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How to Become a Business Development Manager

How to Become a Business Development Manager

How to become a business development manager? What are the educational requirements and what salary can one expect? We will try to answer all these questions in this article.
Rahul Pandita
A business development manager is responsible for gaining new customers for an organization and maintaining existing customers by building relationships with them. If you are thinking of taking this career up, we would like to tell you that this is one of the most challenging jobs in the world. Not only will you have to be good at presentations and basic business management skills, but you also would be responsible for the growth of the organization.
The rewards are high in this field, but only if you perform as per the expectations of the company. One needs to be fast, innovative and confident about himself as this job demands winning over new clients in a fiercely competitive market. So, if you are someone who views challenges as opportunities and is good at convincing people, this can be the ideal career for you.
Academic Qualification and Training
A Bachelor's degree in business administration is a pre-requisite for starting out in this field. It prepares an aspiring candidate for the job role and helps in developing skills which are extremely essential for becoming a business development manager. Some of the important courses like accounting, economy, organizational behavior, human resource management are beneficial as these are put to use everyday in the office. After completing the bachelor's degree, one can join an organization and start working at entry-level and then make his way up the ladder to become a business development manager.
If you want to improve your chances of becoming business development manager in a short span of time, you can complete a Master's degree in administration, (MBA). It is a two-year course which has now become a standard in the corporate market and it vastly enhances the prospects of a candidate. These two-year programs which focus on courses such as conflict resolution, managerial communications and business laws. An MBA degree also helps a candidate to specialize in a particular field such as marketing, human resource, finance etc.
Key Skills and Attributes
As mentioned earlier, the job of a business development manager requires an individual to be confident and good at resolving conflicts. Some of the key skills and attributes are
  • As a business development manager is responsible for handling all the sales and marketing plans of an organization, he should have a good business sense about the strategies that can work for the company.
  • The business development manager should have a tenacity to thrive in challenging circumstances as there are times when the most important decisions have to be taken under-pressure.
  • A business development manager should have effective communication skills and a positive attitude.
  • He should have a thorough understanding of the products of his company apart from knowing the strengths and weaknesses of the competitor.
  • A business development manager has a team of people working under him, so he should have good organizational and time-management skills.
  • The business development manager has to meet certain high-profile clients and investors, so he should have business etiquette and a smart appearance.
Duties and Responsibilities
Business development manager is at the helm of affairs of the sales and marketing division of a company. Some of the main duties and responsibilities are
  • A business development manager is responsible for identifying and developing new business opportunities for the organization.
  • He has to develop a strategy to acquire new clients and brief his team members about the plans.
  • Business development managers are also responsible for gathering information about the preferences of the clients/customers and decide whether a change is required to the mode of operation.
  • They monitor the outcome of the business activities so that the feasibility of a business plan can be ascertained.
  • Business development managers are also entrusted with preparing proposals and tenders to the client so that the advantages of the organization can be highlighted.
Salary
The average salary of a business development manager in America is around $80,000. This includes bonuses, profit-sharing and commission. Business development managers with more than ten years of experience have the potential to earn more than $100,000 per year. New York, Houston and Chicago are the cities which offer numerous opportunities to individuals.
A career as a business development manager is financially rewarding and if you are working with a multinational company, you might get numerous opportunities to travel abroad. Although, the job requires you to work extra hours, the respect and the compensation that it offers is something that a lot of young individuals look forward to.