Business development manager job

Those who are attracted to the idea of assisting firms in cultivating long-term connections with customers could be interested in pursuing a career in business development. The success of a company is directly correlated to the efforts of its business development managers. To support one of the most significant roles of a business development manager, which is to assist firms in maximizing their profitability, these experts produce new sales leads, negotiate client price, and anticipate sales income.

Managers of business development are tasked with analyzing the performance of the company's present sales and identifying opportunities for the company's expansion and growth. As a consequence, those that are self-motivated, goal-oriented, and commission-driven are the best candidates for this line of work. Students who are interested in pursuing a career in business development should begin by acquiring the information and abilities that are necessary to be successful in this field. Graduates who have completed postgraduate degrees, such as the online Master of Arts in Management and Leadership program offered by Maryville University, have a better chance of being hired for business development manager roles in a wider number of industries.

Typical Work Environments for Managers of Business Development

The vast majority of business development managers put in full days of work from Monday through Friday, although the atmosphere of their offices may vary greatly. A number of business development managers spend their days either in an office setting or wholly from home, while others commute back and forth between the two locations. Additionally, workers in this industry often travel for events such as conferences, conventions, and meetings with clients.

Business development managers are employed in a variety of fields, including the following:

The software as well as the hardware

Staffing

Cybersecurity

Construction

Healthcare

Financial services

E-commerce

What exactly are the responsibilities of Business Development Managers?

Many of the day-to-day obligations of a business development manager are standard, even if those responsibilities might vary depending on the sector. Among them are the following:

Establishing objectives and formulating strategies for the expansion of company and sales

doing research, developing, and putting into action new initiatives aimed at target markets

doing research on potential customers in the target markets

Conducting follow-up with leads and advancing them through the sales process

Developing price estimates and business plans for potential customers

Establishing objectives for the business development team and coming up with plans to achieve those objectives

Staff members receiving training in business development

Participating at trade shows and other activities related to the industry

Fundamental Skills for Business Development Managers

In order to be successful in company growth, managers in training require a diverse set of hard and soft talents. A few examples of transferable talents include communication, organizational, time management, technical, and computer skills, as well as drive and the ability to motivate oneself.

Competence in communication is a must for business development managers, as they must be able to interact with customers coming from a variety of walks of life and educational levels. Communication abilities, both verbal and written, need to be refined to a high level for professionals to succeed in this industry.

Skills in organization are essential for professionals who want to pursue this line of work since they will need to be able to juggle a large number of customers, meetings both on and off site, and strict deadlines. People who are well organized are in the greatest position to handle the many aspects of their jobs and ensure that client proposals and other work are completed in a timely manner.

Competence in managing one's time is essential for managers of business growth, as is an understanding of how to prioritize one's activities. People who operate in this industry need to be comfortable keeping track of their schedule using a calendar and making adjustments to it as necessary.

Abilities with computers and technology: The majority of companies make use of a sales content management system (CMS) to keep tabs on leads and client conversations, as well as to record where each prospect is in the sales cycle. Aspiring business development managers are expected to have a fundamental understanding of technology and computers.

The most effective business development managers are goal-oriented and commission-driven. This requires a great deal of drive and self-motivation. Those in the professional world who are driven and motivated will exert themselves to achieve their goals.

A Range of Compensation for Business Development Managers

According to PayScale, the median income for business development managers in July 2020 was around $73,000. [Citation needed] Those who earned less than the minimum wage made around $45,000 per year, while those who earned more than the maximum income made approximately $122,000 per year. The majority of remuneration packages offered to business development managers are comprised of a basic salary in addition to commission.

A business development manager's wages are impacted not only by the obligations they are tasked with, but also by the industry they work in, the geographic location of the job, the employee's degree of experience, and the geographic location of the job. It is also important to remember that those who have received an advanced degree, such as an online Master of Arts in Management and Leadership, may be eligible for increased remuneration. This is something that should be taken into consideration.