What Does a Business Development Manager Do?
A business development manager is responsible for the development and implementation of a revenue growth plan. He or she might manage a sales team or partner with other sales related departments in order to determine the most effective way to grow the company's business. Evaluating financial data and developing analysis reports is another important function performed by someone in this position.
Overall, the main function of a business development manager is to identify and carry out the best possible opportunities for a company's growth. An examination of the company's competition and their business activities almost certainly comes into play in the development strategy. The current resources of the company and its overall strategic objectives are incorporated into the manager's business plan. An evaluation of the outcome of the plan's implementation is performed in order to gauge opportunities for improvement and future revenue generation.
Increasing revenue and profit for a line of products or the company in general is the primary function of business development. Uncovering new opportunities through market research and analysis is part of a business development manager's most important duties. He or she is responsible for developing strategies for new products and services that might best meet both the needs of the market and the company.
Developing and maintaining relationships, both internally and externally, is another vital function. The development manager might need to partner with an internal sales team or sales coordinator in order to implement new growth strategies. Presenting recommendations to company executives based on financial data and market analysis and establishing partnerships with outside vendors are additional relationship related tasks.
The duties of this type of manager involve analyzing a company's internal financial data in order to arrive at a conclusion or identify opportunities. For example, he or she may determine that the manufacturing expenses for a product line of shoes is higher than the industry average. Based on this data, a new supplier or manufacturing process might be recommended in order to reduce costs and potentially increase the company's profit margin.
The public perception and image of a company or a particular product line is also of concern to a business development manager. Any policies or regulations that have to be adhered to are monitored. Consumer perception and the business's impact on communities is regularly observed. Opportunities for image enhancement and potential improvement in these areas are identified and addressed.
Direct selling to customers through product demonstrations or presentations is another area of focus in business development. Certain sales goals might be determined by the manager alone or in conjunction with the company's executives. Potential customers are identified based on profitability and mutual need.
How it would work if you start from real zero? It's easy to increase the revenue starting from zero but it's a huge task as no one knows about your firm or your products, you do not have the appropriate language literature, you have to find the suitable partners etc. Can anyone share their experience?
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