It's all about building a sound relationship with your business partners, vendors and customers.
All this, while you are searching for new business associates, scouting for new opportunities and taking the company to greater heights. That's what you will do as a Business Development Manager.
This is an action-oriented role for go-getters who know how to track business leads, articulate the benefits of products and services and develop a process for driving sales. As a Business Development Manager (BDM) you will build partnerships and business relationships with other companies, vendors, etc. to add value to your product and services.
When anything goes wrong with development, the buck will stop at you. When all goes well, you get the kudos. You will also assist in seeking new clients and then executing their projects.
The main job of a BDM is to generate and follow up business leads, develop clientele and intelligent business proposals. Developing a good marketing plan for the company's products and businesses is also a part of the job. You will also have to look out for new business for your company.
You will work closely with Product Managers, Marketing Executives and external partners and allies in the development and implementation of strategies, plans and business models.
In some organisations a BDM is also expected to create financial projections for growth and profitability. You will be required to provide support to upper management in negotiating deals, contract development and other business development or alliance development projects.
As a BDM you will be working with the marketing department to plan marketing and promotion, including advertising, review media, specials sales and subsidiary rights.
You need these qualities if you want to be a BDM
As a Business Development Manager you will be presenting the vision of the company to key business leaders at meetings and conferences. Superior communication skills will be vital when representing your company. You must be a creative thinker who can respond rapidly to changing scenarios and recognise effective counter measures to competitor programmes. Strong experience in marketing and sales will be beneficial. Remember, the BDM is also responsible for generating new business.
According to Alok Bansal, Business Development Manager, Design Expo, “You have to be well informed about the market as well as new developments in the industry. Knowledge of finance also helps. Before entering into BD it helps if you have worked in project management or operations for few years”.
As a BDM you will meet with different kinds of people from different cultures and backgrounds. It's important that you mix up with all kinds of people. Also you need to be able to gauge people - their strengths and attitudes. And if you can't listen patiently to a client, you can't be a good BDM.
This field calls for an outgoing personality. If meeting people and getting to know them is not your forte you are in a wrong place. You also need a good insight into human behaviour and an entrepreneurial flair.
To become a BDM you need to have done your engineering or MBA. A Bachelor degree in Business can get you an entry-level job, but to get a high profile job, you got to be an MBA.