Business Development Executive
Business development is a career that at times is ambiguous to people's minds and often mixed up with similar career streams like Sales and Marketing. Most often business development means different things to different people. Some would call it sales, others relationship building and to some it would mean marketing. The assortment of all the varied concepts is rightfully implemented in various levels across businesses. Business development may be defined as the creation of long term value for an organization from customers, markets and relationships. Fundamentally, business development executives are meant to grow a business by bringing, doing or developing new things that an organization didn't do before. They are the revenue generators that help scale the company to new heights. So if you are the ambitious, money motivated, competitive and love to get rewarded for your hard work, a career in business development is a fast track to achieving your professional goals.Business Development executives may find themselves working at various levels of the industry and sectors. For example, at a product or technology level they may be involved with development of new product or technology. At a commercial level which is the simplest form of business development, as channel sales, dealers, distributors or at the corporate level where the focus is on the business or financial service.The role of business development differs in range with the type and size of the organization and matures from one to the other. With a constantly evolving role, business development executives may perform one or more of the following activities:
- Identify new business opportunities
- Research and build relationships with new clients by leveraging one's network
- Make presentations about the company or focusing a product or idea to present prospective clients
- Maintain quality relationships and enhance existing ones
- Develop proposals that address client needs and objectives
- Monitor, train and mentor team members to achieve business objectives
- Track progress, prepare reports and forecast targets to management on regular basis
- Competition analysis and tracking and developing company USP
- Participate in industry events, functions and conferences and provide feedback on market and latest trends.
Salaries and Job Outlook*
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Business Development in any organization serves an integral role in creating new and profitable opportunities for the company and is the strongest contributors to its future growth in its market place. The position is therefore not only challenging but a highly rewarding one. Every growth driven organization seeks achievement -driven and high performers to accomplish their business objectives. Growth and job outlook for BDE are especially strong in industries such as Pharma, Biotech, Financial services and Technology. The more experience and credibility gained over time, the better the earning potential.On an average the salary of a Business Development executive ranges between INR 2.5 lacs pa to 3.5 lacs. In addition, they are entitled to attractive incentives that are the best motivators for such professionals.
Education and Training
The minimum degree requirement for Business Development professionals at an entry level is a graduation degree. An educational background in business, accounting and economics are appreciable by employers. For senior positions an MBA is often preferred.
Valued Traits & Abilities
Business Development executives can enjoy a variety of job opportunities as per individual skills and interests. Though job titles and scope may vary with organizations and industry requirements, sales, relationship management, strategic thinking and customer service goes hand in hand with the job profile. Most industries hire Business Development Executives to promote their offers, services or products and to list a few of them are, finance, pharma, IT, media, consultancy, educational institutions and real estate. A few popular industry sectors where Business Development executives can find opportunities are:
Retail Business Development
Retail Business Development usually involves looking after business development in retail stores. These executives are responsible for customer management, product demonstration, sales and supervision of staff, stock and resources management.
Corporate Business Development
These executives/ managers work within an organization to prospect for new clients by networking, cold calling etc. They may also build rapport with existing clients to generate business and improve business relationship and work with senior management in devising strategies for business growth.
- Cambridge Institutes
- Ola Cabs
- Serco BPO Services
- Staples Future Office Products Ltd.
- Kanakia Spaces
- SEED InfoTech Ltd.
- H.R Johnson India