A Business Development Manager looks after and manages each and every activity of developing strategies, marketing, sales, creation of brand name etc for triggering the development of business. He basically handles the area of imparting growth in the revenue by initiating continuous progress in the business.
The job description of a Business Development Manager varies according to the industry and size of the business. But some of the common job descriptions of a Business Development Manager are preparing planning and strategies to utilise every resource in the most productive manner. He also identifies the potential customers, executes the sales strategy, understands the need of the customers, monitors every business area, analyse the marketing process and generates revenue by creating new customers and also from existing ones.
If you are a Business Development Manager in a large organization then you might be responsible for some specialized area, as the business may have separate specialists for marketing, hiring, researchers, sales etc.
But in case you are working in a small sized business, you may be required to handle multiple responsibilities like conducting interviews, hiring, account management, strategy building, researching, enforcing marketing plans and a lot of undefined jobs in your daily routine.
Job Description of a Business Development Manager
The main role and responsibilities of a Business development manager is improving the entire business process and imparting growth into the business. In order to do that they need to do several activities in their day to to-day’s professional work life.
1. Building Relationships
Relationship is the key of success for every business. In order to create a successful business, you need to establish rapport and a long run relationship with the customers. Therefore, as a business development manager you need to focus on developing relationships with the existing customers as well as new customers.
2. Planning and creating strategies
Robust Planning and developing great marketing strategies are crucially necessary for imparting growth to a business. You need to create plans for new marketing initiatives. Once you create the marketing strategies, analysing them one by one before initiating them is important too.
As a business development manager you need to go through a lot of research work. A well organized and quality research on other competitor organizations and new business opportunities will always help you to take the right decision and create better business processes. It is very important that you spend quality time on researching before taking any initiative where you need to invest the finance and time. It is worth spending time researching well rather than wasting your resources and time for an unsuccessful project.
4. Increasing new customers
For increasing the revenue you need to increase your customer numbers. Every business continuously works hard with great strategies to increase their new customers. In order to do that they develop several marketing strategies and initiate them to spend a lot of time and money by running several marketing campaigns like Google search ads, display ads, Bing ads, YouTube ads, Facebook and other social media ads.
They also perform content marketing, search engine optimization etc for inbound marketing.
5. Retaining the existing customer
Maintenance cost of existing customers is very less, hence providing good value to them and retaining them is considered very beneficial for every business. Therefore, being a business development manager you also need to look after the existing customer, ensuring that they are getting satisfaction from your product or services, their problems are solved soon and establishing a quality relationship with them.
6. Finding new opportunities and markets
In order to extend the business territory of an organisation, a Business Development Manager needs to continuously find new opportunities and market. For this you need to go through a lot of market research and competitor analysis, to understand what the competitors are doing and where the customers actually are. The more you understand the behaviour and presence of your customer, the easier it will become for you to find new opportunities to reach them.
7. Enhancing sales
Sales are the backbone of a business, in order to grow the business you need to increase its sales. More sales mean more revenue, and more revenue means progress or growth in the business. A business may sell some sort of product or services,but what is most important is that the sale of products or services. In order to enhance the sales, The Business Development Manager needs to make robust planning and prepare an excellent marketing strategy. The marketing strategy again can be divided into two broad categories, they are inbound marketing and outbound marketing.
In outbound marketing the business takes the help of different marketing strategies to reach the potential customers and make sales to them, they can be Google search advertisement, display advertisement, Bing search advertisement, Facebook advertisement, Twitter advertisement, forum site advertisement, YouTube ads etc.
But in inbound marketing you actually do not try to reach your customer, rather your customer tries to reach to you in search of a solution to their problem. As they seek for the solution of their problem, it becomes an opportunity for you to provide them with assistance and promote your product or service to them as the solution. This can be done through content marketing, SEO or Search Engine Optimisation etc.
8. Arranging meeting and events
An organisation is not a one man army but it is a teamwork, a group of people work with a single goal of bringing progress into the business. As a business development manager, you are required to to lead the entire associate team and conduct a lot of meetings and events to brainstorm different ideas, marketing strategies, and analyze reports About the current state of business etc.
You will be playing the role of a leader in your industry who will lead the entire team towards the right direction, by using each and every one of their potential in the best manner. So that the contribution of each and every team member makes a positive difference to the business.
9. Creating business goals and deadline
In order to reach the destination you need to set the goal before. It is an essential responsibility of a Business Development Manager to create the business goals which can be measurable and achievable within a certain time frame. As you create those business goals you also need to keep in mind the different risk factors, so that you set the goals that are perfect for your business. You also need to ensure that the set goals are achieved successfully.
10. Monitoring and Analysing the business process
A business is not all about planning and creating business goals, rather each and every area of the business process must be monitored and analysed regularly. It is an essential job role of a Business Development Manager to regularly monitor the entire business process and marketing efforts. You also need to analyse the marketing process and business activities to rectify the mistakes and and implement the best methods, as a result you impart enhancement in the entire business process.
11. Training the team members
Providing Training to the team members to dig out all of their best potential effort is very crucial as it can make a great positive effect on the entire business. A trained,qualified and robust team will always push the business towards growth and progress, whereas an untrained team of people may actually harm the business seriously by wasting its resources and precious time.
Therefore, a business development manager is also responsible for training the team members and boosting their potential ability, coach them and mentor them regularly for keeping the team updated with any changes and developing their abilities.
You also need to look after the skill level of the team members and continue to help them to develop the skills, and a better skilled person is surely greatly beneficial for the organization as they will use the time and resources in the most productive manner.
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