How to Become a Business Development Manager
Step 1: Understand the job description and responsibilities of a Business Development Manager
What does a Business Development Manager do?
A Business Development Manager creates business strategies to facilitate company growth. Identifies and helps to develop strategic relationships with partners or potential customers. Being a Business Development Manager works with other departments to ensure alignment of company goals, as set by senior management. Evaluates appropriate information to forecast the return on future business transactions. Additionally, Business Development Manager designs and determines terms of business agreements. Requires a bachelor's degree in business. Typically reports to a manager. The Business Development Manager manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. To be a Business Development Manager typically requires 5 years experience in the related area as an individual contributor. 1 - 3 years supervisory experience may be required. Extensive knowledge of the function and department processes.
The development manager might need to partner with an internal sales team or sales coordinator in order to implement new growth strategies.
Business development managers are responsible for helping grow businesses by finding new opportunities, researching leads, establishing relationships with potential clients and arranging appointments for sales executives.
While it’s not required, obtaining a master’s degree in a business-related field can help increase your value to employers.
To help you expand your professional network and learn more about launching a career as a business development manager, it’s a good idea to find a mentor.
This could be a teacher, former manager, fellow alumni from your school or any other experienced professional who could share their experiences, guidance and advice.
Step 2: Learn best tips to become a Business Development Manager
Best tips for those who want to become a Business Development Manager
Here are some tips to become a Business Development Manager.
Step 3: View best colleges and universities for Business Development Manager
Best colleges and universities for Business Development Manager
- Butler University
- Carroll College
- Cooper Union
- High Point University
- Princeton University
- Providence College
Step 4: Think about whether is it worth to be a Business Development Manager
Is being a Business Development Manager Worth it?
Facilitate preparation for business planning activities by establishing processes, coordinating all required pre-work, ensuring dissemination of required data, and locking in contracts.
Related experience with an emphasis on business management, contract review, strategy planning.
Understanding and comfortable with quantitative (including financial) analysis to help drive efficiencies, productivity improvement across business initiatives.
As a Business Development Manager, you will be responsible for developing and recruiting new business relationship.
You will help to develop new business and promote brand awareness to clients, including fashion, luxury and lifestyle category.
Step 5: Prepare relevant skills for being a Business Development Manager
What skills do you need to be a Business Development Manager?
Management is no easy task, and as such, the skill requirements for these types of roles vary greatly. Chief skills for this role are: Business Development, Lead Generation, Lead Management, Marketing Analytics, Relationship Marketing. Expertise in these areas will help you land this, or a similar role.
They rely on knowledge, theory and hands-on experience to help businesses to grow.
A good business developer must have strong communication skills.
Any good business developer should be able to build relationships, influence, manage conflicts and navigate through office politics in order to get things done.
A Business Developer will need to have strong research and strategic analysis skills.
Business developers must be able to collect the data they need in order to prepare an accurate analysis.
Step 6: View average salary for Business Development Manager
How much does a Business Development Manager make?
The average salary range for a Business Development Manager is from $103,607 to $151,720. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Business Development Manager jobs
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