A business development manager (BDM) plays an integral role in an organization. Without him, organizations cannot identify new business opportunities, market effectively or achieve their targets. Business development managers are increasingly in demand, as companies strive to beat the competition and expand. Here is a roundup of the key roles of BDMs, how to become one and the career prospects.

Key Roles and Responsibilities

Business development managers use their knowledge and skills to facilitate strategic analysis, marketing and sales to help a company grow. This may be in the form of forming new partnerships, formulating new marketing strategies and identifying points of weakness within the company. BDMs also come up with improved product or service offerings to better meet the needs of clients. Other roles include attending conferences and seminars, identifying suitable marketing channels, setting targets for the sales team, writing proposals and specifications and cold-calling. Business development managers work with the senior management, marketing team and technical staff to help them achieve their objectives.

Where Does BDMs Work?

Business development managers may work with private companies and government institutions across different industries. Others may work as independent contractors. The majority of BDMs are found in the private sector, with over 50 percent in the financial, manufacturing and healthcare industries.

Educational Requirements

One must have at least a bachelor’s degree in a business-related field to become a BDM. This may include a bachelor’s degree in finance, sales and marketing, economics or business administration. All business degree programs take between three and four years to complete. These programs are designed to help students acquire knowledge in business leadership, marketing, organizational behavior and entrepreneurship. It is also important for students to do internships during their final years to acquire the insights into the everyday life of an actual business development manager. Internships can be easily completed during summer breaks or at the end of each semester.

Other Skills and Qualifications

A business development manager requires good networking, persuasion, public speaking and closing skills to function effectively. He must also be in a position to identify customers’ needs, plan sales activities, study the market and ensure the sales goals are met.

Career Advancement in Business Development

There are numerous opportunities for career improvement as a BDM. The first thing you need to do to qualify for a higher position is to get a professional certification. Find out the right professional association and sign up for membership. You can try the National Association of Business Management Professionals or the National Business Development Association (NBDA). It is also wise you look around for promotion opportunities to maximize your chances.

Business Development Managers Career Outlook

The rate of employment of business development managers is rapidly growing. This has a lot to do with the increasing rate of competition in today’s market and the complex technology being used. Business development managers often work with the IT department to identify different technologies that can work effectively for the company.

Business Development Managers Salary

According to PayScale, business development managers earn an average salary of $70,091 per year. The salary ranges from $41,245 to $119,582. Those who are experienced earn more.

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The rate of competition in the country is increasingly becoming a serious problem for many businesses. Companies have no any other choice but to hire individuals who can help them identify new opportunities, keep up with the competition and grow. This means huge prospects for business development managers, as their efforts are required to help companies gain a fair share of the market and expand.