Business Development Manager: Job Description, Salary, Duties & More
The Truly Essential Workers: Business Development Managers
Can’t decide between marketer, salesperson, business administrator, and product manager? Do all that and more as a business development manager!
Combining aspects of sales, marketing, customer service , administration, management, and research, this job brings new challenges and opportunities each day. Business development managers tackle the all-important market research which helps companies identify trends. Using this data, business development managers enable more effective product development and help determine launch schedules. Communication is also part of the job. From generating leads to strengthening business/consumer relationships, talking to people is an important part of each day’s work. The company’s success depends on an effective business development manager. This important position is well-compensated and rarely gets boring. It is a perfect choice for both new and established professionals.
Business Development Manager Job Information
Business development manager job description, what is a business development manager.
A business development manager is a professional responsible for ensuring a company’s growth. The job includes generating hot leads to increase sales. Making product recommendations and collaborating with department managers are also part of the business development manager’s job. A company’s business development manager knows all the goings-on around the company. They find and research market niches, create appointments for salespeople and build connections with consumers. In short, a business development manager is someone who keeps the business competitive and enables expansion.
What Does A Business Development Manager Do On A Daily Basis?
Business development managers spend a significant amount of each day on research. Part of the job entails understanding what the company’s customers and stakeholders want. Employees utilize data to determine effective strategies for growth. Market research is key and allows the company to identify market trends. This information improves product development and marketing. Developing a buyer profile and finding new ways to reach shoppers in the company’s target market is also part of the business development manager’s day. Much of the day spent building and strengthening relationships. Business development managers maintain contact with the company’s clients and partners. Working as a business development manager also requires regular travel. Most professionals travel for 15-30% of their work.
Responsibilities, Duties & Roles Of A Business Development Manager
Business development managers must know the company’s products and services well. A business development manager must make time to meet with various production departments to examine product lines and become familiar with everything the company sells. Their knowledge of company offerings allows them to strategize new solutions for growth and market share. It is the job of the business development manager to formulate new leads for increased sales. The ability to work with and understand people is also important in this position. A business development manager must be able to determine what clients want. They also maintain longstanding professional relationships between clients and the company.
Business Development Manager Salary
- Average Salary – According to Salary.com , the average salary for a business development manager in the United States is $130,300. Average annual salaries range from $83,000-$170,000. Factors such as level of education, years of experience, and job location do have a significant effect on the salary.
- Entry-level Salary – Incoming business development managers start between $50,000-$80,000/year according to Monster.com . Business development associates earn an average of $43,000 annually.
- Senior Level Salary – Business development managers with significant work experience earn between $132,000-$214,000 annually, according to Salary.com . Senior-level salaries average $168,000/year. Additionally, many senior business development managers receive perks including bonuses, commissions, living allowance, car allowance, gym memberships, travel allowance, and health coverage.
How To Become A Business Development Manager
The entry level: certification, training & degree.
Becoming a business development manager requires a strong background in sales, e-commerce, business, or marketing. Interested candidates typically have a minimum of 3-5 years of relevant work experience. Suitable positions include customer service agent, salesperson, marketing assistant, or business development representative. Some positions are open to candidates with secondary school qualifications while others require university credentials. Candidates attending university should study business, marketing, or economics. Other potential major courses of study include computer science, communications, or finance. Certification for business development managers is available through The American Institute for Business Management and Communication (AIBMC).
Other Skill Sets, Requirements & Qualifications
Business development managers must be highly self-motivated and capable of working without direct supervision. Leadership skills are also important. Many business development managers have staff who report directly to them. Possessing excellent communication skills is essential. Much of the business development manager’s work includes communication with customers, clients, and department leaders. Business development managers must be able to effectively negotiate and communicate with confidence. Candidates for mid-level or senior positions should consider post-graduate qualifications such as an MBA. The Certified Business Development Manager Exam (CBDM) is another way to qualify.
How Long Does It Take To Become A Business Development Manager?
Becoming a business development manager takes between 6-10 years. Interested candidates usually need 5-10 years of relevant work experience before applying. Many positions require an associate’s (2-year) or bachelor’s (3-4-year) degree. Mid-level and senior positions may require 10+ years of work experience and a post-graduate degree.
Is It Hard To Become A Business Development Manager?
Becoming a business development manager requires dedication. Many positions require post-secondary education. Nearly all demand relevant work experience totaling at least five years. Individuals pursuing the position show interest in business administration, research, finance, and customer service. As most mid-sized and large companies require business development managers, it is not difficult to find business development manager positions.
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Business Development Manager Career Paths
The business development manager roadmap.
Candidates start the journey to becoming business development managers by gaining relevant work experience. Interested candidates can pursue positions in customer service, business administration, or marketing. Jobs such as customer service agent, marketing assistant, support desk, or business assistant provide candidates the opportunity to learn valuable skills. Since most business development manager jobs require post-secondary degrees, candidates should opt for an associate’s or bachelor’s degree in a relevant field. Working as a business development representative is the next step. After attaining 1-5 years’ experience, candidates are ready to apply for business development manager positions.
Projections For Growth In Business Development Manager Jobs
According to the U.S. Bureau of Labor Statistics , business development manager jobs will increase 11% in the next ten years. This figure represents above-average growth. Many companies hire business development managers to maximize growth and provide experienced leadership. Interested candidates will have many opportunities to work in this position in the near future.
In Summary: Is Business Development Manager A Good Career?
Working as a business development manager is a good career for individuals who possess the right skills for the job. Candidates must be self-directed, timely, organized, and able to communicate effectively. Those with the ability to stay on-task during long hours of research will find themselves highly valued by the companies they work for. Applicants interested in sales, marketing, finance, and communications will find the job gives them diverse experiences and allows them to maximize their skills. Business development managers bring creativity and flexibility to the table while also working with proven statistics and research data. According to The Business Development School , most business development managers find their work rewarding.
Working Conditions
Can a business development manager work remotely from home.
Some business development managers work remotely. Managers can do most of the work from home provided they have reliable internet and a cell phone. They can research market trends and customer profiles online while holding virtual meetings or calls in place of face-to-face meetings. Some companies specifically advertise for remote business development managers or arrange for these employees to work remotely during part of the week. As many business development managers already travel for work, remote systems are already in place in most companies.
How Many Hours Does A Business Development Manager Work?
Most business development managers work full-time, with schedules of 40+ hours each week. Many business development managers work “9-to-5” and adhere to standard office hours. However, a small number of positions require late nights or weekends.
Can A Business Development Manager Work Part-Time?
There are part-time business development manager positions available. However, most offer significantly reduced wages, with an average of $12-20/hour, according to LinkedIn . Some part-time business development managers earn commissions alone.
What Are The Average Vacation Days Of A Business Development Manager?
Business development managers receive an average of 21 days paid vacation, according to Talent.com . Most employees can take additional unpaid leave. Many business development managers receive paid travel and travel expenses, so many schedule vacations at the end of business trips when traveling for work.
Business Development Manager Resume Tips
Applicants should start the resume by creating a section to clarify employment objectives. Describe specific accomplishments using statistics, such as citing a percentage increase in sales figures. The next section should include relevant work history. Candidates should list and describe only relevant positions in reverse chronological order. Applicants may consider adding specific key accomplishments or notable outcomes in a sub-section after each job listing. Summarize skills in a separate section. Either describe them in a paragraph format or create a bullet list. Group education and certifications in a standalone section near the bottom of the page.
Business Development Manager Interview Questions
Q1: what kind of customer do we sell to.
Why it works: Passionate candidates research the companies they plan to apply to. Candidates asked this question will demonstrate their knowledge of the business. Their answer will prove they really want to work for the company in question and aren’t just looking for any open position. Excited candidates are better prepared and interested in their work.
Q2: How would you sell a product of ours?
Why it works: Giving the candidate a sample product to sell allows them to demonstrate their knowledge of sales. Business development managers should be quick on their feet. The ability to quickly answer a customer’s question and sell a product on the spot indicates the candidate is ready for this type of position. Ideal candidates will have prepared research on the company to which they are applying. Therefore, they will already have some product knowledge and know-how.
Q3. Describe a situation where you failed and what you learned from it.
Why it works: Everyone faces setbacks. Candidates who can understand where they went wrong are the ones employers want on the job. Candidates should be willing to acknowledge their errors and learn from them. Hiring managers who ask this question will be able to judge whether the candidate has shown the ability to adapt and improve.
Q4. How will you generate leads for the company?
Why it works: Qualified candidates will have experience in sales and marketing. During the interview, they should be able to cite some of their favorite methods or tools for generating leads, making sales, or widening the company’s market reach. Hiring managers utilizing this question will verify whether a candidate’s real-life work experience truly matches what appears on paper. This question will weed out unsuitable candidates while ensuring those applying have the hands-on work experience to do the job right.
Jobs Related To Business Development Manager
- Account Director
- Account Executive
- Business Advisor
- Business Analyst
- Business Associate
- Business Development Representative
- Business Manager
- Business Strategist
- Director of Business Development
- Marketing Manager
- Marketing Representative
- Mid-Market Business Development Associate
- Outbound Business Manager
- Regional Sales Manager
- Sales Director
- Sales Manager
- Senior Manager
- Solutions Architect
- Strategic Alliance Specialist
For HR Manager: Tips For Hiring A Business Development Manager
Key characteristics to look for in a business development manager.
Good Communicator
Business development managers must be able to communicate clearly and effectively with many different people. In this position, negotiation is essential. Applicants should possess the skill to negotiate with diplomacy and tact while remaining firm and ensuring the company’s success. Business development managers need to demonstrate confidence when speaking to professional contacts, clients, and department heads. Ideal candidates will speak with clarity and purpose.
Self-Motivated
Individuals in business development are self-motivated and usually work without supervision. Business development managers must stay on-task and remain organized even on the most hectic workdays. Employees face rejection regularly as deals fall through or sales leads fail to generate sales. The ability to keep going and remain energized is essential in this line of work. Applicants without the ability to stay focused and motivate themselves will quickly fall behind or lose interest in their jobs. As underlings usually report to business development managers, candidates without self-motivation can cause whole departments to come to a halt.
Business development managers work with people throughout the day. Their work requires them to consult with product managers, salespeople, financial teams, and marketing assistants. Many lead departments and have underlings to supervise. They also speak with clients and customers. Business development managers should be friendly and capable of getting along with a diverse group of people. Candidates who are shy or prefer to work with machines instead of people will find the position difficult or impossible. Hiring managers should look for candidates who genuinely enjoy professional relationships and are eager to work with people as a part of the job.
Minimum Level Of Education & Experience
Applicants typically need postsecondary education for most business development management positions. Candidates should have a university degree in a relevant subject. Subjects include business administration, marketing, or communications. Ideal applicants possess relevant work experience in sales, marketing, or customer service. Workers will have 3+ years of relevant work history. Additional certifications are also available, but not required.
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Business Development Manager Salary. Average Salary – According to Salary.com, the average salary for a business development manager in the United States is $130,300. Average annual salaries range from $83,000-$170,000. Factors such as level of education, years of experience, and job location do have a significant effect on the salary.
The base pay for this position ranges from $59,300/year in our lowest geographic market up to $142,800/year in our highest geographic market. Pay is based on a number of factors including market location and may vary depending on job-related knowledge, skills, and experience. Amazon is a total compensation company.