What Does a Business Development Manager Do? Salary and Qualification
A business development manager (BDM) plays a vital role in driving growth by identifying new business opportunities, building client relationships, and enhancing market presence. They often serve as the bridge between marketing and sales as they take part in creating strategies that favors the business. The development managers remain actively involved in market research, networking, and negotiating deals.
Through this write-up, we are going to explore the world of a business development manager, including their roles and responsibilities, duties, key skills, and expected remuneration.
Table Of Content
Who is a Business Development Manager?
Difference Between a Business Development Executive and a Business Development Manager
Which Skills Are Must-Haves for Becoming a Business Development Manager?
Business Development Manager - Educational Requirements
Average Salary of a Business Development Manager in Some Indian Cities
Industries Which Need Business Development Manager
Career Progression and Growth of a BDM
Some Small Advice to Become a Successful Business Development Manager
Conclusion
Frequently Asked Questions
Who is a Business Development Manager?
Business development managers are the professionals responsible for increasing an organization’s market presence and bringing in revenue. A company can completely rely on them for getting new business opportunities, bringing in potential clients, and creating strategies for expansion. BDMs are the people through whom the companies can expand.
Having expertise in marketing, sales, and strategic planning is a must to become a BDM. However, these professionals are not sales representatives who primarily focus on closing deals. A development manager of a business takes a broader approach towards business growth.
Business Development Manager Duties
There are some common responsibilities that these professionals generally handle, like –
- Market Research and Analysis: They spend significant time examining the market trends, analyzing the competitors’ efforts, and finding potential opportunities. This is common in this job. They also work on identifying the gaps in the market that their company can fill. This way, they determine which areas the business must focus on to attain growth.
- Lead Generation: One crucial aspect of the job is to find new businesses. These managers ideate different methods and identify potential clients. Some of the popular ways that they adapt are networking events, referrals, online research, and cold outreach. To track the progress, they maintain databases of prospects and study the sales cumulatively.
- Relationship Building: Businesses can only grow if their relationship with the clients is strong. A business development manager does this job. These professionals not only maintain contacts with current clients but also build connections with potential customers, partners, and industry personnel. To build their professional network, they attend conferences and business meetings.
- Strategic Planning: A business development manager also contemplates various business strategies to help the organization expand. For this, they must work closely with senior management, create action plans, set goals, and establish timelines.
- Creating Partnerships: Business development managers are the people through whom a company goes into partnerships with other companies. They either go for joint ventures or vendor relationships. This can be done through strategic alliances as well. The BDMs negotiate the terms and continue the relationships.
- Proposal Writing and Presentations: To pursue new business ideas, BDMs must present their ideas and proposals to clients. For this, they often gave detailed presentations. Additionally, they must clearly convey their company’s value proposition and demonstrate how their products and services can benefit the client.
Common Challenges of a BDM
The challenges that these professionals generally face are –
- Meeting aggressive growth targets.
- Dealing with rejection and failed opportunities.
- Managing multiple projects and priorities simultaneously.
- Navigating complex organizational structures.
- Being aware of the rapidly changing market conditions.
Advantages of the BDM Role
Though there are challenges, becoming a BDM can also be beneficial. Some rewards that this role naturally brings in are –
- Competitive compensation with performance bonuses.
- Opportunity to directly impact company growth.
- Variety in daily activities and responsibilities.
- Extensive networking opportunities.
- Career advancement potential.
- Skill development across multiple business functions.
Daily Activities of a BDM
The daily list of work of a BDM includes –
- Reviewing market research and industry news
- Making calls to potential clients or partners
- Attending meetings with prospects or existing clients
- Preparing proposals or presentations
- Analyzing sales data and performance results
- Collaborating with marketing and sales teams
- Following up on leads and opportunities
- Updating customer relationship management (CRM) systems
Difference Between a Business Development Executive and a Business Development Manager
Although both roles are related to business development, there are some notable differences.
| Business Development Executive | Business Development Manager |
| Usually, an entry-level or mid-level position | Typically, a more senior position with management responsibilities |
| Focuses more on the execution of business development activities | Focuses on strategy development and implementation |
| Often reports to a business development manager | May supervise business development executives or other team members |
| May have a smaller territory or client base | Has broader authority to make decisions and negotiate deals |
| Primarily responsible for lead generation and initial client contact | Responsible for overall business development performance |
The development manager role includes leadership and managerial responsibilities, whereas executives focus on contributing tasks.
Which Skills Are Must-Haves for Becoming a Business Development Manager?
This job role requires both soft and hard skills, like –
- Communication: The professionals need to have excellent communication skills and writing skills for this job. They should clearly share their ideas with clients, write solid proposals, and communicate well with everyone in the company.
- Sales and Negotiation: This is not solely a sales role; the business development managers have to have the skill of selling and negotiating. And for this, they must know how to convince the prospects and convert them into potential clients.
- Being Analytical: Another vital skill for BDMs is the ability to analyze market data, financial information, and business trends. This helps them decide where to put their efforts.
- Knowing Relationship Management: A professional can become successful as a business development manager mainly by building and maintaining professional relationships. So, these employees must be trustworthy and have networking skills.
- Strategic Thinking: Another crucial job of the BDMs is thinking beyond individual transactions. They must know how to make each opportunity benefit the company’s overall growth.
- Knowing Project Management: The Business development process is not easy. It often involves risky steps and stakeholders. Therefore, it is essential for BDMs to possess strong project management skills. Only then can they ensure the company’s initiatives are focused towards bringing positive results.
- Technical Knowledge: These professionals serve as the liaison between clients and the company. So, they must have some technical knowledge about their company’s products and services. Additionally, some industry knowledge is also essential.
Business Development Manager - Educational Requirements
A minimum Bachelor’s degree is needed for this role, like –
Common Degrees
- Business Administration
- Sales
- Economics
- Communications
- Finance
- Industry-specific fields (for specialized roles)
Preferred Qualifications
- Master’s in Business Administration (MBA)
- Professional certifications in sales or business development
- Industry-specific certifications (if needed)
Average Salary of a Business Development Manager in Some Indian Cities
| City | Average Monthly Salary of BDMs with Mid-Level Experience (taken from Indeed.com) |
|---|---|
| Bengaluru, Karnataka | INR 72,000/- per month |
| Mumbai, Maharashtra | INR 69,000/- per month |
| Ahmedabad, Gujarat | INR 62,000/- per month |
| Hyderabad, Telangana | INR 60,000/- per month |
| Pune, Maharashtra | INR 48,000/- per month |
| Gurgaon, Haryana | INR 47,000/- per month |
| New Delhi, Delhi | INR 37,000/- per month |
| Delhi, Delhi | INR 34,000/- per month |
| Noida, Uttar Pradesh | INR 31,000/- per month |
Factors that affect a BDM’s salary are –
- Location
- Industry
- Company Size
- Individual Performance
Industries Which Need Business Development Manager
Though BDMs are needed in almost all companies, some sectors demand them the most. Those sectors are,
- Technology: Tech startups, IT service companies, software companies, etc.
- Healthcare: Pharmaceutical firms, medical device companies, healthcare service organizations, etc.
- Manufacturing: Various manufacturing startups and established companies.
- Professional Services: Law firms, consulting firms, etc.
- Financial Services: Insurance companies, banks, financial technology firms, etc.
Career Progression and Growth of a BDM
There is a lucrative career available for a business development manager. It includes –
The Typical Career Path
- Business Development Manager
- Senior Business Development Manager
- Director of Business Development
- Vice President of Business Development
- Chief Business Development Officer
Alternative Career Path
- Sales Management
- Marketing Management
- Strategic Planning
- General Management
- Entrepreneurship
- Consulting
What is Needed to Attain Success as a BDM?
Every professional starting their career as a business development manager must hone their skills to grow. Some of the areas they must focus on are –
- Developing industry expertise.
- Building larger professional networks.
- Gaining experience with larger, more complex deals.
- Learning new technologies and tools.
- Developing leadership and management skills.
To develop these skills, Jaro Education can be the perfect choice. By collaborating with various institutes, this online platform can provide the right kind of education, ideal for working professionals. You can continue working while upskilling yourself. The mode of teaching and online classes available here is exceptional and comprehensive. You can even pursue an online master’s in business administration (MBA) from reputed institutes through Jaro Education. As a BDM, you will definitely benefit in the years to come.
Some Small Advice to Become a Successful Business Development Manager
Here are some advice that BDMs can follow to ensure a successful trajectory of their career –
- Instead of closing deals in a hurry to attain the target, it is wise to focus more on building genuine relationships. It will help to bring in more opportunities and referrals.
- Staying organized is always the key to success. Take the help of customer relationship management (CRM) systems and other tools you know to keep a record of your activities, prospects, and results. You will be able to manage multiple opportunities at once.
- Monitor your performance and gauge what is working and what is not. This way, you can improve your performance.
- Stay up-to-date with the latest technology and industry trends by attending conferences and participating in workshops that align with your interests. You can also read industry-related publications.
- Communicate effectively with other departments, such as sales and marketing. This will not only strengthen your professional bonds but also welcome more opportunities for you.
Conclusion
A business development manager is the person behind a company’s growth and success. This job not only offers lucrative remuneration but also gives growth opportunities and a chance to make an impact on the business and, in turn, the organization. However, there are challenges like attaining tough targets and managing multiple tasks.
So, if you are interested in the role of a BDM, you will need to develop some skills, both technical and soft. Starting from analyzing the business data to being a great communicator, everything adds up to propel the career of a BDM. And, if you are already working as one, then you can always progress in your career through upskilling via online learning partners like Jaro Education.
Frequently Asked Questions
Yes. You must have some experience in the area of sales, marketing, or related jobs to get selected for this role. It is found that without proven experience in lead generation or customer acquisition, the professionals often do not succeed as BDMs.
Yes. Many companies offer incentives based on the performance of these professionals. They club these extra incomes with the base salary of the concerned person.
Though both these roles focus on growing a company’s revenue, there is a difference. BDMs focus more on building partnerships, developing long-term strategies, and capitalising on new market opportunities. On the other hand, a sales manager’s work is to handle direct sales and the team’s performance.
To start your career in business development, you typically need to be a graduate. However, obtaining certifications like an MBA or CBDE (Certified Business Development Expert) can enhance your credibility.
After starting as a newbie, once you gain experience, you can move into senior roles such as Business Development Director, Head of Sales, or even higher and more prestigious roles like Chief Growth Officer.
