what is a business development manager?
A business development manager is a member of the sales team. You work with people inside and outside the organisation to create new business opportunities. Your job is finding new clients and building long-term relationships with the company's existing customers.
As part of the marketing team, you build sales leads, pitch to new prospects and develop a company's client list. Your goal is to guide potential customers through the sales funnel and sign them up. Since you are the company's public face, you always convey professionalism to potential clients. Making the right decisions and using the best strategies helps to achieve strategic goals.
Business development managers spend most of their time generating new business opportunities and ensuring the peak performance of sales staff. Hence, you need exceptional interpersonal and negotiation skills. Expertise in conducting research and identifying business trends contributes to sound decision-making and helps steer the company toward growth opportunities. Collaborating well with others, especially senior members of the sales and marketing teams, makes your job easier.
Most industries rely on business development managers to generate new opportunities and promote business growth. You could work 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 find out what competencies and qualifications you need to thrive in a business development manager role.view jobs
average salary of a business development manager
According to Upgrad, the average business development manager annual salary in India is ₹5,97,373 including bonuses, shared profits, and commission.
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 allowances to make it easier to do your job. For example, many companies offer a transport allowance and medical insurance. Companies also pay a pension contribution for their employees and provide paid holidays and sick leave.
how to increase your salary as a business development manager
The compensation package of a business development manager depends on your experience and level of expertise. When you have extensive experience working in the field, you are likely to earn more since you are an expert in closing deals and studying business trends. Your qualifications also influence your salary prospects. For example, a business development manager with a master's degree will likely earn a higher salary. Your location affects your wages, as urban areas have a higher demand for business development managers.
types of business development managers
The types of business development managers vary depending on the industry they work for. Some common types of business development managers include:
- construction business development managers: your job in construction is to find new building projects on behalf of your employer. Apart from identifying new prospects, you ensure the project meets clients' needs. You also develop relationships with all stakeholders in construction projects.
- cybersecurity business development managers: you study trends in cybersecurity and develop ways to improve computer systems' security. If your employer offers cybersecurity services, you identify prospective clients in various industries.
- financial services business development managers: 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. Let's explore a business development manager’s duties and work schedule.
duties and responsibilities
The specific tasks of a business development manager include:
- setting business goals: as a business development manager, you set the goals that a business must achieve to improve growth. You also develop plans and implement them to support the attainment of those goals. You focus on growing the customer base and improving revenue.
- researching new target markets: your 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 generate sales in new target markets.
- identifying new business leads: when you spot a target market for your products or services, you research potential accounts. 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: you pursue important leads that can generate significant revenue for your employer. This part of your role involves pitching ideas to prospective clients and developing proposals outlining how your company can help them achieve their goals. When a client is interested in your business proposal, you generate quotes and negotiate prices.
- training business development staff: 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 colleagues implement strategies to meet company objectives.
- attending conferences and company events: as a business development manager, you stay on top of industry events and upcoming trends. You attend conferences and meetings to keep up with changes in your industry.
As a business development manager, you work in various industries, including manufacturing, construction and retail. Your objective in all business sectors is the same, but your work environment varies. You mainly work indoors in an office setting, attend meetings and research clients. You also meet with clients at their preferred location. Sometimes, you have to work outdoors, for instance, for a game of golf, to attend social events with prospective clients, or to make home visits to discuss proposal details. Travelling to conferences and other industry events is often required.
who are your colleagues?
As a business development manager, your colleagues include sales, marketing and customer relationship managers. You might also be working in close proximity to accountants and lawyers, as well as other specialists that could include HR managers, product managers and finance managers.
As a business development manager, you work between 38 and 40 hours a week. However, the role often extends beyond traditional office hours, as you meet clients at times convenient to them. You may 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 the office, but you meet with clients frequently to build good relationships. Business development managers can work from home or remotely to perform some of their duties.
The job outlook for business development managers is positive. According to upGrad, business development managers in Mumbai earn the highest salaries in India, with an average salary 18% higher than the national median. Working in large cities offers salaries higher than the national average. These include Pune (18% higher), Bangalore (16% higher), New Delhi (8% higher) and Chennai (3% higher). Job availability is also high in India, with an estimated 30K vacancies in 2022 and a further rise in demand predicted over the next five years. The career path for business development managers is 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 sales and marketing managers. You can progress to other roles like marketing director or regional sales manager. Some business development managers become chief executive officers.
advantages of finding a business development manager job through randstad
Finding your business development manager job through Randstad provides important advantages, such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid on a monthly basis
- temporary and permanent contracts
Looking for a permanent role? 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.
education and skills
Some of the educational requirements for becoming a business development manager include:
- university and college courses: become a business development manager by completing a degree in a relevant subject like marketing, business management, international relations or business development. A bachelor’s degree in sales or marketing is a good step into the role, and you can enhance your career prospects by completing a master’s degree. Companies involved in IT-related, technical product or software service offerings look for professionals with expertise in computer science and related technologies.
- work experience: most employers hire someone with a background in sales or marketing. Aim to acquire extensive work experience through internships or industry placements to build the skills required to excel in the role.
skills and competencies
The following skills will help you to excel as a business development manager:
- communication skills: as a business development manager, you communicate with clients from diverse backgrounds and education levels. Your verbal and written communication skills help to improve rapport with clients and build better relationships.
- time management skills: exceptional time management skills help you prioritise tasks and adjust your schedule as necessary.
- technical and computer skills: computing skills enable you to operate customer relationship management (CRM) systems and content management platforms to track leads and follow up with clients.
- personal drive: being goal-oriented and driven helps you to achieve your objectives in this role. When you have drive and self-motivation, you can push yourself to meet targets.
FAQs about working as a business development manager
FAQs about working as a business development manager:
what is the role of a business development manager?
A business development manager evaluates the current sales performance of a company and finds ways to help it expand and grow. You study trends and enable companies to explore new markets.
is a business development manager similar to a sales manager?
A business development manager develops strategic partnerships to help the company grow. A sales manager focuses on generating sales and revenue rather than building relationships.
are business development managers paid well?
The entry-level salary is ₹4,50,000 per year. However, with experience, you can earn over ₹15,00,000.
what does it take to be a business development manager?
You need a degree in a related business field and extensive work experience in sales or marketing to succeed in the role.
how do I apply for a business development manager vacancy?
Applying for a business development manager job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!