What is Business Development? Skills, Salary and Job Roles

By: Job Hai | November 4, 2022 6 min read
What is Business Development? Skills, Salary and Job Roles

Imagine working for a company without dedicated employees bringing in new business opportunities. This would not help in increasing the revenue or help in building a brand that can emerge as a challenge in the market. The bottom line, your company won’t be able to climb the ladder of success. That is why companies must hire business development executives and understand what is business development. You would be interested in a career as a business development executive if you are interested in strategic planning, setting and reaching objectives, and working with people inside and outside the company.

Table of Contents

What is Business Development?

Before you even look forward to taking a business development job, you need to know what is business development. Business development is mainly the process of implementing strategies and opportunities across the company to promote growth and boost income. It is about pursuing opportunities to help the business grow, identifying new prospects, and converting maximum leads into customers. Business development is closely tied to even sales, and the business development teams are always a part of the more significant sales organization.

Business Development Roles & Responsibilities

You need to understand what is the role of a business development executive and the responsibilities mentioned here.

Qualify Leads

Business development executives must qualify the leads and pinpoint the perfect prospect to determine who they will sell to. Typically the leads are qualified through emails, web forums, calls, and social media.

Identify and connect with the Prospect

The representatives will identify the perfect prospects by qualifying leads and searching for the people who will fit your target audience. Then, they can communicate with those prospects directly to learn everything about their needs and pain points. This way, the representative can determine whether the prospects will benefit from the product or service. It is essential because it will increase the potential for better customer loyalty and retention.

Stay updated on the competition and latest market trends

It is always vital to stay updated with the competition’s strategies, products, and target audience, besides any new market industry trends. This will allow the executives to effectively identify the ideal prospects and help the business prepare for any shift in the market. 

Different Job Profiles in Business Development

Some of the typical job profiles in Business development include

  1. Business Executive
  2. Development Manager
  3. Sales Manager Business
  4. Development Officer

Skills Required to Start a Career in Business Development

Once you understand what is business development executive you also have to understand the skills required to start the career here

Communication and interpersonal skills

Good business developers should have strong communication skills, and they are required to communicate and present a particular speech to all the different stakeholders that are involved. You should be able to cold call different prospects with confidence to gain new clients.

Collaboration skills

Business development is undoubtedly not a one-person show; it involves collaboration with different parties, including internal and external people. An efficient business developer should be able to build relationships, influence, and manage all the conflicts besides navigating through office politics to get things done.

Negotiation and persuasion skills 

The skills include being tactful and diplomatic while achieving objectives you have already set. To pursue your prospects to do what needs to be done, you will need to win people’s hearts, trust, and minds.

Project management skills

Besides being a great business developer, you are also a good project manager. You have to set goals, plan, and manage projects while managing the risks involved in calculating the budget expense time and teams working on the ongoing project.

Research and strategy

A great business developer must have strong strategic and research analysis skills, which are essential to benchmark the competition and keep the organization stable and successful. 

Qualifications Required in Business Development

The qualifications required in business development jobs are mentioned here:

  • It would help if you had a degree in BA or BSc
  • You must have five years proven track record in business sales or related marketing. 
  • To become a business developer, you should have excellent organizational skills and an emphasis on priorities and goal shifting.
  • The candidate should have a strong proficiency in Microsoft Word, Excel, PowerPoint, and statistical analysis or software.
  • Technical skills should be required to understand and propose the product source solutions by focusing on the client’s requirements.
  • You should be able to communicate information, whether technical or nontechnical, to all the staff members and the customers in a transparent manner.

Business Development Salary

The average salary of a Business Development Executive is INR 3.0 Lakhs to INR 4.5 Lakhs per annum. Check out the salary of different Business Development job profiles-

Job ProfileSalary in INR
Senior Business Development Manager8.6 LPA
Business Development Associate6.0 LPA
Business Manager7.2 LPA

A Career in Business Development

By now, you would have understood what business development associate you would be wondering whether you should take a career in this field or not is. First, you must understand what A business development manager is. A business development manager is a representative having strong interpersonal communication skills focusing on improving multitasking abilities. A career in business development is essential because it helps uncover your skills. Every day is entirely different from the others, and you must embrace the challenge. Furthermore, the best part about working in this field is that you will never get bored with your work. It would be best if you made a career in this field because it allows you to realize your career goals quickly.

Business Development Interview Questions

Find out some of the most frequently asked Business Development questions the interviewers may ask you. Then, read ahead to get an idea about how to answer these questions and prepare your own.

Why do you want to work in Business development?

You prepare yourself to become the frontman of your company if you choose a career in business development. It would be better to tell the interviewer that you want to work in business development to connect with clients and help the company achieve all its objectives.

What are the roles of a Business development executive?

The main role of a business development executive is to find and retain clients and encourage existing clients to purchase the added products or features. In addition, you must develop and execute sales plans to meet and exceed the monthly and quarterly sales objectives.

FAQs

What is the BDE job?

The BDE is responsible for driving company sales by sourcing new clients and convincing existing clients to purchase the added offerings.

What is a Business development executive?

The business development executive Is mainly the one that is responsible for finding and retaining clients and encouraging existing clients to buy the products.

What is a Business development associate?

A business development associate helps companies to improve growth and sales. They conduct all the market research, develop business strategies and build client relationships besides identifying new opportunities.

What is the role of a Business development executive?

The business development executives generally work for the companies and contribute new ideas for the company’s growth. They make the optimum use of the knowledge and look for new ways to improve product quality.

What is a Business development manager?

A business development manager mainly works in strategic planning and sales management and the prospects for new clients to help grow the organization.

Is Business development a promising career?

Yes, business development is a great career because you will have a good salary, activities, and growth opportunities even if you do not have a degree.

Register & Find Jobs Near You! close
click
Get high salary jobs up to ₹40,000
click
Call HR directly