announcement

Give tips to succeed in business or brilliant business ideas.

Business Development Specialist

Business Development Specialist

Business development is one of the most important functions that a company has to carry out, when it launches a particular product or service. The company has to efficaciously market the introductory offers with good product promotions to people so that they may become potential customers.
Stephen Rampur
For handling the responsibility of commercializing products and services, a company hires a professional known as a Business Development Specialist (BDS). He is an employee who has been given the most significant responsibility of getting new businesses and contracts for the company. He is required to use a variety of methods and techniques, for attracting and increasing the product sales. His job includes many obligations and activities, which are completely different from those of a marketing executive. However, he may perform some duties, similar to those of a marketing professional. In short, he plays a very crucial role in acquiring sufficient business for the company.
An executive of this domain is required to report to and be supervised by the chief marketing officer, or any other senior manager in the same process. He may be a senior level executive, who directly reports to the company president or the board of directors. While marketing is one of his major duties, his position defines more centered tasks. His job particularly includes attracting new businesses through promotional advertising, development, and thorough research. He has to recommend some efficient business growth strategies, which would help the company retain customers, and increase sales and business competition.
In certain companies, he might act as a key person and decision maker, involved in the development of a new product, service, or offer. In such a position, he needs to execute certain duties such as conducting focus group testing, assessing how the new product will be received in the market, developing prototypes and models for an elaborated review, and eventually reporting back to the production team. After the product or service enters the production stage, he is largely responsible for carrying out all marketing operations, and working with the marketing team, to implement an efficient campaign.
He has to sporadically carry out an extensive market study, and determine the expectations of the customers from the product. By handling the business development of new products, a business development specialist normally works with the present commodities in different markets, and tries to analyze more effectual marketing strategies, for making a strong base to the existing product. This may even include research on where to start a company store, or communicating with an industrial client, as to how the product would do better. The possibilities of a new business development predominately depend on the market's condition.
He not only has to maintain good relations with customers to increase the chances of getting good business, but also interact with internal colleagues and subordinates, to collectively contribute to teamwork and productivity. He has to know the significance of effective workplace communication. An organization's prosperity largely relies on new products and customers. Growth will be hampered if there is no effective communication and a spirit of cooperation, between all the related parties.
The remuneration of this specialist varies, and it mostly depends on the seniority and post. Generally, he may earn a starting salary of minimum USD 50,000 per annum. If you are thinking of becoming an executive in this field, you inevitably need to have good communication skills and the tact of attracting multiple businesses.