Business Development Manager: Important Points and parts about the Role
Business development is the process of identifying and pursuing new opportunities to grow a business. This can include identifying new markets to enter, developing relationships with potential partners, and identifying new ways to reach and serve customers. Business development professionals often work to create and execute strategies for achieving the growth and expansion goals of a company. These strategies can include marketing efforts, partnerships and collaborations, product development, and other activities designed to drive revenue and increase the overall value of the business.
With all these information, it’s no surprise that there’s a constant demand for Business Development Managers in various fields over the years. Businesses always want to expand, to grow their clientele and increase their profits. While of course, the demand for business development managers varies depending on the industry and location, business development managers are in demand in a variety of industries as companies seek to grow and expand.
In the United States, the Bureau of Labor Statistics projects that employment of business development managers will grow 5% from 2019 to 2029, about as fast as the average for all occupations. Demand for these professionals is expected to be driven by the need for businesses to continue to identify and pursue new opportunities for growth and expansion.
It is also worth noting that the demand for business development professionals may vary depending on the specific skills and experience they bring to the table. For example, a business development manager with a strong background in a particular industry or with expertise in a particular area, such as international business or digital marketing, may be in higher demand than those with more general skills.
The salary potential of a business development manager in the tech industry in Australia can vary widely depending on a number of factors, including the size and location of the company, the individual’s level of experience and education, and their specific job responsibilities.
According to data from the Australian Government’s Job Outlook website, the average annual salary for business development managers in the tech industry in Australia is around AUD 90,000. However, it is worth noting that this figure can vary significantly depending on the specific job and the individual’s level of experience and education. For example, business development managers working in larger tech companies or in specialized areas of the tech industry may have the potential to earn higher salaries. Additionally, business development managers who have advanced degrees or specialized expertise may also have the potential to earn higher salaries. It is worth noting that earning potential can also be influenced by factors such as an individual’s negotiating skills and their ability to demonstrate the value they can bring to an organisation.
Generally, you may consider being a Business Development Managers if you value these benefits:
- High earning potential: Business development managers often have the potential to earn high salaries, as they are typically responsible for bringing in new business and increasing revenue for a company.
- BDMs are nearly always base plus commission and car allowance; some high performing BDM’s can take home up to 500,000 OTE “On Target Earnings.”
- Variety of industries: Business development managers can work in a variety of industries, including technology, healthcare, finance, and more.
- Opportunity for growth: Business development managers often have the opportunity to advance in their careers, with many moving on to higher-level management positions.
- Networking opportunities: The role of a business development manager often involves building relationships with other businesses and industry leaders, which can lead to a wide professional network.
Of course, it can’t all be positive. As with all professions, there are possible disadvantages to being a Business Development Manager. Cons of becoming a business development manager include:
- Stressful and high-pressure: The role of a business development manager can be stressful and high-pressure, as they are often responsible for meeting sales targets and bringing in new business.
- Constant change: The business environment is constantly changing, and business development managers must be able to adapt and come up with new strategies to stay competitive.
- Long work hours: The role can often require long work hours, including evening and weekend work, and frequent travel.
- Constant self-promotion: Business development managers need to promote their company and its products/services constantly to potential clients and customers, which can be challenging for some people.
- Burn out in the BDM profession is very high, and to maintain a consistency a good lifestyle is highly recommended.
Sounds interesting? If after reading all these information, the profession seems enticing to you, you may benefit from reading further. Business development managers typically need a variety of skills in order to be successful in their roles. Some of the most important skills for business development managers include:
- Strategic thinking: Business development managers need to be able to think strategically and identify new opportunities for growth and expansion.
- Communication: Business development managers need to be able to effectively communicate with a wide range of people, including colleagues, clients, and potential partners.
- Negotiation: Business development managers often need to negotiate contracts and partnerships, so strong negotiation skills are important.
- Sales: Business development managers may be responsible for generating leads and closing deals, so strong sales skills can be valuable.
- Networking: Building and maintaining a strong network of contacts is important for business development managers, as they often need to identify and pursue new opportunities for growth.
- Project management: Business development managers may be responsible for managing projects related to new business development initiatives, so strong project management skills can be valuable.
- Adaptability: Business development managers often need to be able to adapt quickly to changing market conditions and shifting business needs, so the ability to be flexible and adaptable is important.
If you have all these traits, congratulations! The position may be right for you. Now you may be wondering how you can become a business development manager and all the steps you’d need to take for it. To become a Business Development Manager (BDM), you typically need to have a combination of education and work experience in sales, marketing, and management. Here are a few steps you can take to become a BDM:
- Get a bachelor’s degree in a relevant field such as business administration, marketing, or sales.
- Gain experience in sales, marketing, or a related field by starting as a sales representative or marketing coordinator.
- Develop your management skills by taking on leadership roles in your current job or through volunteer or extracurricular activities.
- Build a professional network by networking with other professionals in your industry and stay up to date with industry trends and developments.
- Look for opportunities to become a Business Development Manager. Companies often look for experienced sales and marketing professionals to fill these roles. When applying for a BDM position, highlight your relevant education and experience, as well as your ability to manage teams and bring in new business.
With all these considered, you can evaluate whether the profession is right for you. Becoming a BDM definitely has its perks and is a desirable role for many. It has its challenges, but many can succeed at it with the right attitude and effort.
Lastly, but most importantly, the most successful BDMs have a very strong will to succeed, and nearly always fall into the high DI or ID category of a psychometric DISC assessment.
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