A Business Development Manager (BDM) identifies and pursues new growth opportunities, builds strategic relationships, and develops long-term strategies to increase revenue and market share. Key responsibilities (Job Description/JD) include market research, lead generation, proposal writing, client relationship management, and contract negotiation. Key Result Areas (KRAs) are quantifiable metrics that track their success, such as increasing the client base by a certain percentage, achieving revenue targets, successfully closing a specific number of new partnerships, or improving customer retention rates.
Business Development Manager (BDM) Job Description (JD)
A Business Development Manager's job involves identifying and creating new revenue streams and opportunities for a company.
Duties & Responsibilities
Strategic Planning:
Develop and implement business growth strategies, including identifying new markets, customer segments, and product/service offerings.
Market Research:
Conduct thorough market analysis to identify industry trends, competitor activities, and potential areas for growth and innovation.
Lead Generation & Prospecting:
Actively identify and pursue new potential clients through networking, cold outreach, and following up on inbound leads.
Client & Stakeholder Relationships:
Build and nurture strong, long-term relationships with both new and existing clients, as well as other key industry stakeholders.
Deal Management:
Prepare tailored proposals, pitch company offerings, negotiate contracts, and close profitable deals.
Cross-Functional Collaboration:
Work closely with sales, marketing, and product development teams to ensure alignment and execution of business development strategies.
Reporting & Communication:
Prepare and deliver regular reports and presentations on business development performance to senior management and stakeholders.
Key Result Areas (KRAs)
KRAs are measurable goals that evaluate the BDM's performance and contributions to the company's growth.
Revenue Growth:
Achieve specific revenue targets or growth percentages from new business initiatives.
Client Acquisition:
Acquire a target number of new clients or increase the overall client base by a defined percentage.
Partnership Development:
Secure a certain number of strategic partnerships or collaborations with other organizations.
Market Penetration:
Successfully enter new geographic markets or customer segments.
Deal Closure Rate:
Successfully close a specific number or value of new deals and contracts within a given period.
Customer Satisfaction/Retention:
Contribute to improved client satisfaction and retention rates for new or expanded accounts.