What does a Business Development Professional do?
Business development is a unique combination of strategic analysis, marketing, and sales. Business development professionals are involved in a variety of tasks that include:
- Development of their employers’ products and services
- Creation of marketing strategies
- Generation of sales leads
- Negotiation and closing of deals by working closely with relevant stakeholders
The business development professional identifies new business opportunities in new markets, engage in forming new partnerships, identify ways to penetrate existing market conditions, increase new product or service offerings in the existing market and generate more revenue for existing business assigned to them. If the organizations do not have dedicated business development professionals, it is the individuals in the sales or marketing teams that are handling the business development roles and responsibilities. Business development professionals can be found in any type of industry – from big IT firms to huge pharmaceutical companies.
How to get Started as a Business Development Professional?
You need a strong business knowledge or expertise to do well in business development profile. You can gain knowledge in the following fields to get started:
- Corporate Sales
- Technical Background
MBA graduates with work experience in consulting and investment banking can also start working in business development field. The minimum requirement for entry-level position in business development is a BA or B.S. For senior positions in this field, MBA is mandatory. If you are having good experience in sales/marketing and have the knack to generate revenue on consistent basis then this profile will surely excite you.
What are the essential skills required as a Business Development Professional?
The essential skills required as a B.D professional:
- Communication and interpersonal skills
- Sound collaboration skills
- Negotiation and persuasion skills
- Business intelligence
- Project Management expertise
- Research and strategy
To sum up things, companies of all sizes in all industries are building their businesses around partnerships and it is the responsibility of the B.D professional to initiate and manage those partnerships. B.D professionals often face challenges negotiating in terms of partnership deals but this is when the growth opportunities are higher.
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