
You can go into greater depth about your relevant work experience in the next section. While your CV might detail each business development position you’ve held, you might pick one or two important roles to highlight in your cover letter. Pick previous positions that have given you the chance to strengthen your company development skills and demonstrate your potential. Give specific instances of accomplishments or successful projects from each job when describing your professional background. You may, for instance, list the total income you contributed to the business or the percentage by which you outperformed your annual quota.
#4. Mention your impressive qualifications and licenses.
Your ability to meet the job requirements can be demonstrated to the hiring manager by including information about your talents and any pertinent certifications. You can discuss important business growth procedures you can oversee in your cover letter, such as market research or finding new revenue streams. Additionally, you may include certifications from agencies that help businesses grow or from businesses in a certain sector, like the healthcare or professional services industries. Finally, mention your soft talents, such as prioritization and communication, to demonstrate to the hiring manager that you are a productive team player.
#5. Make a call to action.
A call to action is a sentence that implores your audience to do something. This step for a cover letter might be getting in touch with you to arrange a meeting or visit your online portfolio. A call to action at the end of your letter demonstrates to the hiring manager your enthusiasm for the role and your initiative, both of which can be beneficial qualities in business development managers. You could request a phone call from the recruiting manager if they have any questions or reaffirm your qualifications. Finally, express your gratitude for their concern and time.
What Is The Role Of A Business Development Manager?
Business development managers are in charge of fostering business expansion inside an organization. They create a network of contacts to draw in new customers, look into emerging market opportunities, and manage growth initiatives while projecting sales and estimating revenue to match predicted income.
Is BDM A Good Career?
Directly answering, business growth is a fantastic area of employment. Expert business developers are in high demand from businesses both in the UK and around the world. Job growth related to business development is significant.
What Is The Function Of Business Development?
Business development is the process of executing plans and chances across your company to encourage expansion and increase income. It entails looking for chances to expand your company, finding fresh clients, and generating additional sales leads.
Is A BDM A Sales Role?
BDMs engage in outbound sales, contacting cold or previously qualified leads to nudge them toward making a purchase.
What Are The Benefits Of Business Development?
Business development aids in the expansion and improvement of a company’s sales, revenues, product offerings, talent, customer service, and brand awareness by serving as the thread that connects all of a company’s divisions or departments.
In Summary,
Business development managers boost a company’s revenue by finding new markets, suggesting marketing tactics, and cultivating connections with stakeholders like investors. Professionals that choose this career path may find employment in a variety of sectors, including technology, healthcare, and professional services. Reading several job descriptions or learning how to write a strong cover letter will help you stand out from the competition if you’re interested in becoming a business development manager.
- EMPLOYEE DEVELOPMENT PLAN: Ultimate Guide on How to Create One With Examples
- PRODUCT DEVELOPMENT STRATEGY: How to Create a Product Development Strategy
- BUSINESS DEVELOPMENT MANAGER JOB DESCRIPTION: All You Should Know(
- PROFESSIONAL DEVELOPMENT: Things You Need to Know
References
