What is Business Development? Qualifications, Skills & Job Roles

What is Business Development

Table of Contents

Business Development is an integral part of any business.

Business Development professionals work to generate revenue for the company. They are entirely responsible for managing the organisation’s sales and working towards building a good and healthy relationship between customers and the organization.

Now you know What is Business Development? So let’s look at some of the things you will learn in this blog.

Key Takeaways

  • Learn About Business Development
  • Learn How to Become a Business Development Professional
  • Get an insight into the job role and responsibilities of a Business Development Professional

What is Business Development?

In simple words, Business Development refers to the activities, ideas, and initiatives that are implemented to make a business better and scaleable.

A business development executive works day and night to carry out business activities related to increasing the sales and revenue of the organization. No organization or company can be successful if it cannot distribute its products or services.

To do so, you need some experts in these fields, and that’s where the role of Business development executives comes into play.

Business Development Job Roles and Responsibilities

Business Development professionals are the core members of the business. They work to improve and scale the business in the market.

Here are some Business Development Job roles and responsibilities that you should know,

  • Identifying the right audience to sell their services and doing complete research on their customers
  • They need to build a good relationship with their clients and maintain their existing relationships with their previous clients.
  • Partner with sales teams to create contract-winning proposals for current and prospective clients
  • Negotiate contract terms with clients and communicate terms to stakeholders
  • You need to team up with the production and designing team to ensure contracted product specifications are executed on time and as agreed
  • Become a subject matter expert on our business products, processes and operations, and remain up-to-date on industry news.

Qualifications Required to Become a Business Development Professional

To become a Business development professional, you need to be graduated in any field. Since Business Development is a field that does not require any technical knowledge, any graduate can aspire to become a Business development professional and pursue his career as Business Development Trainee, executive, Business Development Manager Or Sales Manager. So to become a Business Development professional, all you need to do is get yourself a degree in any domain and start your career as a Business Development Professional.

Skills Required To become a Business Development Professional

  • Achievement in Business to Business sales.
  • Need excellent verbal and communication skills. 
  • Should be good in rapport building.
  • Understands how the need generation is done.
  • Basic understanding of the industry, with the ability to become a subject matter expert on the job.
  • Innovation and problem-solving skills that include the ability to develop and propose equipment-based solutions for clients.

These are some Important skillset that an aspiring Business professional must know, as having these skills at their back can help them do their job well.

The Average Salary of Business Development Associate, Executive, Representative Manager & Senior Manager

  • The average salary of a Business Development Associate is around 6.9 LPA in India
  • The average salary that a Business Development Executive gets is 3 LPA.
  • Whereas the average salary of a Business Development Representative Manager is approximately 5.3 LPA.
  • The average salary of a Business Development Senior Manager is around 8.2 LPA.

Read More: Top 9 Non-Technical Jobs to Look for

Conclusion

Business Development is a field that helps in the company’s overall development by increasing the company’s sales and revenue. Also, it is responsible for maintaining a good relationship between the company, its clients, and its customers. 

So if you are planning to start your career in business development, you should know all the criteria required to become a business development professional and learn more. Keep Reading this blog that will help you find the appropriate information on business development.

Frequently Asked Questions (FAQs)

1. What kind of job is Business Development?

Business Development is a field that helps the business grow and scale more in the market, and also, they are responsible for making good customer relations with the company.

2. What are business development skills?

A business development professional should know different types of Business Development Skills: Communication Skills, Negotiation Skills and Strategic Skills.

3. How do I get into Business Development?

All you need is a degree in any domain and a willingness to learn about Business development that is enough to get you in Business Development.

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