What Are The Kpi For Business Development Manager

[Rozella Dibley]

To become a business development manager, you need skills crafting growth strategies and identifying new business opportunities. The Business Strategy Specialization from the University of Virginia and the Entrepreneurship Specialization from UPenn Wharton are highly rated courses that you can take to build skills and take the leap.

According to job site Glassdoor, business development managers in the United States make an average salary of $128,962 per year (January 2024) [1]. Salaries can vary depending on the industry, location, and amount of experience you have.

It helps to have experience with the selling process. For example, as an entry-level retail sales associate, your responsibilities might include guiding customers through their purchase decisions all the way to the point of sale. As an outside sales representative position, your responsibilities might include reaching out to prospects, demonstrating products, and securing new customer accounts.

Is business development right for you? Explore the field and build your growth strategy skills with the Business Strategy Specialization from the University of Virginia or the Entrepreneurship Specialization from UPenn Wharton.

While there are no formal qualifications needed to become a business development manager, there are several routes you could take to help you pursue this career. You could complete a university or college course, an apprenticeship or apply directly to an employer for work.

You should explore these routes to becoming a business development manager, to find out which is the right one for you. Although some of these options have certain qualification requirements, many employers are more interested in people who are enthusiastic, willing to learn and can follow instructions.

You could complete an undergraduate degree in business development, business management, economics or accountancy, to develop your knowledge and become qualified for a career as a business development manager.

While there are no formal qualifications needed to become a business development manager, having GCSEs (or equivalent) in maths and English at grade 4 or above would be beneficial for anyone considering this as a career, as the role requires a good standard of numeracy and literacy.

An apprenticeship with a construction firm is a good way into the industry. Apprenticeships are open to anyone over the age of 16. As an apprentice, you will be fully employed by your company and expected to work a minimum of 30 hours a week. Your time will be split between on-the-job experience and a college or training provider.

If you already hold GCSEs or A levels (or equivalent), or a degree, and have proven experience in sales or business management, you may be able to apply to an employer directly for a role as a business development manager.

Work experience is essential to gaining employment within the construction industry. You could gain this at school, or by working weekends and holidays with a company or relative who works as a business development manager. Potential employers will always be pleased to see work experience listed on your CV.

As a business development manager in the construction industry, you could progress into a role as a bid writer, and take on responsibility for preparing and writing commercial documents needed by companies to win new contracts.

Salaries in London, for example, are usually higher, as well as in major cities such as Bristol, Edinburgh and Manchester. Salaries are usually lower in small towns and rural areas. You are likely to earn more if you work in the technology, finance or professional services industries.

It's common for performance-related bonuses to be paid. These can significantly increase your earnings. Some jobs will be advertised with 'uncapped commission'. Jobs are often advertised with a basic salary and a higher on-target earnings (OTE) figure.

A degree is not essential for this role and some business development managers work their way up through an organisation, gaining experience in a sales or marketing role and undertaking work-based training.

Another increasingly common route into business development management is through an apprenticeship, combining work with part-time study. Apprenticeships are available at various levels, including degree-level. Relevant degree-level apprenticeships include the Level 6 business to business sales professional (integrated degree). Find an apprenticeship.

It's important to get some relevant work experience to develop your skills and boost your CV. There may be opportunities on your degree to take a year out in industry or to do a shorter work placement or internship. If your course doesn't include a placement, try contacting local businesses to ask for work experience opportunities.

Part-time or vacation work in a business that has a focus on business development and management is particularly useful, but any experience gained within sales, marketing or business administration will be good for your CV and skill set. It will also show future employers that you're serious about your career choice.

Employers tend to be larger companies that can dedicate time and resources towards developing their business. In smaller companies, business development is usually carried out as a smaller function within a broader mix of responsibilities.

Much of your training will be on the job but there are also a huge number of relevant courses available, such as Level 2 and Level 3 courses in business principles, sales and marketing, and sales management.

Ultimately, progression will be determined by your personal drive and aims. There's no specific structure, but you'll find many opportunities for gaining increased responsibility and, with it, an increase in salary.

You may progress to the role of senior business development manager, perhaps being responsible for a bigger team or department, with higher targets. With enough experience, you could reach director level with strategic responsibility for income and growth.

Working overseas is possible if you work for an international company. You may have the option of travelling and working for short periods in the overseas divisions of your company, or you could apply for a permanent overseas transfer or to a new company.

Do you have excellent communication skills? Are you a quick learner who enjoys gaining new business knowledge? If so, a career as a business development manager (BDM) could be a fantastic fit for you.

Business development management allows you to flex your relationship-building and problem-solving skills. In this post, we'll discuss the role and the responsibilities that come with it, and give you the steps you need to take to become one.

A business development manager builds business relationships with prospective customers. And their ultimate goal is to grow the company by qualifying sales leads and expanding the business' reach into new markets.

Suppose the company's compensation plan includes a commission or offers employees a percentage of monthly sales. In that case, the base salary might be lower than the expected average for a business development manager.

While a business development manager role generally has no formal requirements, many employers seek candidates with bachelor's degrees in sales,marketing, business administration, or entrepreneurship.

This experience can come from a previous job or internship experience. If you're looking for an entry-level business development manager role, previous work in this specific role might be recommended but optional.

Experience as an entrepreneur can also be desirable because it gives you perspective on the ins and outs of running a business. This will help you relate to prospects as you identify their business challenges and look for solutions.

If you're interested in becoming a business development manager, technical know-how is a must. In-depth knowledge of software your company and prospects use (like CRM databases, communication and collaboration software, or marketing automation platforms) will be helpful. This is especially true if you plan to work for a SaaS company.

When you're ready to apply, create a resume highlighting the essential skills you've learned. If you need some resume inspiration, here are a few examples of business development manager resume templates you can use to write your own.

You can find business development manager jobs by using social media like LinkedIn, or searching online job boards. You can also attend sales networking events in your area or digitally to further your chances of finding a company or startup looking to hire you.

Having a vision and putting together a good team are among the factors that help predict success in business development. A successful developer also knows how to write a good business plan, which becomes the blueprint to build from.

Business development managers solidify client leads and assist in strategic growth planning. While business development representatives may generate and transfer leads to account executives or similar professionals, business development managers often foster existing customer relationships and seek out upsell opportunities.

Business development managers ensure that customer relationships are producing value for both parties, as well as help determine sales revenue and growth goals. They act as a significant resource for companies looking to maximize long-term profits.

Business development managers will need to obtain two or more years of experience in business development, sales or similar roles. Knowledge in the areas of strategy development, lead generation, customer relationship management, sales performance analysis and effective communication are recommended.

After gaining experience as a business development representative or related role, professionals may move into the business development manager role. From this point, professionals can progress into roles like director of business development or vice president of business development.

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