Ponnusamy Karthik

Business Development Manager (BDM Full Form) - Ponnusamy Karthik

BDM Full Form – Business Development Manager (2024)

BDM Full Form

The full form of BDM is “Business Development Manager.” A Business Development Manager is a professional responsible for identifying business growth opportunities, building and maintaining client relationships, and driving revenue growth within an organization. Their role often involves market research, strategic planning, sales, and negotiations.

Running a successful business is quite challenging. There are a lot of activities to be coordinated for the success of a business. Business development manager (BDM) plays an important role in the success of a company. The BDM job is quite challenging. The BDM play a vital role in any organisation.

Every major industry, including

  • Construction
  • IT staffing
  • Cybersecurity
  • Financial services
  • E-commerce
  • Healthcare

and many others, has a full-fledged business development management team with a business development manager.

Business development manager develops the business of an organization by enhancing strategic planning and positioning the business in the appropriate markets. It should be effective and reach across all areas of the business. He has to cover all areas of the business. The BDM has to move with the people from the top of the sales funnel to the end customer. The BDM builds a good reputation in the appropriate markets. The growth of an organization depends well on the excellent Business development strategy and its pitching.

Importance Of Business Development Strategy

An excellent business development strategy is very essential for

  • Increasing revenue.
  • Increasing Profitability.
  • Increasing Business growth

              1.Perfect Strategic planning

              2.Co-ordinating sales management

              3.Builds business relationships with potential customers

  • Increasing Expansion possibilities.

              1.Prospecting new clients

              2.Expanding the business to new markets.

              3.Building strategic partnerships.

A best business development strategy will focus on financial gain

Tasks and responsibilities of A Business Development Manager

The Business development process is a combination of

  • Ideas
  • Iinitiatives
  • Activities

that enhance the scope of any business. It will vary depending on the nature of the company and the industry. The business development manager is taking a business to newer heights. It is his core responsibility. It involves

  • Constant updating about the changes in the market. The data of the

          1.Latest industry developments

          2.Market positioning of corporate competitors

  • Determining proper ways to attract target customers.
  • Identifying and preparing long-term strategies through market studies and customer relations.
  • Preparing and Discussing effective promotional strategies and activities with the marketing department
  • Finding potential business opportunities to foster growth and profitability
  • Identifying and gaining new customers
  • Implementing excellent negotiation skills and project management skills.
  • Developing and boosting relationships with key customer accounts
  • Arranging business development meetings with prospective clients
  • Training members of the team by arranging both

             1.External training

             2.Internal training.

Business Development Manager Requirements

  • Very Good proficiency in English. In case of dealing with overseas clients, the ability to speak a foreign language is an asset.
  • Excellent Communication skills. The capability to communicate well with a variety of professionals and business owners. An excellent telephone manner is essential for communication with customers and business associates. Good verbal and written communication skills are required to send and receive messages.
  • Excellent Negotiation skills. Business development manager must negotiate pricing with customers, and suppliers. They should convince other professionals and persuade them.
  • The Ability to build rapport. The BDM should have good interpersonal skills. It is essential to build working relationships with different types of professionals. The BDM must be good enough to gain people’s confidence
  • Good analytical and problem-solving skills. It will help them to identify problems in business operations. Then try to eliminate those problems through effective planning.
  • Perfect Time management and planning skills are essential. They will help to make fast solutions that are feasible to implement.
  • Flexibility is required to adapt to changing circumstances. It will help to find creative solutions to new problems.
  • Strategic thinking is essential for both long-term and short-term contexts.
  • B.A.,/B.A.,/B.Sc in business administration, sales or respective relevant fields. Other relevant subjects include
  1. Accountancy
  2. Economics
  3. Finance
  4. International relations
  5. Marketing.
  • Excellent proficiency in MS Office and CRM software (e.g. Salesforce). Computer skills are essential for analysis, research and communication. The use of spreadsheets is required.
  • Proven excellent working experience as a

              1.Business development manager

              2.Sales executive or a relevant role.

  • Very good proven sales track record with experience in customer support is a plus

              1.Ability to understand  the company’s product offerings,

              2.Analyse the competitors in the industry

        and its standing in the market.

  • Capacity for setting goals and structuring plans for business and revenue growth
  • Efficiency to Collaborate with the sales team to ensure high-quality prospects in the customer pipeline
  • Excellency in monitoring client needs and the company’s ability to fulfil them. (Ability to assess client needs as well as the company’s ability to meet those needs)
  • Ability to prepare status reports on targets and following up with new leads generated by the sales team
  • Capacity for formulating quotes and proposals for prospective clients
  • Capacity to identify leads and making proper pitching through

             1.Cold calling prospective clients

             2.Networking at trade shows

             3.Following referrals generated by the sales team

  • Positive attitude with the ability to accept rejection with grace. They should handle each “no situation” as putting them a step closer to a “yes situation.”
  • Capability of preparing perfect status reports on goals. And also keeping records of sales, revenue, invoices etc.
  • Tenacity to meet and exceed targets

Available Choices For Business Development Managers

A Business development Manager can choose a particular type of business and specialise himself. The most available choices are listed as

  • Manufacturing Business
  • Construction Business
  • Telecommunications Business
  • Education Business
  • Finance Business
  • Healthcare Business
  • IT Business

Daily Duties of a Business Development Manager

Some of the daily duties of a business development manager are

  • Attending conferences and meetings to build business strategies
  • Providing the training to the team to strengthen their skills. And also to improve the capabilities of the workforce
  • Researching and selecting prospective clients in targeted markets. He pursues leads and facilitates successful alliances
  • Providing proper guidance and collaborating with design and sales teams. It will help to develop products and services
  • Going through the latest developments and trends in the industry
  • Understanding and analyzing the target markets, including industries, competitors, projects and market strategies
  • Retaining relationships with existing clients and identifying new prospects within a market

Business Development Manager Salary

  • The regional variances affect the Salary structure.
  • The type of business is also a determining factor.
  • The salary is generally higher in London and the South East.

Business Development Manager Working Hours

  • The working hours depend on the type of business. The regular working hours is 9 a.m to 5 p.m.
  • They have to work longer on some occasions to meet a project deadline. And also while attending an event or conference.
  • Flexible working and working from home may be possible in some types of businesses.
  • Depending on the type of businesses, sometimes overnight stay or overseas travels may be required.

The next level of Business Development Manager

  • The working hours depend on the type of business. The regular working hours is 9 a.m to 5 p.m.
  • They have to work longer on some occasions to meet a project deadline. And also while attending an event or conference.
  • The best business development managers often move in to next level of

                 1.Senior business development manager

                 2.Sales management roles.

  • A deep understanding on business metrics and people management will help the BDM to progress to the highest  Director Level. They will be heavily involved in strategy, planning and executing.

Conclusion

  • An ambitious and energetic Business Development Manager will help to expand the company business and their clientele.
  • They create and apply an effective sales strategy.
  • They plan sales campaigns.
  • They follow the latest developments and trends in the industry
  • They develop innovative ideas to expand the profitability of a business.

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