Understanding the Business Development Process and its Scope
A company is highly dependent on its business development managers. Hence it is very important to understand the process of business development, the scope of managers and what the recent hiring trends are.
For a business to run well, one needs to generate revenue for a business. The smooth functioning of a business depends highly on its business development processes. Therefore it is very important to understand the role of a business development manager, the key roles and how important it is for a business to sustain its good managers. Also we discuss about the scope and career growth of a business development manager and what it takes to become a successful manager.
Business development is making long term value that an organization makes from its customers, markets and relationships. Figuring out different opportunities that lead to the growth of an organization is what a business development manager is supposed to do. Let us understand the basic definition of this term, step by step:
Building Long Term Value
Value in case of a business refers to cash, money, word of mouth and all that is required for a smooth functioning of an organization. It is important to note that business development is just not about making money for the organization. It is a process of building value that may affect a business in the long run. It is very important for the organizations to hire talent that is capable of growing their business for long term. In order have constant growth in an organization; creating a long term value is of prime importance.
Business Development and Customers
What is business without customers? Business development is directly proportional to its customers as without customers there will be no business to develop. Everyone is not a customer. Developing business means looking out for potential customers and turning them into your customers. Selling skills are most needed here.
The Role of Markets
In such a big world, it is practically impossible to locate customers one by one. Therefore there are markets which define a particular set of potential customer. For example a retail store has its customers who visit the shops so they are the market. For wholesalers the retailers are markets and for the warehouses the wholesalers and so on and so forth. Customers live in markets and are defined by their lifestyles, purchasing power, demographics and more. One of the important steps in building long term value is identifying potential markets and makes them opportunities to grow.
And Then Are Relationships
A strong business development largely depends on business ethics that include building good relationships not only with the customers. Relationships with partners and employees are as important as making relationships with the customers. The relationships that are built on trust, mutual appreciation and respect add generously to the long term value.
Understanding all the above points, we can conclude that business development is a blend of sales, partnerships and hustling through customers and markets. It is fascinating, challenging and an area that has a great potential to grow.
Now knowing all what business development process is, we understand the role of business development managers and their scope in the Indian job market.
Business Development Manager: Roles and Career Growth
As the name says, business development managers are responsible for developing business for an organization. The in-depth knowledge of these professionals about various business theories allows a company to expand and take new heights. The roles of a business manager include evaluating the current business scenario and to think about new ways of improving the current scenario and reaching new heights. Their job includes performing numerous tasks that include assessing the current markets, finding new target markets and work on building long term value for an organization.
The Indian Job Market for Business Development Managers
Business development is most of the times considered as sales job. But having read the above you now know that it is more than just sales. It is one of the most comprehensive and very broad lines of career that focuses of strategies, international business and strategies that are entirely dedicated towards the growth of an organization. Business development is divided into three broad categories and a person climbs a ladder up one by one. The growth is fast and monetarily it is one of the highest paying jobs. But to be successful in this line, it is important to understand that this job demands a lot out of you. Before studying the job market, let us know the core competencies required to become a business development manager. They are:
- Excellent Interpersonal Skills
- Working overtime and on weekends
- A graduate and post graduate degree in business management
- Strong analytical and organizational skills
People with all the above competencies have a very bright future and will comfortable grow in this field. It has a wide scope and an increasing trend for many years. The job speak survey stated the latest numbers which said that the demand of professionals in business development has gone up by 19% when compared to in December 2013. Many of the top companies hire business development managers on a regular basis even in tough economic times.
The graph below shows the hiring trends of business development manager jobs from September 2013 to January 2014 according to the survey.
The job of a business development manager is quite challenging and interesting. The job openings for business managers are endless and one can find some of the best companies rigorously hiring for business managers. It is a growing opportunity and has a lot of scope attached to it.
Author Bio: Akansha Arora is a professional writer and blogger. She is happy to pen down her views for various domains like career advice, real estate and more that interest her. Follow her at [email protected]