what is Business development ?
business development is said to be the activity of pursuing strategic opportunities for a particular business or organization, for example by cultivating partnerships or other commercial relationships, or identifying new markets for its products or services.
who is business development manager ?
Business development managers are the cornerstone of any successful organisation because they ultimately generate new revenue and help a company grow. But what does the job involve on a day-to-day basis? We explore in more detail.
What does a business development manager do?
The primary objective is to identify new business opportunities. What form this takes will depend on the exact nature of the company. But you’ll more than likely be looking to identify new markets, new partnerships, new ways to reach existing markets, or new product or service offerings to better meet the needs of existing markets. And then you’ll be expected use these opportunities to bring in more revenue.
How that happens exactly depends on the industry. It can be a combination of attending events and networking, taking stands at exhibitions and conferences, cold calling, and responding to incoming leads. You will also more than likely be expected to identify partner opportunities to cross and up sell services.
What knowledge and experience is required?
To secure a business development manager job, you’ll need a strong sales track record. Specifically, hiring companies look for a proven ability to hit targets, a consistent background of winning new business and – often – relevant sector experience. A good book of contacts is also looked upon favourably.
In terms of personality traits, employers generally look for people who are articulate, polished and professional who have a good telephone manner. A self-motivated and disciplined approach is essential
Do you like to see a sample of advertisements for Business Development Managers ?
Here is one
Market Development Manager
About Res Manufacturing Company:
Res Manufacturing Company – a division of DLSM, is an innovative, privately held, ISO/TS 16949 certified manufacturer of stamped and fabricated metal components, assemblies and value added services. Res operates safely, ethically and profitably to benefit its customers, associates, shareholders, and suppliers. The company was founded in 1907 and has a solid reputation in the markets it serves. Principal markets served currently are automotive, clean-tech industries, agriculture, turf-care, commercial lighting, and commercial cookware. During the last 5 years, sales have increased by 50% with 2012 projected year-end sales at $27 million. In 2012, Res was also the recipient of a key Honda tier one supplier of the year and Tesla Motors supplier award for total quality and time to market. Parent Corporation DLSM has also achieved consistent profitability, strong cash flow, and has preferred access to credit vehicles in support of future growth. Res is seeking continued profitable growth and expansion. Key core competencies include: innovative part, tool and process design; medium to high volume progressive die stamping supported by welding, next level assembly, and a wide range of outside services. The company seeks to achieve these objectives through engineering assistance and innovation from design through production, expertise in materials, advanced quality management system, rapid response to changing customer needs, and ongoing development and reward to all associates.
The Market Development Manager will play a key role in the future direction of the organization and development of strategies. These strategies will support 1) continued profitable growth, 2) diversification outside of the current concentration in the automotive segment and, 3) expansion of core competencies. The individual in this role reports to the Vice President – Sales Marketing. Key to this individual’s success is interaction with Market Segment Managers, Inside Sales & Market Development, Tool Engineers, Manufacturing Associates, Purchasing Associates, President & COO, and outside customers and prospects. The specific responsibilities include:
- Refinement and implementation of a new business plan for best fit market segments outside of automotive segments
- Identification of best prospects in targeted segments
- Sales and gross margin profitability for selected assigned accounts. Must have ability to discern key direct & indirect cost drivers on new business and impact on business profitability.
- Participate in process to provide best-fit alternative options to expand current core competencies. This will include the generation of intelligence derived by gathering and analyzing information by attending seminars, tradeshows, undertaking web research, compiling sales and customer input.
The Market Development Manager can expect regular overnight travel. As with most externally focused sales positions, the individual in this role should expect that a large percentage of their time would be spent outside the company. This individual needs to be flexible with extending hours and days of work, when necessary, to meet the needs of customers and associates at Res.
- A minimum of 10 years experience in position with similar responsibilities and in a related technical field
- Experience in development, implementation, successful execution of plans to generate new business in targeted market segments and prospects
- Experience in selling to large OEM accounts
- Good proficiency in Microsoft Word and Excel
- Excellent written and oral communication skills
- Component part & assembly print reading skills
- Hands on experience with electronic business data base and reporting systems
- A pragmatic, energetic, self-starting and highly motivated achiever
- Excellent interpersonal skills, highly ethical in their interactions
- Ability to discern key customer objections & intentions and, corresponding development of strategies to achieve business closure
- Ability to persevere when faced with obstacles
- Able to build and cultivate superior relationships with internal and external contacts
- Detail oriented, organized and self-assured
- Exceptional demonstrated technical skills and the ability to learn and apply knowledge regarding metal stamping
- Strong aptitude for visualizing and conceptualizing future market, prospect, and account needs and trends
- Strong listening skills
- Ability to think creatively
- Ability to set and meet deadlines
- Minimum 4 year degree in a technical or business field
- Stamping Industry Experience
Total compensation, including base salary & incentive bonus will be based on the individual’s experience and ability to achieve results. Res Manufacturing provides a health, dental, life and disability insurance package, profit sharing, a 401(K) plan, and a professionally rewarding and challenging work environment.