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, there is an entire sea of opportunities waiting out just for you. And one such opportunity, one such career path is that of a Business Development Personnel. In 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 also known as Sales, but now the terminology has changed.
In this article, we are going to talk in-depth about business development roles. We would be covering different aspects ranging from job requirements, 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, if anyone possessing a background of marketing will be prepped up for the role of business development already. Let us discuss how to work in business development.
Coming under the umbrella of business development, you will be required to work on several areas such as client acquisition, relationship management, branding, client awareness, and more of such sorts. You may start as a business development trainee, eventually skilling yourself up to designations like BD executive, BD director, or even CEO.
Let us talk all about getting into a business development opportunity!
What would you be required to do in business development?
What is business development?
Business development is the creation of long-term value based on the ideas, initiatives, and activities for an organization from customers, markets, and relationships aimed towards making a business better.
What does a business development manager do?
The prime responsibility and duty in business development is the ability to bring new clients/customers/users onboard, yield professional partnerships strategically, and maintain cordial relationships.
For business development, prime job responsibilities will be to spot new market dimensions wherein the products and services of the organization can be sold. This journey has to be balanced with optimally utilizing your current markets, as this balance will ensure that organization keeps on achieving its revenue.
Business development manager salary
How much does a business development manager make?
Business development gets excellent attention when it comes to salary. Some organizations even pay quite handsomely to the freshers or rookies. As per the reports of PayScale, the business development manager’s salary is about $71k annually. Further, for the entry-level recruits, it could be around $63k yearly. And if you talk about BD director, then the payout is of another level touching 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 will be the one who is an excellent orator, feels quite comfortable and lucid to talk to other people. It is generally said that one who is having decent communication skills can be a suitable candidate for this profile. Furthermore, if one possesses some additional capabilities like negotiation, persuasion, and confidence, this will act as a golden nugget.
What are the pre-requisites for this profile?
Although there are no specific requirements that the profile of business developments calls for, ideally, it is recommended to have a graduation degree in management, along with some experience in client handling, administration, or marketing. Prior work experience fetches some good points in the eyes of the recruiter.
This profile is an exquisite one and is dependent on the concept of value addition and relationship building. If a candidate has what it takes to build, retain, and sustain professional relationships enabling 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 just go for it.