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.