what is a business development manager?
As a business development manager, you are part of the sales team and work with people inside and outside the organisation to create new business opportunities. Your job is offering proposals to new clients and building long-term relationships with the company's customers.
As part of the marketing team, you build sales leads, pitch to new prospects and develop a company's client list. You aim to push people through the sales funnel and sign them up as customers. Since you are the company's public face, you always convey professionalism to prospective 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. Further, they need exceptional interpersonal and negotiation skills. Expertise in conducting research and developing business trends aids in sound decision-making. It helps steer the company toward growth opportunities. Collaborating well with others, especially the senior members of the sales and marketing teams, makes you more effective in your role.
Most industries rely on business development managers to generate new opportunities. You could work in the construction, manufacturing or mining industries. Business development managers are also joint in retail, finance and consultancy firms.
view jobsaverage salary of a business development manager
Business development managers promote business growth. Hence, they earn competitive salaries. For instance, the average salary of a business development manager in Australia is $105,000 annually. Junior professionals in the role take home a base salary of $110,000 - $130,000 per year due to their minimal skills and work experience. As you gain experience, you earn over $150,000 - $170,000 per year.
The remuneration package often includes various benefits and allowances. Non-monetary benefits include annual sick leave and paid leave days. Some companies pay bonuses for exceptional performance.
what factors affect the salaries of business development managers?
Your role in the company and your position influence the salary and benefits you receive. When you work in top-level positions, your remuneration package rises with your seniority. For instance, you could be a senior marketing manager identifying new business opportunities. The industry you work in also determines your remuneration package. For example, suppose you work in finance and insurance companies. In that case, you are likely to earn more than business development managers in retail.
Want to know what you will earn as a business development manager? Check out what you are worth with our salary checker.
types of business development managers
The types of business development managers depend on the industry they work in, including:
- 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 the projects meet the client's needs and develop relationships with all the construction project's stakeholders.
- cybersecurity business development managers: you study trends and develop ways to improve computer systems' security. If your employer offers cybersecurity, you identify prospective clients in various industries.
- financial services business development managers: you monitor the performance and upcoming trends in financial services and help your employer stay ahead in the sector. You also find new ways to reach existing markets.
working as a business development manager
The main objective of a business development manager is to promote business awareness, identify new markets and form new partnerships. Let's explore the additional responsibilities, work schedules and job outlook of the role.
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duties and responsibilities
Some of the standard tasks of a business development manager include:
- setting business goals: as a business development manager, you set the goals that a business needs 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 enhancing revenue.
- research new target markets: as a business development manager, your primary role is to identify new opportunities for business growth. You research new markets for the company to explore, create plans and implement initiatives to improve sales in new target markets.
- identify new business leads: when you spot a target market for your products or services, you research prospective accounts in the market. You also pursue leads and move them through the sales cycle. Your job is to leverage market research and marketing campaigns to generate new leads for the business.
- develop proposals and quotes for prospective clients: as a business development manager, you pursue important leads that can 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.
- manage relationships with existing customers: as a business development manager, you nurture and manage relationships with existing clients. You review the existing contracts and identify upselling opportunities.
- training business development staff: as a business development manager, you train the sales and marketing teams in the best strategies for approaching clients. You also set goals for the business development teams and help workers implement strategies to meet objectives.
- attending conferences and company events: as a business development manager, you stay on top of industry events and trends by attending conferences and meetings. This enables you to keep up with changes in the industry.
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work environment
A business development manager works in various industries, including manufacturing, mining, construction and retail. Your objective in all business sectors is the same, but your 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, perhaps for a game of golf, attend social events with prospective clients, and make home visits to discuss proposal details. Travelling to conferences and other industry events is also common.
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who are your colleagues?
Depending on your employer and the industry you work in, your colleagues might include account managers, assistant managers, operations managers, marketing managers, marketing executives and sales managers. You might also be working in close proximity to account managers, sales administrators and sales executives, as well as other specialists that could include, but not be limited to, finance managers, finance analysts, sales representatives and communications directors.
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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 to them. You may attend events and appointments in the evenings or a work conference over the weekend. While part-time opportunities are available, they are rare. You can accomplish many duties without leaving your office, but you frequently meet with clients to develop and build good relationships. Therefore, some business development managers work from home or remotely.
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job outlook
Working as a business development manager is a rewarding career, with projected job growth of 13.5% in the next five years. As well as the projected growth, the career path is promising, and the role can be your first step into executive positions in a company. You can progress to other positions, like marketing director or regional sales manager. Some business development managers become chief executive officers.
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advantages of finding a business development manager job through randstad
Finding your business development manager job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a business development manager is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too.
education and skills
You require the following formal qualifications to become a business development manager:
- bachelor's degree: to become a business development manager in Australia, pursue a bachelor's degree in economics, business, marketing or commerce after Year 12. The degree courses take three years of full-time study. However, shorter courses, such as a diploma in business, are available in VET.
- work experience: a successful business development manager has extensive experience in sales, marketing or customer service roles. You can start with entry-level positions that help you develop your skills and expertise.
skills and competencies
Some of the qualities that will help you excel as a business development manager include:
- self-motivation: as a business development manager, you should be goal oriented and self-motivated to drive the company to growth by meeting its performance goals. Self-motivation helps you stay focused on your goals and work efficiently.
- interpersonal skills: as a BDM, you interact with many people inside and outside the company. For instance, when you connect with existing or potential clients, you always conduct yourself professionally. Interpersonal skills also help you work well with other professionals.
- commercial acumen: you require commercial understanding to determine the best opportunities and partnerships to boost business growth. Commercial expertise helps you pursue the opportunities that are most likely to yield results.
FAQs about working as a business development manager
Here are the most asked questions about working as a business development manager:
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what does a business development manager do in australia?
As a business development manager, you develop business solutions and manage customer contracts. You create effective business plans to help the company generate more revenue and improve customer satisfaction and brand loyalty. You also find new business opportunities and partnerships to strengthen the company's growth.
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how much does a business development manager earn in australia?
As a business development manager, you take home an average remuneration package of $105,000 per year. Entry-level positions attract an annual salary of $90,000, while experienced professionals earn over $110,000 yearly.
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how do I become a business development manager in australia?
To become a business development manager in Australia, you require industry experience and expertise. Your educational qualifications usually include a diploma in business with a specialisation in business development or a bachelor's degree in economics, business or marketing. Entry-level jobs help you gain valuable experience.
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what skills does a bdm need?
As a business development manager, you rely on your sales skills to promote the company's products and services. Being persuasive and using your initiative helps you find new partnerships and develop business growth opportunities. Since you manage customer relationships, customer service skills are also essential.
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is bdm a good job?
Becoming a business development manager is a rewarding career. You will enjoy high salaries and exciting growth opportunities in senior roles. You also have a promising career outlook with a projected job growth rate of 13.5%.
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how do I apply for a business development manager vacancy?
Applying for a business development manager job is easy: create a Randstad profile and search our business development manager job offers. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here.