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The people working in this field are dynamic and contribute significantly in helping the businesses to grow. The role of a business development manager is a crucial one with respect to the overall health of the organization. People with such jobs put in their efforts towards improving an organizations market position and achieving financial growth. It is their responsibility to collaborate with the internal team, marketing staff, and other functional heads to explore sales opportunities and thereby boost revenue for their organization. Speaking broadly, the business development manager work revolves around new business development, client retention, business development planning, and management and research.
So what you will be doing in a business development manager job?
The key responsibility of business development manager is to achieve all sales, growth targets, profit margin forecast and revenue goals assigned in an assigned area. The business s development manager works closely with other corporate personnel's to accomplish all strategic goals including existing and new clients.
Some of the important responsibilities of a business development manager are listed below-
- Preparing deal winning new business proposals
- Bringing in new clients and specifying to account management teams
- Competitor analysis
- Tapping new markets
- Researching and developing new business prospects
- Managing and building client relationships
Every business professional should be able to talk the language of business. Some of the terms used in the business world include- Net Present Value (NPV), Internal Rate of Return (IRR), Working Capital, Revenue vs. Cash, etc. Further, in order to excel in these jobs, you have to arm yourself with the in industry specific skills and traits. The lightning fast-change world of business development will keep you on your toes. Given the critical nature of the profile, the employers are hiring nothing short of best. Only the strongest will survive and so make sure you are prepared for the challenges ahead. Having robust skills in various areas uncovers a whole new world of possibilities for success. Let us take a look on the different skills needed for this profession.
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Skills Required
- Good business acumen
- Thorough understanding of marketing principles
- Highly commercially focused and always eyeing for next opportunity
- Good analytical, technical and research skills
- Structured way of working
- Proficiency in MS Office
- Leadership qualities
- Solid time management skills, planning and organizational abilities
- Effective communicator
- Good presentation skills
- Should be able to motivate the people working under him/her
Personal qualities
A successful business development manager professional can't be just willing and able to perform the job task. Some of the qualities that distinguishes the great BDM from a good BDM are mentioned below-
- Humility and adaptability
- A people person
- Positive attitude
- Highly motivated
- Driven, proactive and willingness to work independently
- Deep interest in social media and performance marketing
- Knowledge of different languages will definitely give an edge over your peers
So if you are looking for a business development manager job, it is essential that you make yourself aware of the qualities needed to get into this profession. These qualities may not decide your competency as for the BDM profession, but will definitely help you get a better understanding of the profile.