A lot of people, nowadays, look for a better job opportunity all the time.
A better job means better pay, livelihood, and more money to fulfill your desires.
But a better job role does not come to all because you need the right set of skills, experience, and most importantly the knowledge to fulfill the responsibilities that are placed on you.
The same goes for a Business development executive job.
A business development executive is a senior manager who has is usually tasked with the duty of helping and assisting business growth.
You can consider them as high-level sales professionals who possess the right skills to enhance the quality and overall standards of business.
Their main priority is to assist the new and existing customers and convince them to purchase the company’s services and products.
Hence, it is a job position which not many people qualify for and it takes a lot of hard work to achieve such a role.
Any business which has the ambition and desire to grow their client base and expand their business in the future will always have a business development executive position in their team.
That is why companies that deal with business-to-business, business-to-customer, or even non-profit organizations, look for a capable business development executive always.
Working Environment For A Business Development Executive
In most cases, these executives work in a traditional office environment.
Their dress code consists of professional business elements and their working hours are usually 8-9 hours a day.
However, at times, companies can even ask them to put in overtime to meet the high demand for deadlines and for fulfilling sales targets.
They are mostly allowed to work according to their own schedule and time frame.
These executives, hence, have a good idea about time management and skills.
Business development executives will often be required to travel frequently in order to attend several meetings, conferences, and events related to the industry on behalf of the company.
As these executives possess fantastic communication skills they are expected to represent their company at various levels of events and programs.
Many of these executives get to occupy a senior role in their company which allows them to control and modify the management according to the way that seems more beneficial to the company.
Business development executives are highly respected in the workspace and many junior executives look up to them for leadership and communication skills.
What are the responsibilities of a Business development executive?
You need to understand that this position is one of the most important in any company which is looking forward to expanding itself.
Without someone fulfilling the Business development executive job in a responsible manner, it can be really difficult for the company.
Responsibilities of a Business development executive seem to contain a huge number of tasks.
But the three most primary of all the responsibilities include
- Identifying and managing new sales leads
- Promoting new products and/or services
- To establish and maintain friendly relationships with existing customers
But when it comes to the task of generating leads, the day-to-day activities of a Business development executive usually include:
- Doing research on different organizations and various individuals online (especially on social media) in order to identify brand new leads and solid new markets.
- Carrying out research and analyzing the needs of other companies and learning what drives their customers to make purchases for their services and products.
- To contact the potential customers via an email or phone call, in order to establish rapport and organized important meetings.
- To plan and oversee brand new and sophisticated marketing initiatives.
- To attend and represent the company at conferences, meetings, and industry events.
When it comes to the exclusive challenge of actually selling the company’s services or products, the business development executive responsibilities include the following:
- Prepare various engaging and interactive PowerPoint presentations and reports or data-based charts for sales displays.
- To keep various clients updated and to inform them about any recent new developments in the company’s products.
- They need to think and develop quotes and proposals for new services and products.
- They tend to negotiate and also facilitate renegotiating via different ways like phone, email, and also in person with the client.
- Developing sales goals and objectives for the team and also ensuring they get fulfilled within the given deadline.
- They train and help the personnel and team members develop and sharpen their skills that are required to fulfill objectives.
The business executive role is a difficult and challenging one to accomplish.
As a Business development executive, it is always expected that they are going to perform the best and lead their team to achieve all the goals and targets that the company has provided them with.
Business executives have amazing communication skills which allow them to manage and improve the company’s relationship with their clients.
Not only are they responsible for their own actions but they are also constantly managing and involved with the day-to-day activities of their team as well.
What are the skills required for a Business development executive role?
In order to fulfill the Business executive role, a certain set of skills and experience is running.
Without possessing the right skill set, it will become very difficult for the person to do justice to the responsibilities handed over to them.
To be an effective and successful Business development executive, individuals will need to be –
- Socially adept and must have flair to develop relationships with other people.
- Must be really good with numbers.
- They will need to provide quality and unputdownable leadership to a large team of salespeople working under them.
Any person who wants to excel and become successful in the Business development executive job must have the following skills –
- A very strong and subtle communication and IT fluency. The person needs to be well knowledgeable and aware of all the various aspects related to their work currently.
- They must possess creativity and the ability to think out of the box in order to solve problems in a sophisticated manner.
- Must have a strong and very solid knowledge of the industry they are working in and must be updated about all the crucial current events related to their work.
- The must-have exceptional qualities and ability to handle immense pressure and must also know how to meet deadlines.
- Excellent time management skills in order to complete and submit all work within the given deadline and prevent any miss.
- Must be attentive enough to find out even the smallest and minute mistakes and problems in any kind of project.
- Must be able to expand their reach over time and use it to analyze and get information regarding the company’s competitors and their products or services.
For all those who are aspiring to achieve this respected position in any company must possess the above-mentioned development manager skills required for business development executive.
Any person who excels in all the skills we discussed is likely to be the favorite candidate for getting the Business executive role.
What are the challenges faced by Business development executives?
If you have read the article until this point, then you must have noticed that we mentioned a couple of times that the position of a Business development executive is not an easy one to fulfill.
There are several challenges that need to be managed by them in order to provide the company with their targets and that too within a given deadline.
So here are some challenges that you can face in the role of a Business development executive –
- Manage and constantly monitor various underperforming team members.
- Suffer from severe downturns in the industry and/or economy as a whole.
- Lose clients to their market competitors.
- Respond to various negative news and rumors about the company.
- To deal with customers who are unsatisfied with the quality of the product or service.
- I need to travel frequently which can be really tiring to some people.
What is the future scope of any business development executive?
The role and importance of a Business executive are more important than you can imagine.
These are the people who work day and night to ensure that a company is able to benefit the most from the current market and overtake its competitors in the industry to expand themselves even more.
There is a huge and really demanding future scope of business development executives.
Companies will constantly look for individuals who can fulfill all the roles and responsibilities of a Business development executive.
Since not many people can possess all the skills that are needed to occupy that role, companies also pay handsome salary packages to these executives with exemplary perks and bonuses very frequently.
Regardless of how to advance the world becomes, the need for a Business development executive will not be taken away by the automation of technological advances.
Final Words – By now you must have surely understood the job description business of a Business development executive. We have discussed a lot of different aspects related to the Business development executive job. It will help you to understand what is expected from you, the challenges you will face, the future prospect and also the skills you are required to have. Make sure to work hard for the job position because it will bring you good respect and an amazing pay scale that will help you lead a better life!