Business development managers are in charge of developing the business side of the company. It is the job of business development managers to identify and deal with all the business opportunities available to the organization. Business development managers (BDM) play a vital role in the success of a company. They help organizations to grow. BDM has adequate knowledge of the sales and marketing aspect of the business. A BDM is well versed with different sides of the business but he specializes in thorough assessment of the current marketing conditions and the ways to maximize the profit of the company. He is consistently identifying the target markets and devising new strategies to capture the maximum market share. A BDM is a very crucial cog in the marketing wheel of the firm.
A business development manager performs several tasks. Sometimes, he acts as a market researcher and some other times; he performs the job of a market strategist. For example, he gathers important data about competition in each market along with tastes and trends of the customers. Based on the findings, he can devise useful strategies to get the maximum out of a product launch. Business development managers oversee all the activity in the market and make sure that target sales figures meet the established business models. It is the job of development managers to attract new customers and retain the old ones through tempting business proposals.
The role of business development managers is full of responsibilities. He needs to be aware of overall business trends, prepare detailed business plans with attainable goals and objectives, coordinating with other professionals/departments of the firm and making presentations to the prospective clients. A good BDM possesses effective communication and interpersonal skills along with good business knowledge. Negotiations are an integral part of the job profile of business manager so he needs to be good at negotiations as well. It is a highly stressful job because of all the deadlines and targets so BDM needs to be patient and he must have ability to stay calm under pressure. His problem solving skills can work wonders in this field.
As far as qualifications for a business development manager are concerned, there are no standard criteria. It depends upon the particular company and its recruitment policies. However, it helps to have a MBA degree with marketing specialization. He must have studied business management and economics. Though, a bachelor’s degree is enough to get a job at entry-level in this field. Those with experience are always given preference over fresher.
Business development managers manage to earn a healthy salary. The pay scale depends upon nature of the business and experience of the individuals. A business development manager can find suitable employment opportunities in many fields including consulting, telecom, pharmaceutical, retail, real estate, software and infrastructure companies. Experienced business development managers will always have several lucrative job opportunities. Demand for BDMs is expected to remain high considering emergence of new businesses. Career in business development management is quite exciting and rewarding.