Business development managers are the foundation of any successful organization because they ultimately generate new revenue and assists the company to grow exponentially.
The role of the business development executive is known as the most dangerous job in an organization due to its short lifespan, stress, and dilemmas encircling the responsibilities of the role. Nevertheless, it is one of the most important positions in a company. The success of the business development team directly influences future growth and stability of the organization. Let’s list the down the key factors that are required to be a successful business development manager:
1. Understand Consumer's Buying Pattern
According to a marketer, the famous stat: consumers complete up to 57% of decision-making process before they even come in-contact with the retailer. With the raising amount of information available online, either from a brand, its competitors, or its from previous customers buyers are more aware.
Business development professionals need to be able to be well-versed in strategies that will aid them build trust with the customer and move the person through the sales cycle via education and qualification.
Several agencies still rely on cold calling and emailing, referrals, and networking to determine quality leads. These can be a valuable roots of business development, the best sales representative understands the role of marketing in qualifying, attracting and nurturing the best clientele. They buy into the plan of inbound marketing and understand that CMOs and executives aren't waiting around for a firm to address them instead a study of CMOs stated that 80% of those surveyed found their retailers, not the other way around.
Dave Currie, president of The List, had said the most successful business development induvial are those that can ask great questions. "Through their curiosity, if they ask questions and listen with intent toward recognizing and truly understanding the matters, the impact of those matters to the prospect's organization in measurable terms, and the importance of solving that matter for the prospect now versus later."
Candidates are already aware about the agencies, the services that is offered and the competition. Thus, the business development person needs to be able value to the interaction, not just restate what the potential client already knows.
4. Sets Goals and Implement Action Plans
Good sales representative understanding that they need useful, meaningful goals and an established plan for reaching the goals. This helps with a various different problems business reps face in companies. An established plan helps in giving clarity encircling the person's role, responsibilities, and priorities. Without this, the rest of the team won't purchase into or support a sales plan. For several people in a company, sales are a mistrusted role, and if the new business development manager can't gather support and encouragement, they will find it hard to be a part of the team and success in their role.
5. High Curiosity Quotient
According to a Tomas Chamorro-Premuzic, “those who possess a high curiosity quotient are more ideal at handling complexity and ambiguity. They are more adept in producing simple solutions to complex problems."
Candidates can be trained as business development professionals in sales techniques, in understanding the industry's skills, the needs and pain points of the prospective clients. However, they cannot be trained to be curious. The bottom line is that curious individuals build stronger relationships and that is the essence of a great business development manager.
In conclusion, the business development managers mostly are required to have a good knowledge of the general business strategies, the concerns, the hurdles, customer acquisition and retention, and the financial metrics that matter to executives. They have to be viewed as a business advisor who can assist the client to solve business problems through the services your agency offers.