A business development manager works on strategic planning, sales management, and prospecting for new customers to help grow an organization. A Business Development Manager (BDM) works to develop business relationships or strategic partnerships on behalf of an organization. This type of marketing focuses on facilitating business growth and opportunities, while a sales manager focuses on generating revenue. Someone in either position can work to create new sales opportunities and contacts, but a business development manager pays more attention to fostering customer relationships.
It's not uncommon for a BDM to have previous experience as a sales manager or marketing executive. A business development manager is a professional who is responsible for the growth of their department. They work with their sales team to develop mutually beneficial proposals, negotiate the terms of the contract, and communicate effectively with stakeholders. The primary goal of a sales development representative is to generate leads and nurture them until they are ready for sale.
The function of business development is to identify potential potential customers in the market area of a company (or outside of it) and establish contact with them to explore opportunities for growth. An effective business development manager will have the skills needed to build long-lasting and successful relationships with key customers. Some business development managers work in an office, others work entirely from home, and others divide their time between the two. This dynamic program is designed to provide students with a strong foundation in business while developing their problem-solving, critical thinking, and leadership skills.
Sales managers often receive commissions or incentives to help them meet their quota and keep up with the competition; business developers don't have this type of incentive structure. Organizations invest in sales development representatives to generate new business opportunities and maintain existing ones. The curriculum includes classes in business ethics, project management, leadership, and management policies, as well as courses for specialized concentrations. A sales manager is judged by the number he gets and closes in a given period of time; business developers focus on the company's growth with less pressure to generate revenue.
Those interested in helping companies develop long-term relationships with customers may be attracted to a career in business development. Large corporations typically have a dedicated team of business development representatives, while smaller companies may share the role in other departments. To quickly differentiate between them, you should remember that a seller has the ability to close deals and is often judged on their performance. Business development managers, while they have some of these responsibilities, are more focused on growing the business without worrying about closing deals.
A business development manager is responsible for helping organizations achieve better brand recognition and financial growth.