This role, as the title suggests, is focused on developing new business. As such, your target is prospecting for new sales and revenue growth, although you may get residual earnings based upon retained business. Although the title does imply a management position, you may be cold-calling telesales 90% of your time, or you may be managing a team of highly skilled sales and marketing individuals with long-standing business upon which to build—it just depends on the company and media sector within which you are working.
The skill set required for the Business Development Manager job description is a developed and honed version of the sales executive job description with excellent rapport and communication skills, a tenacious and target driven attitude, and a strategic approach to planning for new markets and clients.
Business development (or “biz dev”) Managers are involved in the development of their employers’ products and services. They also must create marketing strategies, generate sales leads, negotiate and close deals.
You will have to identify new business opportunities in new markets or new product or service offerings to better meet the needs of existing markets.
What the work entails depends on how big a company is and what industry it’s in.
Duties in a Business Development Manager job description
- identify new business opportunities.
- stay abreast of what’s happening in your industry
- make sure you understand what your company is up to on an ongoing basis
- understand your company’s strategy, how your company compares to its competitors, and how it’s perceived in the marketplace.
- understand the market for your company’s offerings-who comprises it, and how it may be changing.
- think creatively about everything you know about your company.
- identify possible ways to improve your company’s sales
- identify anything from new market segments (or individual potential clients) to new sales channels to sell through, to other, related products or services in the marketplace with which your company’s products or services can be combined into synergistic, “co-branded” offerings.
- prioritizing the new business opportunities you’ve identified.
- compare the potential returns of each new opportunity to the costs your company would incur to exploit it. Which means spreadsheets-lots of spreadsheets.
- bring the new opportunities you’ve identified and prioritised to fruition.
- negotiate with those at other organisations who can help you take advantage of the opportunities you’ve identified.
- close deals with those other organisations to increase your company’s bottom line.
Cold-calling or prospecting for potential clients, members, or partners is often a task that falls to entry-level roles in Business Development. As in traditional sales jobs, there’s often an account-management aspect to business development.
Requirements in a Business Development Manager job description
- strong business acumen
- strong research skills
- excellent quantitative and analytical skills
- excellent people and communication skills
- killer deal-closing instincts possessed by the best sales types.
- experience in finance or corporate sales.
- knowledge of the company’s business
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