In a strategic role in a successful organization, the ultimate goal of a Business Development Manager is to generate revenue and steer the company towards growth. The role is built on the fundamental responsibility of identifying new markets and exploring new ways to improve the business footprint in the current markets.
A business development manager is also responsible for identifying new qualified business opportunities, working on new partnerships, and ideating new products or services to cater to the changing needs of the clients and the market. Along with these responsibilities, a business development manager is also responsible for maintaining good relationships.
The current COVID-19 situation has emphasized the importance of investing and relying more on digital transformation, with more emphasis on artificial intelligence and machine learning. Thus, the pandemic has reinforced the relevance of a business development manager and underscores the importance of focusing more on expanding the capabilities of this role to accommodate the digitalization of the business.
What Does a Business Development Manager Do?
While the basic responsibility of a business development manager is to grow a business, the actual job role and workflow will be different for different industries. However, generally, the roles and responsibilities include:
Cold Calls: Though this is mostly done by a salesperson, business development managers might be asked to do cold calls as part of their job. However, in large organizations, this could be delegated to the marketing team or the sales team.
Generating Leads: Business development managers need to collaborate with other teams to generate qualified leads. For this, they might need to actively involve in developing growth strategies and business plans.
Customer Relations: Developing and nurturing customer relations is an important responsibility for a business development manager. This involves ensuring all concerns of the clients are addressed timely and satisfactorily.
Product Specialization: Business development managers should be able to provide specialist advice to clients. This requires an in-depth understanding of the product and/or services and value proposition of the company they are working for.
Other important responsibilities of a business developing manager include:
- Identifying business strength and mapping the needs of clients.
- Writing proposals and drafting/renewing business contracts.
- Stay updated with the local and international industry trends
- Negotiating with stakeholders
Tips to Become a Pro-Business Development Manager
Enroll in a Good Course: A good Business Management Course is the ideal place to start your career. It gives you better subject-specific knowledge regarding customers, markets, finance, communication, business operations, etc.
Set Realistic Business Goals: There is nothing wrong with being ambitious. However, it is always better to set realistic and achievable business targets and work on strategies to achieve them. A clear goal with a deadline and a good strategy would help you perform well in this job.
Identify Your Strength: Identifying your strength is important to build confidence and to perform well in this role. You can work on your capabilities to crack a deal.
Find a Mentor: No one can guide you better than an experienced person with a wealth of knowledge in this role, who has been doing this for many years. A guide could help you handle the most difficult client and crack a tough deal.
Build Your Network: Attending career-related events will help you develop a network among professionals in the same field. Interacting with experienced people will help you gather insights and learn more about the profession.
It takes skills and qualifications to become a business management manager. Learning from a good place like Imarticus is beneficial not only in gaining the relevant qualification but also in building skills. Projects and case studies are designed to help the students be market-ready when they complete the course. Also, tie-ups with the market leaders and placement services help you start your career from a prestigious organization right after completing your course.