Defining the Role of a Business Development Manager!

Business development managers play a critical role in expansion and growth of organizations and hence there is a high demand for experienced and skilled professionals who can help the businesses in achieving greater heights.

The Growing Demand

In the present economic scenario, almost all major brands are scanning strategic locations with respect to their major expansion plans. It is indeed an action oriented role, for eager beavers who have the ability to track business leads, comprehend the products and services and develop an efficient process for ramping up the sales.

Business development skills have been a prominent requirement in job advertisements across several occupations. The typical industries where business development managers find work are insurance agencies and brokerages, commercial banking, accounting firms and many more.

The Job Functions of a Business Development Manager

Out of the array of job responsibilities, their primary job duty is to generate and follow up business leads, bring in more clients and other business proposals.

Besides, business development manager, is required to build partnerships and business relationships with other companies, vendors, and so on to add weight to the products and services. Another important duty of business development managers is to seek out new clients and keep tabs on the existing clients and their requirements.

They also work in collaboration with the product managers and marketing team in the development and implementation of the strategies, plans and business models. The job roles of these professionals may vary from company to company. Like for example, they may be required to formulate financial predictions for expansion and growth of the company.

What Do Employers Seek In Job Applicants?

Like any other job profiles, this profile too needs an array of skills-set and some specific personality traits to land in a job. In-depth industry knowledge, networking skills, marketing, sales, enthusiasm, ability to achieve sales targets, communication and presentation skills, researching and prospecting abilities, decent understanding of business models, customer orientation and multitasking skills.

Benefits and Bonuses

The complete package of benefits, generally provided in this position are listed below, take a look-

· Paid sick leave

· Relocation reimbursements

· Life insurance

· Paid vacation

· Private medical insurance

A Well Paying Job!

The salary depends on the factors like industry, company size, location, years of experience and academic credentials. As per the payscale site, the average salary package of business development manager is Rs. 5,82,211 per year. The top skills associated with such jobs are account management, sales, negotiation and business strategy.

How Much Sales Is Involved With Business Development?

If you ask a group of people what they think business development is, you would most likely get a few different answers. There is even a chance that your own view of business development and sales may be used interchangeably.

Business development involves more of a strategic approach such as strategy, marketing, customer management, and partnerships; these activities encompass about 75%-80% of the approach, and sales about 20%-25%.

When I get asked the question, does business development have something to do with sales? Yes, it does. Is it related to business growth? Most definitely it does. Does it have anything to do with business strategy? There is a good chance it does.

Business development is a culmination of these different activities but most importantly, it’s all about shifting to the point of view of the client. This will provide you with that new perspective and will have you balance your efforts across these key activities that you and your client will both need and address. Whenever you conduct your business development efforts make sure to take the perspective from the client’s point of view and try to develop a deeper understanding of what their problem is. Realize that the client only cares about one thing and that’s their own group or company’s survival and the problem that they are facing. The client is only interested in you if they identify a need/problem or pain point that you can solve and provide a solution for it. It’s the kind of value that you can provide them that will enable them to consider your firm for the project.

If your firm’s approach is strictly from a sales perspective, generally, the economy of scale is to grow as large as you can. The strategy is to sell your product or service with a clear price and value directly to an identifiable individual client.

From a Business development perspective, the economy of scale is much smaller because the approach to your service is more strategic with the intent to create a partnership. It entails cultivating a relationship with the client and provide a service that could be more cyclical by working through existing partner infrastructures.

In my 14+ years of professional experience in management consulting, business development has been stretched to encompass a wider variety of activities with the intent to stay smaller in size. In its most traditional definition it is all about developing partnerships, which often includes some sales. Whereas, strictly sales are more transaction oriented where scalability is the differentiator.

Business Development Coaching: A Professional and Personal Development Tool

Business development coaching is a service which offers business leaders a chance to analyse and reflect upon their own business practices and to set targets and take action to achieve success as a result of the findings made. Business coaching can therefore be described as a process that facilitates learning and development within business and thus has the potential to improve performance. Consequently, the aim of business coaching is to enable entrepreneurs to reach their full potential.

Business development coaching explores the requirements, motivations, skills, desires, and opinions of business leaders to assist them in making a lasting and fulfilling change to their business. Business coaching uses questioning techniques to aid an individual’s own thought processes. The purpose of this is to enable the individual to conjure up solutions and possible actions by themselves, for the good of their business.

Business coaching involves the creative application of a range of tools and techniques, including one-to-one and group training. Business coaches aid individuals in evaluating the outcome of business development training through objective measures. This allows clients to assess their achievements.

In order to carry out their role effectively, business coaches require a sound knowledge and understanding of reflecting and analysing business practice and the skills and techniques needed to set targets and reach them. Business coaches do not typically possess direct knowledge and experience of their client’s own role within a business. However, skills-focused coaches are likely to have prior experience of working in a similar role to that of the clients that they work with.

Organisation development and the requirement to provide employees with the guidance they require to change roles in the workplace often inspire companies to take advantage of business coaching. In the past, business coaching was typically considered to be for business leaders only. However, it is now considered a highly regarded professional and personal development tool for all.

Coaching programmes for business can enhance morale, productivity and motivation. In addition, business development training has been proven to reduce staff turnover throughout organisational change. Modern business coaching differs from traditional forms of training in that it is designed to suit the recipient’s personal needs and learning style. It fine tunes an individual’s existing skills and is able to focus on interpersonal skills which cannot be easily transferred during traditional training.

In order for business development coaching to be at its most effective, a business leader is first required to determine the type of coaching services they require – be it specialist or general coaching – before enlisting professional help. While business development coaching is popular with organisations, an increase has been seen in the number of individuals seeking private coaching. Some recipients of private coaching seek career change while others desire to maximise their potential within their existing company or to improve the equilibrium of their work and home lives.

The Value Of The Service Business Development For Professional Services Firms

One of the basic requirements for business development is to assess the current market value, as is more related to the growth and maintenance of the company. To do this, providers of development services called business development specialist who will work with sales and marketing professionals to develop an effective strategy. This business strategy is based on the popular that the company already has in other areas of the clients.

Specialist business development will be sought for customer feedback frameworks customer care. These leaders will help the manufacturer of the strategy for collecting data from existing customers for their opinion on the company and its services. This type of action can often develop specialists to learn more effective ways to promote the company, which can replace the current marketing strategy and objectives more number of customers in the market where the company is already present. In addition, the acquisition of client statements by executives of the channel for customer care specialists assist business development to identify areas of the series of new products and develop a marketing strategy adapted to them. This strategy will lead to the rapid commercialization of new products and services later.

The role of business services development is not limited to an increase in sales and customer satisfaction. Even if these things come naturally in the development of the service, development strategy Maker is to ensure the best use of company funds, management and improve the functioning of various departments, and resolve legal problems that may arise to continue to grow. Many companies offer professional development of creative business strategy, the right to charge business information relating to all levels of corporate structure and use it to attract more customers.

Every little to the organization of large companies may choose to develop the company. It brings success guaranteed for all types of legal entity. Many companies have little time to have tried and achieved a solid record in their own sector. In most cases, companies were able to capture the targeted area and achieve growth due to the efforts of specialist business development. Thus, companies must focus more on development and leasing for professional development, if it seems impossible for them.

Corporate retain their own wing of business growth and development that will deal with all development activities. But small businesses can not afford to do so. Then they can apply to a development consultant to work for them. The consultant will help assess the current situation and develop strategies to bring business growth in the future.