Business development has become a common term with the growing spirit of the market. Be it any business, domain, or industry, every entity wishes to get more leads and add more figures to the revenue being generated. Business development is the key that lets every business beat the competition blowing in the market. It's a perfect blend of business, commerce, and organizational theory, which is applied to generate more business.
As the market in almost every sector is expanding rapidly, the need for those working as business development executives too seems to be pacing up. These professionals generally hail from sales backgrounds and hold an understanding of the market sentiments and clients' expectations.
A business development executive is majorly responsible for:
- Generate effective leads and develop corporate database for the organization
- Building relationships with the key prospects
- Develop sales plans and pitch the products and services to the potential clients
- Understand business goals and accordingly target the audience to bring more business
- Prepare proposal as per the clients' specific requirements
- Attending events that can help promote the business
- Work in coordination with the sales and marketing teams
- Come up with sales strategies and achieve targets within the stipulated time frame
Besides, the major elements of business development are long term growth of the business, identifying the potential market, building relationships, and managing customer base.
How to qualify for these jobs?
Wish to qualify as a business development executive? If yes, then sales and relationship management have to the key skills you possess. Business development can fairly be defined as the next level of sales, where more responsibilities are added to the role. To qualify for this job, one needs to hold a bachelor's degree in business administration, commerce, finance, or any other related specialization. Most of the companies hiring for business development emphasize on skills more than the academic specializations.
Those applying to work as business development executives need to be efficient in sales, communication, presentation, and documentation. They are highly presentable professionals, who liaison on the company's behalf and build relationships to bring more business. Besides, they need to hold negotiation skills too, so as to quote appropriately in the company's favour. The leading employers for these professionals are IBM, Dell, Deloitte Consulting, Oracle, Wipro Technologies, Capgemini, and Infosys. Besides, many reputed companies operating in IT, management consulting, retail, e-commerce, and other sectors look for business development executives.
Average pay packages
The job of a business development executive is target based and those, who can manage to register the committed figures can surely go on to earn well. Besides, experience does matter, thus it can be a constraint to earn you a satisfying remuneration. As per Pay Scale, an entry-level business development executive can earn Rs 237,323 per year, on an average, whereas some experience can land the professional in a job paying more than Rs 3,50,000 annually.