How Profitable Is A Career In Business Development
Besides the benefits of your personal and career growth, business development is also a great career to achieve your financial goals. In fact, in countries like The Netherlands or the United Kingdom, business development professionals earn up to 42,000 per year even in entry-level positions.
This is mainly because of two main reasons: First, because its a function that directly contributes to the revenue growth of the company.
Second, because its a complex function which means companies are willing to pay more to keep you and avoid the costs of hiring new employees.
Of course, not all business development jobs are equal and many factors can contribute to your actual salary. For example, your location, level of experience, and company size can definitely have an impact on your salary.
So before deciding your next career step, make sure you research the average salary in your area.
You can easily find this information using the LinkedIn Salary feature or websites like Payscale and Glassdoor. On these platforms, you will be able to filter by location and years of experience so you will be able if your expectations are aligned with the market.
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Build Your Soft Skills
To become a business development manager, you’ll need to develop relevant soft skills, such as negotiation, persuasion, written and verbal communication, problem-solving, time management, organization, attention to detail, customer service, professionalism, goal-setting and presentations. You should also be comfortable speaking with professionals at every level of a business, including chief executives.
How To Land Business Development Jobs
If you are convinced about starting a career in business development, your next step is to actively look for job opportunities. The good news is that at the moment there are approximately 70,764 business development job offers at this very moment on LinkedIn alone.
You can fairly assume that you will be able to find your next job.
But when looking for business development jobs, you need to pay attention to the type of opportunity you come across. Business development is a broad field and every company has different needs. This has a direct impact on the type of activities you will execute.
Generally speaking, there are 5 main types of business development roles:
- Strategic business development: in this role, you will be responsible to research and analyze data in order to spot new opportunities.
- Sales-oriented business development: in this role, you will be responsible to find potential customers for your company.
- Partnership-oriented business development: in this role, you will be responsible to find partners for your organization.
- Product-oriented business development: in this role, you will be responsible to co-create products in collaboration with other teams
- International business development: in this role, you will be responsible to launch your organization in new unexplored markets
This will help you have more realistic expectations and maximize the chance of finding your dream job.
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Vice President Of Business Development
When you reach this point, youll enjoy sitting with the senior leadership discussing how youll drive growth opportunities in the long term. Youre fully on the strategic development of your company and think ahead in the future. At this level, youll manage less and think more about what the company should do next.
The most interesting thing in developing a career in business development is that each stage is a sort of microcosmos of the next level.
What I mean is that the ultimate goal in any stage of the company is to find growth opportunities.
The real difference between these stages is the number of things you experience in your career.
As a VP you have a lot more examples to use in your decision process, while as a business developer you only have limited experience.
Is that a problem? Not necessarily.
In fact, as an entry-level professional, you have another superpower which is your hunger for knowledge and if you use it correctly, you will be able to be successful even without much experience.
Now that you know what to expect in terms of career path, make sure you also check the salary expectations for each one of these positions.
This will help you make sure that a career in business development is aligned with your long-term financial goals.
Mastering Your Business Development Skills
Whether youre already in the field or looking to get into business development, its no secret that youll need a pretty strong set of sales skills to succeed. If youre worried that youre not the most talented salesperson, dont worry just yet. Many of the most successful biz dev professionals knew almost nothing about the industry prior to starting. Instead, they committed to learning something new each day and pushing themselves to improve.
The skills you master early on in your business development career are going to shape the rest of your path. Sales skills such as cold calling and objection handling are easily transferable to everything you need to do when you reach the Account Executive level. If youre not interested in doing sales long-term, thats OK, too. Luckily, the skills you acquire in business development apply to other areas. For example, time management and active listening are key to job functions such as marketing and customer service.
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Get More Career Insights From Jobstreet
Make sure you improve your chances at landing a job by keeping yourJobStreet profileupdated. Check out JobStreetsCareer Resources page for the best tips and insights to enrich your work experience with #JobsThatMatter.
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What Is The Difference Between A Business Development Manager And A Sales Manager
A business development manager works to develop business relationships or strategic partnerships on behalf of an organization. This type of marketing focuses on facilitating business growth and opportunities, while a sales manager focuses on generating revenue. Someone in either position may work to create new sales leads and contacts, but a business development manager puts more attention into fostering client relationships. It is not uncommon for a BDM to have prior experience as a sales manager or marketing executive.
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Frequently Asked Questions About The Role And Responsibilities Of Business Development Managers
In a typical day a business development manager will help companies grow by identifying new opportunities, researching and establishing relationships with potential customers, and scheduling appointments for the sales team. Other duties include understanding target markets, collaborating with sales and design teams, and maintaining relationships with existing customers.
Business development management is a good career for individuals who are quick learners and enjoy learning new business knowledge. Business development managers often travel to meet with clients in person. This travel can be local day trips, or overseas depending on the company you are working with.
Yes, successful business development managers get paid well. The average base pay of business development manager in the United States is $124,506 per year, but their salary can vary depending on experience. Highly experienced business development managers can make up to $207,238 per year.
Working as a business development manager can be difficult at times as the position is often hard to concisely define. Individuals which have an open mindset, can complete honest and realistic self-assessments, and can accept and grow from failures will find success in this industry.
Gain Experience Through Entry
When it comes to experience, you can gain it from a previous job or internship opportunity. For entry-level business development management jobs, previous work in this role might be recommended but not required. You might also be able to transfer experience in marketing, sales, or technology into a position as a business development manager because those positions allow you to focus on your communication and negotiation skills.
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Sample Job Description #3
This position will prospect for new clients/business by networking, cold calling, advertising, or other means of generating interest from potential clients. They must then plan persuasive approaches and pitches that will convince potential clients to do business with ABC Company. They are also required to grow and retain existing accounts by presenting new solutions and services to clients. Business Development Managers work with mid and senior level management, marketing, and technical staff. Strategic planning is a key part of this job description, since it is the business managers responsibility to develop the pipeline of new business coming in to ABC Company.
Read Business Development Books
They are your best allies. Books take longer to read because theyre more complete than any article you can find online. While they seem to take forever, they actually help you internalize the knowledge, so you wont forget important topics and youll remember for longer.
We collected a list of the top 10 books for business development, be our guest!
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How Do You Become A Business Development Manager
Qualifications for a business development manager include a bachelors or masters degree in business administration. Other job requirements include prior experience in a sales or marketing position. The MBA is not a substitute for experience. A business development manager works to develop business relationships or strategic partnerships on behalf of an organization. They do this by presenting new opportunities to existing clients or using their contacts to find and develop sales leads.
Develop Appropriate Soft Skills Like Self
To excel as a business development manager, you must possess certain skills. You should be self-motivated and have the ability to reach specific targets with minimal supervision. It’s best to have strong organizational skills as well because you will be tasked with managing your time and prioritizing important tasks. Another crucial skill is to be a strong communicator since you will work with customers and colleagues.
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Take A Business Development Course
Once you have clear career goals, its a good idea to take a course. Formal training will help you become more confident and know exactly what you have to do to be a successful business development professional.
You can find many cheap courses on Udemy or similar platforms but beware: cheap doesnt always mean good. So before investing your money, make sure you find a trusted trainer that will take care of you.
How To Prepare For Business Development Interviews
After you apply for a business development job, you can focus on preparing your business development interview. This will be your moment to shine and show your recruiter the value you can bring to the company.
In order to run a successful interview, its important to gather as much information as possible about the company. You want to check their website, social media pages, and any possible media coverage about them.
Besides the information about the company, make sure you connect on LinkedIn with their employees in the same position. The recruiter will show the bright side of the company, but you want to have real insights from people doing your same job.
You can send them a simple message like this:
Hi Name, I see your work at COMPANY NAME. Im considering applying for the BD job, do you have time for a quick call? Id like to have your insights to better understand the company. Thanks, YOUR NAME
Last, check the reviews about the company on Google or any other review website like Trustpilot or Glassdoor.
If you dont know where to start, follow this checklist:
- Read company mission
- Watch interviews of relevant people
- Connect with current employees
- Check customer reviews
- Check Glassdoor reviews
Dont miss any of these steps, there isnt anything more frustrating than a candidate who didnt prepare at their best. So dont be lazy and do your homework.
Make sure to and then rehearse the questions with a friend, colleague, or one of your mentors if you already have one.
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What Does A Business Development Manager Career Path Look Like
Qualifications for a business development manager include a bachelors or masters degree in business administration. Someone pursuing this career typically starts out in the marketing, sales, or human resources department within a company to gain experience. People who work in a specific industry, such as tech, may also have a background in that particular field. The main duties of a business development manager are to develop business relationships or strategic partnerships with existing clients and find new sales leads.
What Are The Requirements To Start A Career In Business Development
After gaining knowledge about business development its important that you focus on building the requirements to work in this field. The cool thing about business development is that its very diverse and it fits many different personalities.
However, this also means that each company has slightly different requirements. Of course, we took care of it so you dont have to waste too much time on it. We analyzed 100+ job descriptions and based on that created this shortlist of requirements.
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Top Business Development Manager Employers
We’ve made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ business development managers and discovered their number of business development manager opportunities and average salary. Through our research, we concluded that Cisco Systems was the best, especially with an average salary of $137,191. Office Depot follows up with an average salary of $79,042, and then comes The Coca-Cola Company with an average of $120,682. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a business development manager. The employers include Sysco, Verizon Communications, and Siemens
What Is The Career Path Of A Business Development Manager
- Work as Senior Business Development Manager: If you use a particular paradigm and you are thinking about it from the sales perspective, then it’s probably Business Development Manager or Senior Business Development Manager. Those roles tend to be called career roles. In some cases, you may have to stay in that position for quite a time.
- Become People Manager: The next potential logical step could be becoming a people manager. You develop those skills and then manage the team of more junior folks along with taking on little more responsibility globally. You may be doing something in Latin America, North America or the US, but you take on AMIA or global perspective. In larger companies, there are more opportunities in Business Development Manager careers to move laterally and get other experience. For example, you are working on database partners, and there is some bog role working with the startup ecosystem- so getting startups to deploy on the AWS.
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Business Development Manager Job Description Sample
With this Business Development Manager job description sample, you can get a good idea of what employers are looking for when hiring for this position. Remember, every employer is different and each will have unique qualifications when they hire for a Business Development Manager role.
The business development manager is in charge of developing business solutions. The main goal is to generate more revenue for the company. They will manage client accounts and come up with new sales ideas. This includes new sales strategies, sales pitches, and business plans.
Duties and Responsibilities
Requirements and Qualifications
Your Path Toward A Career As A Business Development Manager Starts At Maryville
Professionals looking to take their career to the next level may find that earning an advanced degree, such as Maryville Universitys online Master of Arts in Management and Leadership, can help them achieve their goal. This dynamic program is designed to provide students with a strong foundation in business while developing their problem-solving, critical-thinking, and leadership skills. The curriculum includes classes in business ethics, project management, leadership, and management policies as well as courses for specialized concentrations.
Are you ready to take the first brave step toward a career as a business development manager? Learn how Maryvilles online Master of Arts in Management and Leadership program can help prepare you for the job you want.
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Salary Range For Business Development Managers
PayScale reports the median salary for business development managers in July 2020 was around $73,000. Earners in the bottom 10% of the salary range made around $45,000, while those in the top 10% made around $122,000. Most compensation packages for business development managers consist of a base salary plus commission.
In addition to a business development managers responsibilities, other factors impacting earnings include the industry, the geographic location of the job, and the employees level of experience. It should also be noted that individuals who have earned an advanced degree, such as an online Master of Arts in Management and Leadership, may receive additional compensation.
How To Become A Business Development Manager
Follow these steps to become a business development manager:
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Invest In Your Soft Skills And Network
Sales gives you a chance to acquire and practice soft skills that are valuable to any business setting. The sales world enables you to grow your professional network, make connections, and nurture relationships that can be extremely beneficial throughout your career.
Some examples of soft skills include: communication, problem solving, teamwork, adaptability and time management.