what is a business development manager?
A business development manager is a sales team member. You will work with people inside and outside the organization to create new business opportunities. Your job is offering proposals to new clients and building long-term relationships with the company's customers.
As part of the marketing team, you build sales leads, pitch to new prospects, and develop a company's client list. You aim to guide people through the sales funnel and sign them up as customers. Since you are the company's public face, you need to convey professionalism to prospects and potential clients. Making the right decisions and using the best strategies could help you achieve strategic goals.
Business development managers spend most of their time generating new business opportunities and ensuring the peak performance of sales staff. Hence, they need exceptional interpersonal and negotiation skills. Expertise in conducting research and developing business trends aids in sound decision-making and helps steer the company toward growth opportunities. Collaborating with others, especially the senior members of the sales and marketing teams, makes your job easier.
Most industries rely on business development managers to generate new opportunities. Possibilities include working in the construction, manufacturing, or retail industries or for a consultancy firm.
Would working as a business development manager suit your negotiation skills? Then read on to discover what competencies and qualifications you need to thrive in a business development manager role.
view jobs near youaverage business development manager salary
Would you like to know what a business development manager earns? Where the highest salaries are paid to business development managers? Then check out this salary page and find out all about the salary of a business development manager in the USA.
Most employers offer commissions for bringing in clients or year-end bonuses to reward your contribution to business growth. Apart from salaries and commissions, your compensation includes various benefits and allowances to make it easier to do your job. For instance, expect to have medical insurance as well as a transportation allowance for meeting with customers. Companies also pay a pension contribution for their employees and provide paid holidays and sick leave.
factors that increase salary
The compensation package of a business development manager depends on your work experience and level of expertise. With experience working in the field, you earn more since you are adept in closing deals and studying business trends.
Your qualifications also influence your salary prospects. For instance, a business development manager with a master's degree is likely to earn a higher salary. Your location also affects your wages, as urban areas have a higher-than-average demand for business development managers.
types of business development manager
The types of business development managers depend on the industry they work in. They include:
- construction business development manager: Your job in construction is to look for new building projects on behalf of your employer. Apart from identifying new prospects, you ensure the project meets the client's needs and develop relationships with all the construction project stakeholders.
- cyber security business development manager: You study trends in cyber security and develop ways to improve computer systems' security. If your employer offers cyber security, you identify prospective clients in various industries.
- financial services business development manager: You monitor the performance and upcoming trends in financial services and help your employer stay ahead in the sector. You also find new ways to reach existing markets.
working as a business development manager
Working as a business development manager involves helping businesses develop long-term relationships with their clients and find new customers. Below are some of the business development managers' duties and work schedules.
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business development managers' job description
Business development managers play a crucial role in a company's success by creating business opportunities, making offers to new clients and driving business growth by maintaining client relationships.
Specific tasks of a business development manager include:
- setting business goals: As a business development manager, you set the goals a business needs to achieve to improve growth. You also develop plans that you can implement to support the achievement of those goals. Your objectives should focus on growing the customer base and improving revenue.
- researching new target markets: A business development manager's primary role is to identify new opportunities for business growth. Therefore, you need to research new markets for the company to explore. You create plans and implement initiatives to improve sales in new target markets.
- identifying new business leads: When you identify a target market for your products or services, you need to research prospective accounts in the market. Your job is to leverage market research and marketing campaigns to generate new leads for the business. You also pursue leads and move them through the sales cycle.
- developing proposals and quotes for prospective clients: As a business development manager, you pursue important leads that could generate significant revenue for your employer. This part of your role involves pitching ideas to prospects and developing proposals on how your company could help them achieve their goals. When a client is interested in the business proposal, you generate quotes and negotiate prices.
- training business development staff: Working as a business development manager, you train the sales and marketing teams in the best strategies for approaching clients. You also set goals for the business development teams and help workers implement strategies to meet objectives.
- attending conferences and company events: As a business development manager, you need to stay on top of industry events and upcoming trends. That involves attending conferences and meetings to keep up with changes in the industry.
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business development manager work environment
A business development manager works in various industries, including manufacturing, construction and retail. Your objective in all the business sectors is the same, but the work environment may differ. As a business development manager, you mainly work indoors, attending meetings and researching clients. You also meet with clients at their preferred locations.
Sometimes, you have to work outdoors (for instance, for a game of golf), attend social events with prospective clients, or make home visits to discuss proposal details. Traveling to conferences and other industry events is usually involved.
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who are your colleagues?
As a business development manager, your colleagues include sales, marketing, and customer relationship managers. You may also work in close proximity to accountants and lawyers, as well as other specialists that include business development executives, business partners, product managers, finance managers and HR managers.
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work schedule
You work between 38 and 40 hours a week as a business development manager. However, the role extends beyond traditional office hours, as you meet clients at their convenience. You sometimes attend events and appointments in the evenings or a work conference over the weekend.
While part-time opportunities are available, they are rare. You can accomplish many of your duties without leaving your office, but you frequently have to meet with clients to develop and build good relationships. Some business development managers work remotely.
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job outlook for business development manager
The career outlook for business development managers is promising. The U.S. Bureau of Labor Statistics (BLS) projects the job growth rate for training development managers, a career that closely aligns with business development managers, at 7% through 2031.
Apart from the projected growth, the career path is also promising, and the role can be your first step into executive positions in a company. As a business development manager, your situation is similar to that of sales and marketing managers. It is possible to progress to other roles like marketing director or regional sales manager. Some business development managers even become chief executive officers.
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benefits of working for Randstad as a business development manager
Working through Randstad offers you a range of benefits:
- being paid weekly
- flexibility
- always a contact person you can fall back on and ask for help from
- many training opportunities
- a range of jobs in your area
Want a permanent contract? But you wonder why it would be interesting for you to work with a staffing company? A temporary job as a business development manager is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!
business development manager skills and education
Educational qualifications play a crucial role in becoming a successful business development manager. Here are some key educational requirements:
- bachelor's degree in relevant fields: Most companies seek candidates with a strong educational foundation, typically holding a bachelor's degree in business administration, communications, finance, marketing, accounting, business development or related disciplines. This educational background provides a solid knowledge base and skill set to effectively tackle the role's challenges.
- master's degree: Although not mandatory, possessing a master's degree could significantly enhance your value to potential employers and open up opportunities for managerial positions within the company's development team. A master's degree showcases a higher level of expertise and commitment to continuous learning, making you an attractive candidate for advanced roles.
- prior work experience: Many employers favor candidates with a background in sales or marketing. Gaining relevant work experience through internships or industry placements can prove invaluable in developing the necessary skills and competencies to excel as a business development manager. Practical experience hones your ability to navigate real-world scenarios and enhances your understanding of industry dynamics.
- professional development and certifications: Along with formal education and work experience, participating in professional development courses and obtaining relevant certifications add weight to your credentials. These certifications demonstrate your dedication to staying up-to-date with industry trends and best practices, further bolstering your qualifications as a business development manager.
skills and competencies
As a business development manager, several skill sets and competencies set you apart:
- effective communication skills: Your ability to communicate with clients from diverse backgrounds and education levels is paramount. Strong verbal and written communication skills enable you to build rapport with clients, fostering better relationships and understanding.
- leadership and team management: As a business development manager, your leadership abilities are vital to your team's success. Your ability to inspire and motivate team members fosters a collaborative, high-performance work environment.
- exceptional time management: With many responsibilities, your time management skills are crucial. Prioritizing tasks efficiently and being flexible to adjust your schedule as needed ensure that you stay on top of your game.
- results-oriented and self-motivated: In the fast-paced world of business development, your results-oriented approach sets you apart. Your determination to excel drives you to go above and beyond so that you significantly impact the organization's growth and profitability.
- strategic vision: As a forward-thinking business development manager, you need a strategic vision to guide your decision-making. Your ability to analyze data and draw actionable insights helps you formulate effective strategies that capitalize on market potential.
- technical and computer proficiency: Technical skills are necessary in the digital age. Being adept at using customer management systems and content management platforms allows you to track leads and manage client interactions effectively.
FAQs about business development managers
Here you will find answers to the most frequently asked questions about business development managers.
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what is the role of a business development manager?
A business development manager plays a pivotal role in a company's growth and expansion strategy. Business development managers evaluate the company's current sales performance and devise strategies to facilitate business growth.
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is a business development manager similar to a sales manager?
A business development manager focuses on identifying growth opportunities, forging partnerships and expanding market presence. In contrast, a sales manager concentrates on managing sales teams, achieving sales targets and ensuring customer satisfaction.
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what are the potential career growth opportunities for business development managers?
Successful business development managers may advance to higher-level management roles, such as director of business development or vice president of sales and business development, or explore entrepreneurial opportunities.
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how does a business development manager contribute to company growth?
A business development manager plays a pivotal role in expanding the company's customer base, revenue streams and overall market presence by identifying new markets, strategic partnerships and business opportunities.
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what metrics are used to measure the success of a business development manager?
Performance is often assessed based on key performance indicators (KPIs) such as revenue growth, client acquisition, successful partnerships and market expansion.
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how do I find a job as a business development manager?
Applying for a business development manager job is easy: create a Randstad profile and search our scrum master jobs for vacancies in your area. Then simply send us your CV. If you do not have a resume, no worries. Just check out our resume builder. This state of the art tool will help you to create your own resume. Need help with your application? Check out all our job-hunting tips!
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