All About Business Development Executive-Responsibilities, Salary, Career Path.
A Business Development Manager plays an important role in the growth of a company. An expert or qualified BDE can increase the sales and revenues of a company in a very short period and meet deadlines timely. But here the question arises what actually does a BDE do and how do they do it?
What is a Business Development Executive?
In simple terms, a BDE is an industry professional who is responsible for the growth and bussiness development strategy of a company. They provide services to different kinds of companies including:
- Technology Companies
- Software Development Firms
- Consulting Firms
- Financial Institutions
- Manufacturing Companies
- Healthcare Organizations
- Telecommunications Companies
- Retail Companies
- E-commerce Platforms
- Advertising and Marketing Agencies
- Real Estate Development Firms
- Energy Companies
However, It’s important to note that the role of a BDE is not only limited to the types of companies listed above. They are diversified professionals meaning that they can be found in almost every type of industry or firm whether small or big. This is because all types of companies demand progress and new opportunities which these professionals help them achieve.
Roles & Responsibilities:
Their primary role is to find new business opportunities for a company. They also promote good relationships with clients that help a company to expand.
Now, let’s come to the real part. Which is “How do they do it?”
Market Research:
They start their process by understanding the market. They do deep market research, analyze trends, and study consumer behavior on different media platforms or channels. This makes it easy for them to identify potential opportunities or threats in the markets. As a result, a company can make informed decisions for the future for better output.
Identifying Business Opportunities
The second duty of these professionals is to find new business opportunities for a company. They look for opportunities that are relevant to the company’s goals. Sometimes, they might find new opportunities on the spot when they are doing market research but sometimes they don’t. However, The main focus of this step is to identify newer/untapped markets, potential clients, or partnerships that can benefit the company.
Building and Maintaining Client Relationships
Good relationships result in good business. And BDEs understand this fact very precisely. The focus of these individuals is not only on getting new clients but they also pay close attention to existing client relationships. They put very obvious effort into making sure that their clients are satisfied and happy with the services that the company is providing. They know that satisfied clients are more likely to stay with the company for the long run and can also bring in more business through positive word of mouth.
Developing and Executing Growth Strategies
These professionals will also develop growth strategies for the company. But before developing new strategies they have to identify new opportunities. Once they are successful in identifying new opportunities for the company then they develop business strategies to take advantage of those identified opportunities. A good growth strategy has;
1) Realistic Goals
2) Outlined Strategies
3) Execution Techniques
Sometimes, the strategies might miss out on business goals. But this is absolutely fine. A good BDE will always come with valid reasons for the failure and will suggest improvements for the next time. Moreover, if executed right a good strategy can help the business grow substantially.
Collaborating with Other Teams
If you like to work alone then you should probably not choose the career of a BDE. Because these individuals have to cooperate with other different departments on a daily basis. It is part of their job. You will often see them working with other departments in a company. In the end, their main goal is to keep everyone on the same page so that they can work toward a common major goal.
III. Key Skills and Qualities Required
Sales and Negotiation Skills
The first and most important quality that a BDM should have is to know how to sell. They should be able to sell products along with ideas or even partnerships. So, if you are good at persuading other people then it is a good trait for you in business development.
Communication and Interpersonal Skills
All the listed qualities are of no use if you don’t know how to communicate your plans or ideas. So, it is very important for you to focus on building communication skills. You should communicate your ideas in a clear manner with your team members or higher authorities. The better they understand the better they are to agree with you. Moreover, it is a plus for you if you are good at negotiating deals and building relationships. In the end, if you are a good communicator and can negotiate for favorable terms then you are really a valuable asset for the company.
Analytical and Strategic Thinking
These professionals face problems on a regular basis. The problems that a typical BDE faces might include:
- Intense Competition
- Economic Downturns
- Changing Consumer Preferences
- Limited Resources
- Resistance to Change
- Global Economic Factors
- Technological Disruptions
- Regulatory Challenges
- High Customer Acquisition Costs
- Ineffective Communication
But every problem can be solved if you are confident enough and have the right set of skills. Right? A good BDE will always be able to analyze data, predict potential challenges, and think strategically to solve any arising problems.
Industry Knowledge
It is very important for these professionals to have a deep understanding of the industry in which they are providing services. That’s why most of the firms will give priority to individuals who have related experience. A good BDM professional will always try to learn more about his/her industry. He will try his best to stay informed about industry trends, competitor activities, and market shifts to make informed decisions on time.
IV. Career Path in Business Development
Entry-level Positions and Requirements
If you are new to this field and have a bachelor’s degree in business marketing, business administration, or a related field then you will probably end up as an Associate or Coordinator. However, many companies also look for individuals with a passion for growth and learning. They might not hire them right away but instead, give them internship opportunities to gain some experience.
Progression to Senior Roles
As BDEs gain more and more experience, they can progress in their career with time. These professionals might also be asked by companies to showcase a portfolio of successful projects or skills. After all, they are now investing more in them. Some common senior-level roles for this profession are BD Manager or Director. It’s also very important to note that these senior-level roles come with senior-level responsibilities. You will be questioned more and expected more.
Specializations in Business Development
It is a multi-tasking profession. You have to deal with various kinds of business activities. So, it is always a good idea to improve yourself by specializing in areas such as sales, partnerships, or market expansion. Specializations allow professionals to focus on their strengths. You can also develop interests within the broader scope of this field.
Continuing Education and Professional Development
It doesn’t matter if you are a Business Development Professional or not, the learning process should never stop for you. You can always get more benefits from continuous education, attending workshops, or obtaining certifications.
Once you have learned something new or earned a new certification. You can always display it on social media to earn some credibility. You can use platforms like LinkedIn to connect with other like-minded professionals. They will help you to improve.
V. Salary Range:
You will get a good general idea about the salary ranges of BDE in the United States from the table given below.
| Industry | Experience Level | Median Salary | Salary Range (25th - 75th Percentile) |
|---|---|---|---|
|
Information Technology
|
Entry-Level |
$97,994
|
$73,000 – $133,000
|
|
|
Senior-Level
|
$164,474
|
$123,000 – $226,000
|
|
Management & Consulting
|
Entry-Level
|
$97,994
|
$73,000 – $133,000
|
|
|
Senior-Level
|
$164,474
|
$123,000 – $226,000
|
|
Manufacturing
|
Entry-Level
|
$97,994
|
$73,000 – $133,000
|
|
|
Senior-Level
|
$164,474
|
$123,000 – $226,000
|
|
Financial Services
|
Entry-Level
|
$97,994
|
$73,000 – $133,000
|
|
|
Senior-Level
|
$164,474
|
$123,000 – $226,000
|
|
Insurance
|
Entry-Level
|
$97,994
|
$73,000 – $133,000
|
|
|
Senior-Level
|
$164,474
|
$123,000 – $226,000
|
Conclusion:
In conclusion, if you plan to become a Business Development Manager, then you should be aware of all the info above.
The path of this profession is never a straight one. You might face some struggles along the way. But if you have what it takes to be BDE then you should not be worried about it. Rest assured, there is a promising future for this profession.
