what is a business development manager?
As a business development manager (BDM), you are a member of the company's sales and marketing team, working with people inside and outside the organization. You are responsible for creating new business opportunities. Your job is to offer proposals to new clients and build long-term relationships with customers or clients.
As a BDM, you build sales leads, pitch to new prospects and develop a client list for the company. Your goal is to push people through the sales funnel and sign them up as customers. Since you are the company's public face, you convey professionalism to prospects and potential clients. Making the right decisions and using the best strategies can help you achieve strategic goals.
Business development managers spend most of their time generating new business opportunities and ensuring the peak performance of sales staff. Hence, you need exceptional interpersonal and negotiation skills. Expertise in conducting research and developing business trends aids in sound decision-making, helping you steer the company toward growth opportunities. Collaborating well with others, especially the senior members of the sales and marketing teams, makes your job easier.
Most industries rely on business development managers to generate new opportunities. You could work in the construction, manufacturing or retail industries or be employed by a consultancy firm.
Would working as a business development manager suit your relationship-building skills? Then read on to find out what competencies and qualifications you need to thrive in a business development manager role.
view jobsaverage business development manager salary
According to Job Bank, the average salary of a business development manager in Canada is $162,784 per year. In an entry-level position, you start with a salary of $90,013 annually. As you improve your qualifications, your earnings increase gradually, and you can take home over $183,549 annually.
what factors affect your salary as a business development manager?
Your experience and educational qualifications influence your earnings as a business development manager. When you have additional qualifications and experience, you earn a higher salary compared to business development managers in junior positions. The industry you work in also determines your earnings. When you work in a company that sells high-end goods or technical products, you are likely to earn more due to the value of the products. For instance, working as a business development manager in vehicle manufacturing industries could attract higher compensation than retail companies.
Working in large companies also increases your salary prospects since big organizations have more resources and can afford to pay higher wages. Small companies have limited resources, and you typically have fewer responsibilities.
types of business development managers
Depending on the industry they work in, the different types of business development managers include:
- Construction business development managers: your job in construction is to look for new building projects on behalf of your employer. Apart from identifying new prospects, you ensure projects meet clients’ needs and develop relationships with all the construction project stakeholders.
- Cybersecurity business development managers: you study trends in cybersecurity and develop ways to improve the security of computer systems. If your employer offers cybersecurity services, you identify prospective clients in various industries.
- Financial services business development managers: you monitor the performance and upcoming trends in financial services, helping your employer stay ahead in the sector. You also find new ways to reach existing markets.
working as a business development manager
Working as a business development manager involves helping businesses develop long-term relationships with their clients and finding new customers. Let's explore some typical duties and the work schedule of a business development manager.
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what does a business development manager do?
Specific tasks of a business development manager include:
- Setting business goals: as a business development manager, you set the goals a business needs to achieve to improve growth. You also develop plans that you can implement to support the achievement of those goals. Your objectives focus on growing the customer base and increasing revenue.
- Researching new target markets: as a business development manager, your primary role is to identify new opportunities for business growth. Therefore, you research new markets for the company to explore. You create plans and implement initiatives to improve sales in new target markets.
- Identifying new business leads: when you spot a target market for your products or services, you research prospective accounts in the market. Your job is to leverage market research and optimize marketing campaigns to generate new leads for the business. You also pursue leads and move them through the sales cycle.
- Developing proposals and quotes for prospective clients: as a business development manager, you pursue important leads to generate significant revenue for your employer. This part of your role involves pitching ideas to prospects and developing proposals on how your company can help them achieve their goals. When a client is interested in the business proposal, you generate quotes and negotiate prices.
- Training business development staff: as a business development manager, you train sales and marketing teams, teaching them the best strategies for approaching clients. You also set goals for business development teams and help workers implement strategies to meet objectives.
- Attending conferences and company events: as a business development manager, it is important to stay on top of industry events and upcoming trends. This involves attending conferences and meetings to keep up with changes in the industry.
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work environment of a business development manager
Business development managers work in various industries, including manufacturing, construction and retail. Your objective in all the business sectors is the same, but the work environment may differ. As a business development manager, you mainly work indoors, attending meetings and researching clients. You also meet with clients at their preferred location. Sometimes, you work outdoors for a game of golf, attend social events with prospective clients, or make home visits to discuss proposal details. Some travelling to conferences and other industry events is usually involved.
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who are your colleagues?
Depending on the company you work for, you collaborate with marketing managers, sales managers and marketing executives. You also work alongside operations managers, VPs of finance (large enterprise) and sales directors. Other professionals you are likely to interact with include digital marketing coordinator, communications managers and social media managers.
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business development manager work schedule
As a business development manager, you work between 38 and 40 hours a week. However, the role often extends beyond traditional office hours, as you meet clients at times convenient for them. You attend evening events and appointments or work conferences during the weekend. While part-time opportunities are available, they are rare for business development managers. You accomplish most duties without leaving your office but frequently meet with clients to develop and build good relationships. Therefore, some business development managers work from home or remotely.
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career opportunities as a business development manager
The career path of business development managers is promising, and the role may be your first step into an executive position in a company. As a business development manager, your situation is similar to sales managers and marketing managers. You can progress to other senior roles, including marketing director or regional manager. Some business development managers even work their way into chief executive officer (CEO) roles.
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advantages of finding a job as a business development manager through randstad
Working with Randstad offers you a range of benefits:
- Always a contact person you can fall back on and ask for help from
- Many training opportunities
- A range of jobs in your area
business development manager skills and education
Some of the educational requirements for becoming a business development manager include:
- University degree: in Canada, many employers require a bachelor’s degree in a relevant field to become a business development manager. Pursue a degree in marketing, economics or business administration. Some employers may even expect you to possess a master’s degree in marketing or business administration.
- Work experience and certifications: you require extensive experience to become a business development manager. Gain experience through executive business development roles and marketing careers. You should also consider pursuing professional certification, such as a Certified Marketing Research Professional (CMRP) or Certified Economic Developer (Ec.D.) certificate.
competencies and characteristics of business development managers
Some qualities of a business development manager include:
- Communication skills: as a business development manager, you communicate with clients from diverse backgrounds and education levels. Your excellent verbal and written communication skills improve rapport with clients and help you build better relationships.
- Time management skills: you need exceptional time management skills to help you prioritize tasks and adjust your schedule as needed. With time management skills, you can offer the best service to your customers or clients. Organization skills also help you keep up with the client list and ensure their needs are met.
- Technical and computer skills: you rely on your computing skills to operate customer relationship management (CRM) systems. You are also likely to use a content management system (CMS) to track leads and client calls.
- Personal drive: you should be goal-oriented and driven to achieve your objectives in the role of a BDM. When you have self-drive and self-motivation, you can push yourself to meet targets.
- Sales skills: as a business development manager, you persuade customers to buy the company’s products. Your sales skills help you convince clients to purchase the products or services offered by your organization.
FAQs about business development manager jobs
Here, you will find the answers to the most frequently asked questions about the profession of a business development manager.
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what is the role of a business development manager?
As a business development manager, you follow up on leads and strengthen relationships with potential customers. You also ensure new customers are satisfied with their purchase and establish strong relationships to build loyalty. Your primary duty as a BDM is to bring in new business for your company. That means you pursue leads and research potential customers within the target market.
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how do I become a business development manager?
Obtaining a bachelor's degree in business, marketing, or public relations is a good way to start your BDM career. Some employers also require a master's degree in business administration. Aside from educational qualifications, you should gain extensive sales and marketing experience.
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what is the average salary of a business development manager in Canada?
The average salary of a business development manager in Canada is $162,784 per year. Your earnings fluctuate based on various factors, including experience and educational qualifications. That's why an entry-level BDM earns $90,013 annually. The most experienced business development managers take home over $183,549 per year.
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what is the difference between a business development manager and a sales manager?
A sales manager is focused on generating revenue and leading the sales team to meet revenue targets. As a business development manager, you lead the business development team, and your focus is on developing business partnerships and strategies.
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are business development managers in high demand?
Business development managers are in demand in Canada due to the services they offer. Your knowledge in strategic planning and business development is valuable for growing businesses and helping organizations achieve their goals.
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how do I find a job as a business development manager?
Finding a job near you as a business development manager is easy. Search our job offers. Have you found what you're looking for? Then submit your application using the ‘Apply’ button top right on the page. No jobs available right now? Send us your resume and we'll pass it on to a recruiter who will contact you if an opportunity opens up for you.
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