Monthly Archives: February 2017

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.

Right Mindset for Business Development

Being an entrepreneur has many moving parts. One key element to your success is how you think about your prospective customers and clients. My profession, network marketing, entails two key components.

The first is to build and support a customer base, which means people who choose to use and enjoy the products made by the company that I represent. The other component is the team I build of like-minded entrepreneurs who use and distribute the products. Naturally, they are called distributors.

Regarding these two key groups, I’d like to guide you to consider an important distinction. If your profession is something other than network marketing, I’m sure you can extrapolate from my suggestions and apply them to your type of business.

Do you think that you want to “get” customers. That word makes me very uncomfortable. I suggest that if this is your mindset, that perhaps your perspective customers feel the same way as I do.

Instead of “getting” customers, a mindset that I love and try to adhere to every day is that I love to serve people who are open to benefitting from my company’s products. My intention is to be committed to guiding people to having the best experience possible in using the products that they select. This often happens with my expert guidance, which is based on my experience over the years using the products and learning how best to recommend them to others. I may “get” joy, and I may “get” satisfaction, but I don’t objectify my customers in this equation.

Regarding your prospective associates, do you want to “get” new distributors for your team? That image conjures in my mind a hunter in the bush who is in search of defenseless animals. I shudder at the thought.

On the contrary, what if your mindset was to connect with fantastic people, develop relationships with them, and for the people for whom becoming a distributor makes sense to themselves, to then groom them to success and help them get their goals met? What if your mindset was to develop a thriving organization as you continue to become a more effective leader?

With this mindset, I think what we “get” are happy customers and happy associates who are thriving in your organization. When people are happy, the entire organization works better. Get it?

A Glimpse Over a Business Development Manager’s Job

Every businessman starts his business with an aim to grow in terms of annual sales. However, starting up a business seems easier, but making it a big one is not everyone’s cup of tea. It needs great efforts and hard work to get your business on the heights of success. According to a research, it has been observed that only one-tenth of 1 percent of companies will ever reach $250 million in annual revenue.

In order to develop a business, you need to make a growth strategy that must cover market perception, market growth, product development, alternative channels, new products, etc. Here, comes the need for a business development manager. He is the most important part of an organization, who needs to work with the marketing people, internal team and other seniors to develop the strategies for enhancing the sales opportunities, thus, increasing the profits. Let’s have a glance over the job of a business development manager:

Role of a business development manager

Well, the role of the concerned person can be categorized as follows:

• Outlook for new clients: It is perhaps the primary role of a business development manager to search for new clients. This can be done through various ways including cold calling, networking, advertising and more.

• Planning influential approaches: The next important thing is planning a proper influential approach that can encourage the prospective clients to do business with the company.

• Developing a bond: Developing a good relationship with new customers is really necessary if you want to develop your business. This can be done by setting targets and proving the required support to the customers for improving the bond.

• Grow and retain existing accounts: Developing a good relationship with new customers is not just enough. What more require is growing and maintaining the existing accounts. In order to retain the current customers the manager should be ready with new solutions and services that he/she can present to the customers as and when required.

Above are some of the primary roles of a business development manager. Apart from this, he/she is responsible for making a strategic planning for developing a new business coming in to the company. For this, the person must possess a sound knowledge of the current market condition, services that company can provide and most importantly who are the company’s rivals.

Qualifications and skills required for the business development manager

• Educational qualification: As the job of a business development manager is quite challenging, he needs to have certain skills that can assist him in facing all the hurdles. As per the reports of online job placements on Monster.com and PayScale.com, the educational qualification required for Business Development Manager Jobs is first of all a bachelor’s degree in business administration or any other related field. Having a good experience in sales or marketing will be added advantage. Though, some companies may prefer the candidates who hold a master’s degree in this field.

• Key skills: As far as skills are concerned, the person should be highly motivated, problem solver and must have prospecting skills, territory management, market knowledge, presentation skills, closing skills, professionalism, etc.

Significant result areas of business development manager

To achieve the desired results, it is very essential to be crystal clear about everything so that the concerned person will be able to focus on the results. Generally, the key result area should be:

• Clear, precise and measurable: A clear, precise and measurable key area will help in defining the exact results that have been achieved and how well they are achieved.

• Under the control of business development manager: The key result area should be under the control of the concerned person. When he/she does it in a right way, it will contribute towards a major value to a business and to the career of the responsible person.

• A vital activity of the business: A key result area is unquestionably the important output that will turn out to be an input to the next result area.

All the above information will surely help you to get an idea about the job of a business development manager.

Business Development Consultant’s Important Qualities

It can be overwhelming and frustrating to have to look at the same problems but not find a solution that works. If you have been trying to grow your business or have been trying to overcome an issue, looking into hiring a business coach may be a great way to move forward.

But what exactly is a business development consultant? A business coach can be seen as a mentor or a guide. S/he can help you overcome problems that you are facing, create plans for future growth or help develop a better company culture.

While hiring a business consultant is not for all companies, if you are willing to invest your time and work with them, it can have great results. Now is it scary to think that someone else will be handling your business? Of course, but with the right company, risk can turn into a great reward. When hiring a business coach, there are certain qualities that you should look for.

The overlying message of all five of the points is that your business coach should be a good fit for you, both in terms of personality and goal orientation.

  • Once you decide to move forward and start looking for a business development consultant, ensure that they are interested in you and your goals and that you feel comfortable around them. This process, if done with the wrong coach, will only result in disappointment or increased frustration. And that is the last thing that you want.
  • When looking at potential companies, make sure that the coach is willing to listen to what you want and understands how to help with those specific goals.
  • You want to them to have the same principles as you do so as you grow, there are no discrepancies in the way that you want to do business.
  • That idea goes hand in hand with the need for there to be trust in a relationship. You are entering a commitment that requires frank communication and openness.
  • Finally, ensure that your coach is one that is competent and has the skills to help you accomplish your goals. There must be a level of follow-through that occurs because otherwise, those ideas and plans are simply words and ideas written on paper.