A business development manager sounds impressive. Actually, this title does little to communicate how impressive, expansive and critical this role is to a new, medium-sized or well-established business.
The business development manager wears many hats, as the role is often assigned to one person or a small team.
Let’s take a look at some parts of the business developer’s job:
Generate new business
Business development managers are effectually signing on new clients and building new relationships with partners to expand the business and increase profits.
Communicate with stakeholders
As business development managers find new prospects to sign on, they speak professional and positively about their business constantly throughout the day — in cold calls, over email, on conference calls and with outside PR. They also speak intelligently to stakeholders and executive leaders in an effort to explain how and why potential prospects hold promise for the company.
Eyeing a prospect and cold calling is only the first step in a new partnership. Conversing personally with a prospect establishes a relationship. As the prospect is brought on board as a client or partner, the business development manager embodies the mediator of the relationship, fielding questions, negotiating conflict, knowing when to bring the client and executives into the same room, etc.
Maintaining the relationship extends outside of the office, too. For every new partner a business development team has eyes on, there is an existing partner from years or months ago that might currently be getting overlooked. If a said partner is overlooked for too long, they will likely leave and take their business else as new, more attentive opportunities arise. To avoid current relationships from expiring, business development always stays in communication with partners.
Business development managers are not getting new business for the sole purpose of making their company more money; they are strategically onboarding to keep up with or outpace the competition. In order to fasten partnerships that bring the developer’s company into the lead, the developer is constantly researching their market, the partner’s market, industry and financial news. A smart business manager is well-experienced in the ripple effect of the economy and is prompt to connect ideas between news headlines and development leads.
Even if your company is clearly the best fit for a prospective partner, they’ll need to be convinced of it. Assume that for any relationship a manager is pining after has a dozen other suitors convincing them of why they should partner or take their business down the road. Competing against a hypothetical dozen other companies does not necessarily mean being the most aggressive and persuasive; sometimes, it means being the most strategic and patient. A good business development manager always knows which angle to take.
Business development managers are always nursing existing and budding relationships — it is a busy, time-consuming role that requires constant alertness, relationship awareness and strategy.
To keep a beat on all extents of the business that could impact a business relationship, the business development manager is in constant communication with all other teams in the office. A new service might sway a new partner to onboard; a marketing plan might conflict with a current partner’s brand mission; a financial flaw could scare some partners away. Whatever flukes or fluctuations come up, business development is on them and already communicating about the changes with partners.
Additionally, business development can partner and collaborate with different divisions of the company depending on their existing relationships, intel or current projects.
Work with Rosy Strategies
The ways to recruit new business are many, and you are likely overlooking some right now. Reach out to Rosy Strategies to learn more about new business development and which practices to integrate into your business, today.