Vision clearance engineer, list broker, chief technology officer – these are some of the many job titles that were completely unknown just several years ago. And suddenly, they are on everyone‘s lips, and each of them seems more important than the other. The title of a business development manager is no exception.
When literally translated, they are responsible for the further development and implementation of new business areas and strategies. This does sound quite good – but, is it really an irreplaceable area of responsibility that has simply been overlooked until now?
What exactly is behind this particular term, what requirements do aspirants to the job have to meet? Is it a short-lived trend or is it a job that has a lot of future prospects? Well, let‘s take a closer look at everything that you should know about business development managers:
This is Why Business Development Managers Are in Demand
As you know, the world is in a constant state of flux. It‘s slowly, but surely becoming more global, more digitalized, busier, and what is in today may be yesterday’s news tomorrow. As a result of the changing world, the market remains exciting at all times, start-ups that have some really amazing and innovative ideas are springing up every day.
And, more and more of these startups are trying their luck abroad, finding support here from their respective governments or forging private partnerships that could help them thrive. But, building up the company, getting into the black for the very first time, is not the end of the story.
On the other hand: if you don‘t keep up with the times and if you don‘t keep an eye on market developments and the competition you have, if you don‘t have a feel for your customers‘ moods, possible crises or promising trends, you‘ll quickly be left behind, even if you had a successful start. To counteract this, the business development manager comes into play.
These Are The Skills That a Business Development Manager Needs
So, by now, it‘s pretty clear that not only does the term sound quite important – the task is, too. Nevertheless, the profession can only be roughly outlined in general terms and expression, mostly because a business development manager is at home in numerous branches of the industry,
From plant construction and the pharmaceutical industry to technology and finances, a BDM can be found almost everywhere. Accordingly, the paths to the post are completely unregulated. A specific course of study is less important than certain personal characteristics, which should absolutely be present. Because without:
- A feel for economic developments, trends, needs, and influences,
- Basic knowledge of sales, finances, and revenue,
- A soft spot for marketing and advertising strategies,
- The ability to think strategically, analytically, and outside the box,
- Fun in dealing with customers and partners,
- Excellent English skills,
- A thick skin,
- Rhetorical fluency,
- Mediation skills,
- Creativity and enthusiasm.
Even the best and highest degree will not help your organization. Basically speaking, the key function of a business development manager is not to only secure, but also to expand your company‘s profitability. And, this is not only to maintain a competitive edge but to always be a little bit ahead of the competition you have.
A Diverse Profession
In addition to the aforementioned things, the precise definition of this particular field of activity will depend on the industry, as well as the area of application. For example, a sales-oriented business development manager will focus on the development of innovative strategies for retaining old and acquiring new customers.
On the other hand, a product-oriented business development manager will focus on the design of new products, which can include things such as planning the corresponding marketing campaigns. Those who focus on advertising and competition from the outset take care of the market positioning of their company, and more importantly, develop concepts to always be at the top of the industries and global players.
Moreover, today several outsourcing firms also offer a diverse range of functions, such as marketing, project management, business valuation services, such as researchoptimus.com and more, that are performed by a business development manager.
What to Look For in a Business Development Manager?
Before we conclude this article, it‘s worth mentioning a few things about what skills a business development manager needs to have. Besides the ones we mentioned in our list above, you should also have or look for these particular skills:
- Being a Team Player – a person that is too focused on themselves could never be a good team player. After all, the success of your business won‘t depend on one individual, but on your entire team. Hence, it‘s extremely important that a BDM knows how to function and work with other staff members.
- Technological Skills Are Important – another important thing is that they have to know their way around technology. Good technical skills are assets to any worker, especially since they‘re connected to computers, digital media, among other things.
- Understanding That Social Media Networks Are Crucial – since a BDM has to understand market dynamics, then they also need to understand that social media networks are crucial for any business. Hence, it‘s important for them to understand how these two things are connected with each other.
- Being Able to Research – in order for a BDM to implement new strategies and innovations to any business, they need to know how to research the market properly. This means that they have to tackle present problems but also visualize what could happen in the future as well.
Whichever of the areas we mentioned above may be: Did you always know which short haircut would soon be the trend before everyone else? Whether the hot newcomer band would last for a long time or be a flash in the pan? Did you solve math problems with analytical knowledge or understanding, and did your shine in art class with creativity?
If you were sent ahead by your siblings, if it was a matter of negotiating with your parents about the amount you receive for your pocket money, or if it was clear from the start that you would give the graduation speech and organize the graduation ball: then you should take a closer look at the professional field of being a business development manager because one thing is for sure – the future looks quite bright and promising for this particular line of work.