For a startup or an established brand, developing long-term relationships with your client makes or breaks your company’s success. This is where business development managers come into the picture and help your business to:
- Generate new sales leads
- Negotiate client pricing
- Forecast sales revenue
- Helping your company maximize its profits
The on-shore and off-shore business development manager assesses the present sales performance and pinpoints opportunities for your organizational expansion and advancement. As a business development professional, you must be self-motivated, goal-oriented, and motivated.
Whether you are aspiring to pursue a career in business development or considering the recruitment of a business development professional, it is essential to begin by acquiring the knowledge and skills necessary for success in this field.
In this blog, you will learn the interpersonal and intellectual skills every business development manager must have.
Business development is a strategic process that enhances your company’s growth and overall success. This involves exploring new business prospects, fostering and maintaining relationships with your current clients, and establishing strategic partnerships. Furthermore, it consists of formulating various strategies to increase profits and market share.
While the specific duties of a business development manager may differ across industries, there are consistent day-to-day responsibilities. These include:
- Establishing goals and devising plans for your business and its revenue expansion
- Conducting research and executing initiatives to tap into new target markets
- Investigating potential accounts within specified markets
- Actively pursuing leads on social media and other channels and guiding them through your sales funnel
- Creating quotes and proposals for potential clients
- Defining objectives for your business development team and formulating strategies to achieve them
- Training your business development staff
- Participating in conferences and industry events
A business development manager (BDM) helps businesses from various industries, including:
- eCommerce
- Financial services
- Healthcare
- Software and Hardware
- Staffing
- Cybersecurity
- Construction
Here are ten interpersonal skills every business development manager must have in 2024.
1. Business Intelligence
A comprehensive understanding of your business’s services and products is crucial for any business development manager. However, gaining insights into your competitors is equally vital, providing the advantage needed to outperform them.
A reputable business development manager conducts a thorough market analysis to assess your company’s current standing. This involves scrutinizing the competitive landscape to determine your company’s comparative advantage within the sector. An effective business development manager is adept at collecting the necessary data to prepare precise analyses.
In addition to the mentioned skills, an exceptional business development manager exhibits an insatiable thirst for knowledge. A BDM actively keeps abreast of the latest economic developments in the industry.
Operating with perpetual organization and thriving under constant pressure is ingrained in a business development manager’s routine. Furthermore, possessing expertise in sales management, marketing, strategic management, and business planning empowers a BDM to contribute significantly to the growth of your business.
You may be a business development manager or consider hiring one. However, you must know that business development is not a one-man show. It involves collaboration with multiple parties from inside and outside the company. A good business development manager should be able to build relationships, act as your brand influencer, and manage conflicts.
The art of negotiation requires a business development manager to be diplomatic and tactful at all times. A BDM must know when to compromise and when to take a stand. To achieve your business objectives, a BDM must learn how to win the hearts, minds, and trust of your clients and customers.
Competent business development managers often play a dual role as project managers. They must be able to establish goals, strategize and oversee projects, navigate associated risks, and proficiently handle budgeting, costs, time, and teams involved in ongoing projects.
Most organizations employ a sales content management system (CMS) to monitor leads, track client calls, and record the progress of each prospect within the sales cycle. Prospective business development managers should possess fundamental technical and computer skills to navigate and utilize these systems effectively.
To excel in a dynamic corporate environment, a BDM requires the following ten intellectual skills to drive outcomes.
The rapid evolution of the tech industry requires agility and adaptability. A good business development Manager can adapt swiftly, adjusting traditional and digital marketing strategies to align with changing market conditions or client preferences.
Collaboration is essential in the tech industry, where solutions often demand input from various departments. Exceptional business development managers thrive in cross-functional collaboration, seamlessly working with sales, marketing, product development, and technical teams to address client needs effectively.
With the escalating cybersecurity concerns, a business development manager must stay abreast of cybersecurity trends and best practices. This awareness ensures that the solutions a BDM proposes align with the highest cyber-security standards and fulfill the security requirements of your clients.
As a business development manager, you must harness the power of data to your advantage. Data analytics and market insights allow you to make informed decisions, prioritize leads, and customize your approach to each prospect. Making decisions based on data results in higher conversion rates and improved return on investment (ROI) for marketing efforts.
In the tech industry, innovation is propelled by curiosity. A reputable business development manager exhibits a thirst for knowledge, consistently striving to comprehend emerging technologies, industry trends, and the competitive landscape. Their intellectual curiosity serves as a driving force behind their ability to propose cutting-edge solutions.
6. Intellectual Curiosity
In the tech industry, innovation is propelled by curiosity. A reputable business development manager exhibits a thirst for knowledge, consistently striving to comprehend emerging technologies, industry trends, and the competitive landscape. Their intellectual curiosity serves as a driving force behind their ability to propose cutting-edge solutions.
Being a good BDM is about going beyond merely selling products or services and engaging in “Insight Selling.” Leveraging data and industry knowledge, you offer clients valuable insights into their operations and improvement opportunities.
A BDM uses these actionable insights in SEO; search engine paid marketing, social media marketing, email marketing, and online reputation management to establish your position as trusted advisors who deliver tangible value to clients.
Ultimately, outstanding Business Development Managers are results-oriented. They establish clear goals, meticulously measure progress, and are relentless in their pursuit of success. Their emphasis on outcomes contributes to revenue growth and positively impacts the bottom line.
An outstanding business development manager excels at networking. They skillfully weave a strategic web of connections within the industry, encompassing clients, partners, industry experts, and competitors.
This expansive network enables a BDM to discover opportunities, acquire insights, and remain at the forefront of industry trends.
A competent business development manager must be technologically proficient. A BDM must have a solid understanding of current and emerging technologies.
This allows them to discuss intricate solutions with clients and prospects confidently. The ability to articulate the technical facets of IT services in an easily understandable manner provides a significant advantage.
A BDM can join customized training and development programs to cultivate these crucial traits. These programs should encompass:
- Advanced technology training to elevate technological proficiency
- Networking events and industry-specific conferences
- Global market research and cultural sensitivity training
- Cross-functional workshops to promote collaboration
- Cybersecurity awareness training
- Sales and negotiation skill development with a focus on insight selling
- Access to industry publications and resources
- Regular goal-setting and performance measurement
