Business Development Manager Job Description
A Business Development Manager looks for opportunities for new business, develops plans to deliver improvements in profitability, and implements activities to drive revenue and net profit.
The role involves seeking new clients, sales channels, or sales locations, and a Business Development Manager is often the first point of contact between an organization and a potential new client.
Successful Business Development Managers gain responsibility over time by becoming Senior Business Development Managers, Business Development Executives, or Sales Managers.
A Business Development Manager sources leads, contacts potential new clients, arranges and attends meetings to present products or services, negotiates deals, and reports to sales management on sales growth.
The role consists of:
- Sourcing leads and prospects
- Contacting new clients and securing meetings
- Presenting and selling the organization’s products or services
- Negotiating terms and conditions
- Closing deals
- Reporting to management on sales activities and success
A Business Development Manager uses the internet, social media, professional networks, referrals from current clients, and personal contacts to source potential new business leads. Some leads may also be generated through inquiries via the organization’s website or in person, but a successful Business Development Manager relies more on proactive than reactive lead generation.
Leads can be found in various places, and a Business Development Manager searches by industry, business type, business size, location, and many other criteria.
Once sourced, a Business Development Manager categorizes leads into hot, warm, or cold groups. Hot leads have proactively contacted the organization for information or a quote, while warm leads have shared their contact information with the company but have no specific current requirements. Cold leads have had no previous interaction with the organization.
Each lead group must be approached differently to ensure success. Hot leads are relatively simple to handle as they have already expressed a specific need. Warm leads need to be nurtured to grow their interest. Cold leads can only be approached by cold-contacting them via phone or email.
A Business Development Manager devotes the required amount of effort to each lead group and employs time management skills to maximize efficiency. In general, a Business Development Manager deals with hot leads first, contacts a target number of cold leads daily, then touches base with warm leads.
Having secured appointments, a Business Development Manager attends meetings with potential clients to sell the organization’s products or services.
A Business Development Manager is an expert in the sales process and uses proven sales methodologies to win a sale. The key elements of a successful sales technique are eliciting and defining the client’s needs, presenting the organization’s products or services as a solution to that need, and closing the sale.
Top-performing Business Development Managers are expert listeners and adept at extracting actionable information from potential clients. A Business Development Manager must also know the organization’s products or services inside-out in order to identify opportunities to help the client and answer any questions the client poses.
Negotiating a deal is an integral part of every sales meeting, and a Business Development Manager requires expert negotiation skills.
The organization will usually stipulate discounts, concessions, and added-value services that a Business Development Manager is empowered to use to close a deal, but good negotiation technique is used to secure a win-win, with both the client and the organization feeling satisfied with the outcome.
Negotiation skills a Business Development Manager needs include understanding which negotiating strategy should be employed, what the bargaining arena is, what tactics may be used by the client, and what the optimal and no-go-below numbers are for each negotiable element. A Business Development Manager should prepare a negotiation strategy for each meeting to ensure the best outcome.
Closing a deal is as much of a science as any other element of the sales process, and a Business Development Manager must know and be comfortable using all the different closing techniques. While the pressure to win new business is ever-present, a Business Development Manager should avoid overly aggressive tactics to close a deal.
A Business Development Manager compiles daily, weekly, and monthly reports on calls made, meetings attended, and deals closed. The report should detail the sales pipeline status.
Experienced Business Development Managers make strong use of Customer Relationship Management (CRM) to monitor the pipeline, schedule contact dates with prospects, document meeting recaps, and take minutes of client discussions.
A Business Development Manager can expect to earn between $103,000 and $152,000 annually in the U.S. The median is around $127,790.
A Business Development Manager’s salary will be affected by location as follows:
|San Francisco, CA||$159,738|
|New York, NY||$153,731|
Experience will have the following effect on a Business Development Manager’s salary:
|Experience Level||Average Salary|
|< 1 year||$124,153|
[Company Name] is a leader in our industry, and we have embarked on a sales drive to secure our future position. We are looking for a driven, target-oriented Business Development Manager to help grow our client base.
As an expert salesperson adept at all sales disciplines, you will be committed, hard-working, and excited by the prospect of turning leads into new clients.
You will be joining a highly competitive but supportive sales team and will have a chance to make your mark as a top sales performer.
Your job as a Business Development Manager will involve:
- Generating new business leads
- Contacting new prospective clients and securing meetings
- Selling, negotiating, and closing business deals
- Compiling sales reports, pipeline analysis, and profit data
- Bachelor’s degree in Sales, Marketing, or Business
- Expert sales skills
- Thorough knowledge of common CRM systems
- Excellent written and oral communication skills
- Proven ability to work under pressure and to deadlines
- Complete comfort with demanding targets
- Resilience and a never-say-die attitude