What Does a Business Development Manager Do?

I'm considering a career in business development after high school or college, and I'm curious about the role of a business development manager. What are their main responsibilities, and what skills do they need to succeed?

A Business Development Manager plays a key role in helping a company grow. This is achieved by identifying new business opportunities, developing and implementing growth strategies, and forging strong relationships with customers, vendors, and industry partners. Here is a breakdown of some of their main responsibilities:

1. Identifying and Evaluating Opportunities: Business Development Managers often spend significant time scanning the market for new business opportunities. This could involve researching competitors, identifying emerging trends, or assessing potential partnerships.

2. Strategic Planning: Developing strategies for growth is a critical part of the job. This may involve creating detailed business plans, coordinating with other departments such as marketing or sales to develop joint initiatives, or suggesting new products or services based on market research.

3. Networking: A key aspect of the role involves building relationships with clients, potential partners, and industry influencers. This could involve attending industry events, setting up meetings with potential partners, or negotiating deals with clients.

4. Negotiating and Closing Deals: Business Development Managers often work closely with sales and legal departments to negotiate contracts that benefit the company. They may also be involved in closing deals with clients or partners.

As for the skills needed to succeed in this role, there are several:

1. Analytical Skills: The ability to evaluate complex situations and extract key insights is crucial. These might range from market trends to financial reports.

2. Communication Skills: Whether it's presenting at a conference, writing a proposal, or interacting with clients, clear and persuasive communication is critical.

3. Negotiation Skills: Business development often involves striking deals and forming partnerships, so being a strong negotiator is a must.

4. Relationship-Building Skills: Creating strong, lasting relationships with clients, partners, or suppliers is key to the role.

5. Strategic Thinking: The ability to think strategically, envisioning the big picture and planning for the long term, is pivotal in setting the direction for growth.

It's also worth noting that education and experience in business, marketing, or a related field can be advantageous in this role. Some roles may require an MBA, though this is not the case for every Business Development Manager position. As with many careers, gaining practical experience through internships, sales roles, or similar positions can prove beneficial.