Business development managers are a crucial pillar of any successful organization as they ultimately generate new revenue and help a company grow. A business development manager is tasked with developing and diversifying the business so that there is an overall growth in profit and an overall increase in the prosperity of the company. These professionals generate new sales leads, negotiate client pricing, and forecast sales revenue, all critical aspects of ensuring the growth of the business. This article takes a deeper look at the various business development manager roles and responsibilities.
Business Development Manager Roles and Responsibilities
The main objective of a BDM is to find new business opportunities. They will be responsible for finding new markets, new partnerships, and new ways to reach existing markets. They will also have to find ways to develop new services or products to better meet the needs of existing markets. Once these avenues are explored and charted, a business development manager will need to find ways to use this to maximize profits.
Some of the day-to-day business development manager roles and responsibilities can include:
- Generate leads and cold call prospective customers.
- Develop opportunities in target markets with the support of the marketing team.
- Nurturing and developing relationships with key customer accounts.
- Providing specialist advice on the products and/or services you’re selling.
- Developing quotes and proposals for prospective clients
- Training business development staff
- Attending conferences and industry events
One should also be familiar with the skills needed to become a BDM, such as
- High-level communication skills
- Stakeholder management skills
- Proven ability to negotiate
- Conflict resolution
- Critical thinking skills
- Prior knowledge of economics, finance and marketing.
A business development manager is a necessary cornerstone for any organization, big or small. Being a business development manager is no easy task, but with the right training and exposure, you can easily tackle this challenge. Praxis, in an effort to help young aspirants, have developed a top-of-the-line Post Graduate Diploma in Management. This state of the art course will equip you with all the knowledge needed to kickstart your career on the perfect note and make your mark in the corporate world.
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