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What Is Business Development?

By Business Desk

Thursday, October 26, 2017.

Business development makes up a huge part of any successful business, and they help a company to improve, grow and attract new customers. However, it is sometimes unclear exactly what the role entails, which is why we are going to explain it today.

Main Responsibilities

Business Development Services make up an integral part of any business. The primary role of a business development manager is to look out for business opportunities. This will vary heavily from company to company, but the role highly involves researching into new potential markets and how to improve the stance in existing ones. It is about learning what the public want and being able to suggest changes to the product or service which will suit customers better.

Daily Activities

As said above, the exact nature of what a business development manager does can vary widely depending on the industry, but in general terms we can show an overview of the things which are expected:

·         Cold Calling Prospective Clients

·         Generating Leads

·         Face-To-Face Meeting with existing clients

·         Research and development into target markets

·         Working closely with the marketing team to reach out to target audience

·         Developing relationships with customers

·         Providing advice of products and services

Much of the job role within business development is keeping an eye on the existing market and seeing what compete g companies are doing, then making amends to your own business model to fit better with your target audience and their needs. You’ll also be researching into potential new markets and even new products which you could manufacture and sell on.  

A large part of your role will be building solid relationships with your existing customers. This can be done with regular meetings, visiting trade shows, and even bringing them for a tour around your office space. A simple phone call each month can allow you to build a personal rapport with your clients and gain their trust.

It is very similar to a sales role, in the fact that much of your role will involve talking to customers and finding potential customers to sell your product or service to. You’ll be trying to reach targets each month to keep you on track too.

Average Salary

In the USA, the median value which a business development manager can earn is around $118,408. It is a well-paid job because of the skill involved.

Qualifications And Experience

If you want to make your way into the business development world and eventually become a business development manager, you will to need to be able to provide proof that you are good at sales. A confident persona and easy-going nature is key for this role, as well as a knack for persuasion. Ideally, companies will be looking for someone with previous sales or customer service experience. You will be able to prove that you have experience talking with customers and selling product successfully. It is also useful if you already have some connections in the business world- LinkedIn can be helpful for this.

What Is Business Development?

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