One of the main reasons why an economy survives is due to the existence of the business. The existence of business is, however, dated back to from when mankind existed. At first, trade started in the form of what is called the barter system where goods where exchanged for goods. After the invention of money, in exchange for goods, the payment methodology was adapted.
The growth in the trade and commerce field has always been growing. If we trace back into time, at first, it used to be inside the kingdom, which then grew to between kingdom and which now is going between different countries.
With the advancement of technology, every day there is a new way which is found to do business. There is a constant urge for us, humans, to strive in a growing and evolving society.
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The main aim as to why we start a business is always to make a profit. However, business is not limited to earning profits alone. In every field, if we take, be it on a small or large scale, there are a lot many businesses running.
Even if we take the example of the regular tea shop, we see one to two in the vicinity of each street. The performance or profit earned by these two shops might differ, the reason being marketing strategies applied.
One of the most important strategies or factors that determine the life and profit of the business is marketing strategies that have been applied. It varies depending on the nature and scale of business, but the underlying factor is the same. Be it a tea or software product; the way we showcase in the market determines the survival and success of the product.
In the case of corporates, it is here that the business development manager comes into play. A business will not just start working, or no business house will earn profits overnight. It needs a plan.
Before launching a business, one has always to conduct a market survey to study the market and to know the level of competition, because without this it isn’t possible to run a business. The reason why corporate companies employ business development managers is to show them how the market can be captured with their product or service.
The role of a business development manager isn’t limited to specific activity only. They hold a key position in an organization. They act as a coordinator between the departments of the company. The business development manager has first to do a detailed study regarding the products and services offered by the organization before moving into the market.
The business development manager has to understand the market condition then and come up with marketing strategies. They have to come up with strategies to maximize the revenue of the organization, along with evaluating the performance of the company and supervising the employees.
Business development activities is a broad term; it extends from sales to marketing to project management to product and vendor management. As a business development manager, one needs to have strong networking and negotiation skills.
Below are some of the main tasks and objectives of the business development manager:
• Developing plans and growth strategies
• Networking which includes making new clients and maintaining the relationship with existing clients.
• An increasing client base of the organization
• Having an in-depth knowledge of business
• Having an in-depth knowledge of the market
• Following industry trends
• Decision-making skills
• Guiding and reporting as to where improvement is needed.
• Coming up with innovative ideas
Being a business development manager comes with a lot of many responsibilities as far as business is concerned. Normally to be employed as a business development manager, one needs to have a degree in any of these below areas or below certification courses:
• Project management
Apart from the educational qualifications, the below skill sets are also needed for one to be business development manager:
• Excellent communication skills
• Management skills
• Conflict resolution skills
• Ability to work in a team
• Ability to work under pressure
• Negotiation skills
• Observation skills
• Ability to bring about innovation in business
• Networking skills
It isn’t possible to generalize what the business development manager exact role will be or what will be his/ her duties, below are some which are seen as common duties:
• Generate leads
• Following up with existing and new clients
• With the support of the marketing team, develop the right opportunities in the target market
• Maintaining and developing relationships with key customer accounts
• Conducting presentations, meetings, and product demonstrations with clients through face to face and via communication mediums like telephone, emails. Etc.
• Providing specialist services
• Enhancing and evaluation of company and staff performances
• Bringing up innovative ideas to promote business
This is just an overview; the role isn’t limited to this. As a business development manager, there will be sales targets that will be assigned. The business development manager will be answerable to questions from managing directors, owners, stakeholders, and customers. Hence, it is an essential requirement to have excellent communication, conflict resolution, and negotiation skills.
With globalization and continuous expansion of trade and commerce, market conditions change in a fraction of second. Many management schools are coming up with courses and programs to branch out business development as a field of study.
Business development has been already studied in various management programs, but it isn’t specific, it is included as a part of other fields of studies. Many organizations club business development activities as part of marketing activities. It can be clubbed, but it is an altogether different area.
In the coming days, with the recent way how the market is running, it wouldn’t be wrong to say the future of the organization lies in the hands of the business development manager.
It is the business development manager that acts as a mediator or as a representation of the organization. It is how he or she projects organization; it is perceived by the clients. Right from building a client base to the implementation of strategies to capturing the market, it is all duty of business development manager.