Business Development Manager
A business development manager (BDM) is the person in charge of generating new business for a company. Essentially a sales professional, a BDM’s day-to-day role involves pitching the business to potential new partners, managing client relations, and being the key contact for partnerships. A BDM is usually adept at seeking new business collaboration opportunities, and there can be multiple BDMs within a single company.
What Does a Day in the Life of a Business Development Manager Look Like?
Depending on the company, a BDM’s key responsibilities can vary widely. BDMs often participate in plenty of meetings, which could be organized around pitching the company to new partnerships, researching new partners, or liaising with existing collaborations. When working remotely, a BDM’s role will rely heavily on phone calls and video conferences. Exploring new collaboration opportunities involves a lot of research, making this one of the more independent aspects of the role. A BDM’s other tasks are typically more dynamic and socially oriented, involving a lot of speaking to both partners and clients.
What Responsibilities Does a Business Development Manager Have?
The main responsibilities of business development managers involve liaising with existing partners and securing new partnerships to maintain business flow. BDM’s explore multiple sources of business in order to maintain a wide range of opportunities. One of the key aspects of a BDM role is the ability to maintain strong relationships. This involves keeping partners motivated, happy, and incentivized. Finding the right partners is paramount, as a BDM needs to ensure their products are being shown to the right kind of clients.
What Qualifications Do You Need to Be a Business Development Manager?
While there are no formal qualifications required to be a BDM, industry-specific experience can give you a leg up. University graduates may struggle to jump straight into a BDM role and may benefit from starting at the ground level to prepare for the more challenging aspects of the job. Certain personal skills, such as presentation skills, attention to detail, and communication skills, will help a lot. Additionally, proficiency in programs like Word and Excel will always be a benefit.
What Skills Do You Need to Be a Business Development Manager?
Communication is the most important skill for a BDM role, as BDMs are constantly communicating with partners, clients, and new contacts. It is also important to have good interpersonal skills and be adept at presenting and pitching. Attention to detail is also crucial, especially when juggling multiple client relationships. A personal touch goes a long way for a BDM, as being personable and transparent in your communication is a great way of gaining trust and building confidence. Replying to contacts promptly, following up on new contacts, and keeping in touch with your existing network are all fundamental as well.
What Does a Business Development Manager Earn?
Depending on the company, some BDM roles will pay a salary plus a commission based on certain targets. In companies like MT-finance, the BDM team works together to meet specific targets every month.
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