Sometimes, we may feel that there are not many career options that we can pursue. The opportunities seem saturated, and growth seems stale. But hang on, believe us, an entire sea of opportunities is waiting out just for you. One such opportunity, one such career path, is that of a Business Development Personnel. Here, we have designations ranging from office assistants to BD directors. These employees are crucial for the revenue generation mechanisms of any organization. Earlier, this branch was known as Sales, but the terminology has changed.
In this article, we are going to discuss business development roles in depth. We will cover different aspects, ranging from job requirements to skills needed to salary expectations. So let us not beat about the bush and get started right to the value. It is relevant to say that business development is a segment of the marketing niche; therefore, anyone with a marketing background will be prepped for business development. Let us discuss how to work in business development.
Coming under the business development umbrella, you will focus on several areas: client acquisition, relationship management, branding, client awareness, and more. You may start as a business development trainee, eventually skilling yourself into designations like BD executive, BD director, or CEO.
Let us talk all about getting into a business development opportunity!
What is business development?
Business development is creating long-term value based on ideas, initiatives, and activities generated by customers, markets, and relationships to improve an organization’s business.
What does a business development manager do?
The business development manager’s prime responsibility is to attract new clients/customers/users, strategically establish professional partnerships, and maintain cordial relationships.
For business development, prime job responsibilities will be to spot new market dimensions wherein the organization’s products and services can be sold. This journey has to be balanced with optimally utilizing your current markets, as this balance will ensure that the organization keeps achieving its revenue.
Business development manager salary
How much does a business development manager make?
According to PayScale reports, the business development manager’s salary is about $71k annually. Some organizations even pay pretty handsomely to freshers or rookies. Further, for entry-level recruits, it could be around $63k yearly. And if you talk about BD director, then the payout is at another level, at around $103k. Truly fascinating!
Who will be a good fit for this profile?
Business development is a role that is not centric on just one skill. A good fit for this profile is an excellent orator who feels comfortable and lucid enough to talk to others. It is generally said that having decent communication skills can be a suitable candidate for this profile. Furthermore, this will be a golden nugget if one possesses additional capabilities like negotiation, persuasion, and confidence.
What are the prerequisites for this profile?
Although there are no specific requirements that the business development profile calls for, ideally, having a graduation degree in management and some experience in client handling, administration, or marketing is recommended. Prior work experience fetches some good points in the eyes of the recruiter.
This profile is exquisite and depends on the concepts of value addition and relationship building. If a candidate has what it takes to build, retain, and sustain professional relationships that enable revenue generation for the organization, then he/she is the right choice.
So, that was our take on this profile. We hope you achieved some quality information. There exist several opportunities in any industry, so research well, figure out your preference, and go for it.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Nimblefreelancer.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@nimblefreelancer.com