The Benefits of Hiring a Business Development Manager
Published on January 31st, 2023
In today's competitive business landscape, companies are always looking for ways to secure business and adapt to an evolving market. The role critical to this process is that of a business development manager. But who exactly is a business development manager, and what do they do? Keep reading as we explore their role in the company, how to identify them, and why companies benefit from hiring business development managers for their team.
Who is a Business Development Manager?
A business development manager is an executive within the organization responsible for generating sales leads and engaging them in order to increase the company's client base. There are also various ranks of them involved in a variety of functions for the organization. These include assisting businesses in maximizing profits, improving their business operations and developing strategies for growth.
Duties of a Business Development Manager
1. Building relationships with clients and partners
One of the primary responsibilities of a business development manager is to build relationships and networks for the purpose of boosting the company’s client base. They must be able to connect with potential clients and partners and nurture solid relationships that the company can utilize for revenue gain and business growth. They visit industry conferences and interact with clients to develop a strong network within the industry. They facilitate the creation of a sales funnel that turns prospective investors - indicated by the top of the funnel - to being regular customers - which is the bottom of the funnel. They are able to build trust and credibility with clients and convince them to continue investing into the company’s products or services.
2. Defining and implementing plans
Another duty of a business development manager is to develop and implement strategic plans that are focussed on growth and increasing revenue. These are unique to the company and the resources it possesses. They must be capable of analyzing the market and researching industry practices. Consequently, they should be able to identify opportunities that the company can utilize for growth or an advantage over competition. They must also be able to help the company navigate these opportunities to see which ones are worth pursuing.
3. Driving sales and closing deals
In addition to their strategic planning and relationship building duties, a business development manager is hired to act as a salesperson for the company. They close deals and are able to market new products and services effectively. They can persuade stakeholders into investing into the company and are accordingly tasked with providing them with quotes for volume and pricing.
4. Keeping up with market trends
A business development manager is tasked with thoroughly understanding the market and staying current with the latest industry trends. They must be able to look at the direction the market is tending towards and provide the company with a proposal for their next move. This is because it is up to them to find prospective opportunities in the market that the company can invest in for growth. This can come in the form of product lines to invest in, clientele that haven't been considered, collaborations, etc.
5. Coordinating efforts over multiple departments
Business development managers work closely with other departments within a company, including sales, marketing, and product development. They must be able to collaborate effectively with others and unify their efforts for achieving the targets set by them. Designing new products, innovating and bringing new clients are all objectives that require coordination between many teams within the company. Therefore, the business development manager is hired to handle the task of communicating and leading them in this process.
6. Managing Budgets and Resources
A business development manager is also involved in managing budgets and resources so as to maximize profits and reduce costs. They are responsible for ensuring that funds are used effectively and efficiently and must be able to allocate resources to the areas that will deliver the greatest return on investment (ROI).
7. Measuring and Reporting Results
Business development managers must also be able to monitor and report on the success of the plans they set in motion. They should be able to provide metrics such as revenue growth, market share, and customer satisfaction to validate the efficacy of their strategies. They should be able to create graphs and other visual aids and use them while engaging with new clientele.
Benefits of hiring a business development manager
Having a dedicated business development manager for the company can bring in a wealth of benefits. Some of them are :
1. Strategic plans tailored to your company
One of the most important benefits of hiring a business development manager for your team is their ability to think strategically and plan for the future. They are skilled at analyzing market trends, identifying opportunities, and developing strategies to help the company grow. This ability to look beyond the present and plan for the future is essential in today's fast-paced business environment where companies must be proactive in order to secure clients and succeed. .
2. Harness a robust network of clients
Another significant benefit of hiring a business development manager is their ability to network and build connections effectively. Business development managers are natural relationship builders and are skilled at making connections with potential clients and partners. They understand the value of professional relationships in creating new opportunities for growth. By generating an extensive network of connections, they can help open up new doors for your company and new avenues for collaboration.
3. Sales expertise for the whole team
In addition to these benefits, business development managers also bring in their expertise in sales and client management. They are in the end experienced salespeople that are tasked with bringing in clients and making sales for the company. They understand the complexities of closing deals and can negotiate contracts with prospective clients. They are skilled at navigating the sales process and can manage the expectations of the clients they bring in. Therefore they bring a wealth of experience and knowledge to your sales team and can train them in being more efficient and intuitive. This will help boost sales and maximize profit for the sales team as a whole. Therefore they have a positive impact on the overall productivity of your company.
4. Market knowledge and predictions
A good business development manager also possesses market knowledge and insights. They stay up-to-date with the latest industry developments and are able to provide advice on the best strategies to pursue as well as where opportunities can arise. Their market knowledge can also be instrumental in helping your company stay ahead of the competition. This also assists in making informed decisions for a plan of action for the future.
5. Cross-functional collaboration
One of the most significant benefits of hiring a business development manager is their ability to collaborate effectively with other departments within your company. Business development managers work closely with the various wings of your company and relevant teams within to address the needs of the company. They can ensure seamless and cohesive product development and help the company retain clients by ensuring that all parties within the company are on the same page.This is just one example of the multifaceted benefits of hiring a business development manager. They understand the importance of a team effort in achieving success and their skill in making others work together means that the company has a conducive work environment that can smoothly transition from one department to another as they handle the needs and demands of the client.
6. Business growth
One of the goals of a business development manager is to drive growth and increase revenue. They are responsible for discovering potential opportunities and developing strategies to help the company maximize profit. They are equipped to help the company secure clients and retain them. The boost in productivity they provide also nets improved performance for the company. Hiring a good business development manager can be the change that takes your company to the next level and makes it more competitive in the marketplace.
What to look for when hiring a Business Development Manager
1. Thinking and planning skills
An important quality to look for in a business development manager is their ability to think strategically and plan ahead. They should also be able to develop and execute strategies to help the company reach its goals. Thus we need to look for candidates with a history of effectively conducting plans and strategies.We should look for candidates who are proactive, analytical, and able to think creatively.
2. Networking and relationship building skills
The most important quality to look for when hiring a business development manager is their ability to network and build strong relationships. They should have the ability to connect with potential clientele and stakeholders while generating interest for the company. They should also have excellent communication skills to facilitate this.
3. Experience in sales
In addition to their strategic thinking and networking skills, a business development manager should also be an experienced salesperson. They should have a proven track record of negotiating and closing deals while securing clients for similar businesses. Therefore the candidate’s sales expertise should be identified via their resume and history of work. It is helpful if the candidate provides references or recommendations from previous employers or clients that can help provide credibility to their skills..
4. Industry know-how
A business development manager should have an intrinsic grasp on the industry your company is involved in and should demonstrate a reasonable awareness of the latest trends and developments in the field. They could share a fresh or established opinion on the industry and justify their standing on it. They can also demonstrate their knowledge by elaborating on practices that companies in the industry are employing. Ideally we need to hire a business development manager who is knowledgeable in their field while being curious enough to keep researching into their industry of expertise.
5. Collaborative skills
As mentioned before, business development managers work closely with other departments within a company. For this purpose they should be able to collaborate effectively with others and unify team efforts towards a common goal. Therefore we need to find a candidate who is a team player, able to communicate effectively, and has the ability to build consensus.
6. Professional attitude
The ultimate goal of a business development manager is to get clients, sales and profits for the company. They should have a results-driven mindset and be focused on delivering concrete pay-offs from their work and involvement in the company. Therefore we have to look for someone who is driven, motivated, and has a strong work ethic.
The business world is constantly changing, and a business development manager should be able to adapt to these changes quickly and effectively so that the company can continue conducting business while securing clients and partners. They should be flexible and able to think on their feet. Therefore when hiring a business development manager we should be on the lookout for a candidate who is adaptable, resilient, and not averse to change.
We can help you source and assess business development managers with ease!
We at HireQuotient understand the importance and need for effective candidate sourcing. With access to over 600 million candidate profiles across the globe and a concise pre-screening procedure, HireQuotient can help you finish your candidate sourcing in days rather than weeks through automation. Utilize our job description builder to quickly create the ideal job description when you decide to hire a business development manager and access and communicate with HireQuotient’s vast pool of candidates via our targeted mass outreach procedures. This has saved over 70,000 hours for recruiters and with our pre screening you can sort out candidates and find the ideal candidate in under 5 minutes!
HireQuotient also provides an entire plethora of skill assessments that you can employ in gauging the skill of your employees. Our repository is constantly updated with the latest industry relevant tests and assessments pertaining to all non-tech related positions. The questions are created by dedicated subject matter experts in the relevant industries and are categorized based on the difficulty levels so that you can effectively assess the candidate you choose to hire.
All of this is available in a few clicks of your mouse, so check out the company website to book a demo or get on a call with our experts here at HireQuotient to learn how we can help you hire business development managers for your company.
Radhika Sarraf is a content specialist and a woman of many passions who currently works at HireQuotient, a leading recruitment SaaS company. She is a versatile writer with experience in creating compelling articles, blogs, social media posts, and marketing collaterals.
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