Business Development Manager Career Information
What a Business Development Manager does
Business Development Manager 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. As a Business Development Manager you will also assist in seeking new clients and then executing their projects.
The main job of a Business Development Manager (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. As a Business Development Manager you will also have to look out for new business for your company.
Business Development Manager 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 Business Development Manager (BDM) is also expected to create financial projections for growth and profitability. As a Business Development Manager 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 Business Development Manager (BDM) you will be working with the marketing department to plan marketing and promotion, including advertising, review media, specials sales and subsidiary rights.
As long as there are companies there will be opportunities for a Business Development Manager (BDM).
You could find yourself a rewarding career in:
• Software companies
• Consulting companies
• Engineering companies
• Management consulting companies
Business Development Managers have never been in higher demand than they are now. As long as corporates feel the need to have someone to represent their company and bring in more revenues, options will continue to flourish for those who make the grade.
Business Development Managers with higher levels of education will have an edge over less educated competitors. Computer skills are beginning to play important roles. Basic computer knowledge and experience is going to come handy when making those Power Point presentations and planning client meetings. Laptops are now as common as briefcases because they allow Business Development Manager's to interface with their client's mainframes.
Abilities & Traits Required
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. A Business Development Manager 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 Business Development Manager (BDM) is also responsible for generating new business.
According to Alok Bansal, Business Development Manager, Design Expo, “As a Business Development Manager 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 Business Development it helps if you have worked in project management or operations for few years”.
As a Business Development Manager (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 as a business development manager 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 Business Development Manager (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.
Salaries for Business Development Manager (BDM) depends on the sector you choose to work in. For a starter in a software earnings may range from Rs 15000-40000. With 2-3 years of experience your salary can jump to Rs 25000-80000.
Your pay packet as a Business Development Manager will also depend on your qualification. For instance, an engineering degree coupled with an MBA from a good institute will increase your earning power in the field.