Philosophers have always shared the thought that there’s no standing still: you’re either moving forwards or backwards. In today’s fast-paced and technology-driven global environment, that’s truer than ever before. It’s a philosophy that applies even to business. Unless a business is innovating, researching, planning and investing in the future, it’s going nowhere.
A business development manager (BDM) is at the forefront of addressing the challenge of growth in an organisation. Their role is to understand a business’ operational capabilities and then plot and implement a strategic path one, five, or even 10 years forward. That’s only possible by identifying and creating strategic opportunities to ensure growth and facilitate innovation.
A business without a plan will go backwards, along with its’ workforce. Those charged with the responsibility of getting business development right are well regarded and well rewarded.
A business development manager is often the ‘front of house’ presence for potential clients. The BDM takes charge of developing sales in unexplored areas while also responding to ‘business as usual’ opportunities like requests for proposals or responding to tender opportunities.
Essentially, a BDM:
The role is customer-focused. It often involves attending conferences and industry events while nurturing contacts and listening to what customers want. A BDM is the ‘eyes and ears’ of a business, armed with a strategic plan and an understanding of customer needs in terms of services or products.
A successful BDM will also think ‘outside the square’ about how they operate. They actively seek customer feedback to inform the way they pitch business in the future. They will also encourage customer testimonials, either written or video, to promote engagement with other potential customers. In other words, they’ll use the effectiveness of previous contacts or campaigns to improve the likelihood of success in their next campaign.
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Developing businesses requires thinking creatively about tactics. That process begins with identifying prospective customers to create effective brand awareness initiatives. Therefore, marketing plays a crucial role in this space.
Creating marketing collateral that shows how your business works and what products or services it provides is an added advantage. Creating and maintaining a relevant suite of marketing products (i.e. blogs, social media content, short videos, etc.) is a valuable tool for maintaining connections and communicating product updates. Website content explaining your products or services must be kept fresh, accurate and relevant. It’s often the first point of contact for any potential and existing clients.
Networking is also important. Once upon a time, networking might have started with a cold call, but today, that is not as effective as it used to be. These days, creating and developing contacts on professional platforms such as LinkedIn can be far more authentic and productive.
There’s no substitute for the personal touch when meeting prospective clients. Soft skills like communication are key in this space and natural leaders and relationship-builders will excel.
In short, a good business development manager anticipates the questions that may be asked and provides the answers ahead of time in a proactive and engaging way.
A business development representative (BDR) is an entry-level position that can lead to the role of BDM. A BDR learns to identify business leads via direct contact with potential customers or even by handling complaints. They take action to understand what problems might need to be addressed at a grassroots level before they become more significant issues.
Contacting prospective customers and booking sales appointments is a common next step. These skills help to round out their understanding of the business while generating leads and learning more about the process. Along the way, they learn skills like time management and how to prioritise workflows.
If you don’t want to work your way there, getting qualified with an online business development diploma will ensure you have the practical skills to move into business development or get ahead in your current BD career.
Successful and ambitious business development managers often progress to managing individual customers rather than remaining part of the team generating and funneling new leads.
As with most occupations, business development managers are compensated based upon a combination of experience and talent. A typical salary in Australia starts at around $80,000 to $120,000, but can get up to $159,000 or more.
A Double Diploma of Business (Business Development) (BSB50120) + Leadership & Management (BSB50420) is designed for strategic leaders, equipping graduates with key relationship-building and leadership skills. This course is perfect for those who want to lead from the front and develop the know-how to inspire their business to grow with them.
The Double Diploma of Business (Business Development) (BSB50120) + Marketing and Communication (BSB50620) is designed for BDMs with a view to home in on and relationships that facilitate growth and create a brand presence that aligns with business objectives. Understanding marketing is a critical component of any BDM’s core responsibilities. This course helps develop skills around exploring and evaluating marketing opportunities while also teaching how to develop and implement business resource plans and assess their effectiveness.
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