what is a business development manager?

A business development manager is a sales team member. You will work with people inside and outside the organization to create new business opportunities. Your job is offering proposals to new clients and building long-term relationships with the company's customers.

As part of the marketing team, you build sales leads, pitch to new prospects, and develop a company's client list. You aim to guide people through the sales funnel and sign them up as customers. Since you are the company's public face, you need to convey professionalism to prospects and potential clients. Making the right decisions and using the best strategies could help you achieve strategic goals.

Business development managers spend most of their time generating new business opportunities and ensuring the peak performance of sales staff. Hence, they need exceptional interpersonal and negotiation skills. Expertise in conducting research and developing business trends aids in sound decision-making and helps steer the company toward growth opportunities. Collaborating with others, especially the senior members of the sales and marketing teams, makes your job easier.

Most industries rely on business development managers to generate new opportunities. Possibilities include working in the construction, manufacturing, or retail industries or for a consultancy firm.

Would working as a business development manager suit your negotiation skills? Then read on to discover what competencies and qualifications you need to thrive in a business development manager role.

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average business development manager salary

Would you like to know what a business development manager earns? Where the highest salaries are paid to business development managers? Then check out this salary page and find out all about the salary of a business development manager in the USA.

Most employers offer commissions for bringing in clients or year-end bonuses to reward your contribution to business growth. Apart from salaries and commissions, your compensation includes various benefits and allowances to make it easier to do your job. For instance, expect to have medical insurance as well as a transportation allowance for meeting with customers. Companies also pay a pension contribution for their employees and provide paid holidays and sick leave.

factors that increase salary

The compensation package of a business development manager depends on your work experience and level of expertise. With experience working in the field, you earn more since you are adept in closing deals and studying business trends.

Your qualifications also influence your salary prospects. For instance, a business development manager with a master's degree is likely to earn a higher salary. Your location also affects your wages, as urban areas have a higher-than-average demand for business development managers.

Womale smiling at a colleague holding a pen.Randstad Human Forward
Womale smiling at a colleague holding a pen.Randstad Human Forward
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types of business development manager

The types of business development managers depend on the industry they work in. They include:

  • construction business development manager: Your job in construction is to look for new building projects on behalf of your employer. Apart from identifying new prospects, you ensure the project meets the client's needs and develop relationships with all the construction project stakeholders.
  • cyber security business development manager: You study trends in cyber security and develop ways to improve computer systems' security. If your employer offers cyber security, you identify prospective clients in various industries.
  • financial services business development manager: You monitor the performance and upcoming trends in financial services and help your employer stay ahead in the sector. You also find new ways to reach existing markets.
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working as a business development manager

Working as a business development manager involves helping businesses develop long-term relationships with their clients and find new customers. Below are some of the business development managers' duties and work schedules.

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business development manager skills and education

Educational qualifications play a crucial role in becoming a successful business development manager. Here are some key educational requirements:

  • bachelor's degree in relevant fields: Most companies seek candidates with a strong educational foundation, typically holding a bachelor's degree in business administration, communications, finance, marketing, accounting, business development or related disciplines. This educational background provides a solid knowledge base and skill set to effectively tackle the role's challenges.
  • master's degree: Although not mandatory, possessing a master's degree could significantly enhance your value to potential employers and open up opportunities for managerial positions within the company's development team. A master's degree showcases a higher level of expertise and commitment to continuous learning, making you an attractive candidate for advanced roles.
  • prior work experience: Many employers favor candidates with a background in sales or marketing. Gaining relevant work experience through internships or industry placements can prove invaluable in developing the necessary skills and competencies to excel as a business development manager. Practical experience hones your ability to navigate real-world scenarios and enhances your understanding of industry dynamics.
  • professional development and certifications: Along with formal education and work experience, participating in professional development courses and obtaining relevant certifications add weight to your credentials. These certifications demonstrate your dedication to staying up-to-date with industry trends and best practices, further bolstering your qualifications as a business development manager.

skills and competencies

As a business development manager, several skill sets and competencies set you apart:

  • effective communication skills: Your ability to communicate with clients from diverse backgrounds and education levels is paramount. Strong verbal and written communication skills enable you to build rapport with clients, fostering better relationships and understanding.
  • leadership and team management: As a business development manager, your leadership abilities are vital to your team's success. Your ability to inspire and motivate team members fosters a collaborative, high-performance work environment.
  • exceptional time management: With many responsibilities, your time management skills are crucial. Prioritizing tasks efficiently and being flexible to adjust your schedule as needed ensure that you stay on top of your game.
  • results-oriented and self-motivated: In the fast-paced world of business development, your results-oriented approach sets you apart. Your determination to excel drives you to go above and beyond so that you significantly impact the organization's growth and profitability.
  • strategic vision: As a forward-thinking business development manager, you need a strategic vision to guide your decision-making. Your ability to analyze data and draw actionable insights helps you formulate effective strategies that capitalize on market potential.
  • technical and computer proficiency: Technical skills are necessary in the digital age. Being adept at using customer management systems and content management platforms allows you to track leads and manage client interactions effectively.
smiling man sitting on sofa
smiling man sitting on sofa
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FAQs about business development managers

Here you will find answers to the most frequently asked questions about business development managers.

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