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What does a business developer do?

A business developer or business development manager (BDM) is a person who identifies opportunities in target markets for the company’s products and services that allow the company to fulfill its mission. Business developers build and maintain a strong business growth plan with targeted goals, objectives, strategies, quantifiable outcomes, and timelines to hit yearly budget targets.

As a business developer, you’ll be responsible for providing clear monthly performance reports and collaborating with a range of people outside the development team (like the sales team) to collect business intelligence. Senior business developers are also responsible for capturing and reporting both industry and competitor intelligence back to the head of business development to support strategic decision-making and sustainable business growth.

What skills do I need to become a business developer?

A business developer's skills may vary from project to project. Below are some of the key skills that business developers should possess to excel in this career path:

• Excellent oral, written, and interpersonal communication skills to build lasting relationships with diverse audiences
• Ability to form lasting business relationships and deliver results across multiple market demographics
• In-depth understanding of the sales strategies and the steps necessary to close a sale
• Excellent customer service, relationship management skills, and understanding of the customer experience
• Analytical and detail-oriented with demonstrated organizational and project management capabilities
• Demonstrable financial knowledge, with an understanding of budgeting processes and financial reporting
• Sales management, cold calling, strategic planning, and negotiation skills
• Expertise in targeted influencer identification and outreach is a strong asset
• A proven track record of success in a business development role and leadership skills
• Strong organizational skills with the ability to work under pressure and deliver on time
• Technical skills, including Microsoft Office, SharePoint, and CRM tools

What are the core business developer job responsibilities?

The day-to-day job responsibilities of a business developer include:

• Generate new business growth through network development, new client acquisition, and retention
• Review sector focus to ensure productive regional marketing and new business efforts
• Conduct meetings with clients, professional intermediaries, and relationship managers
• Support strategic decision-making through industry, customer, and competitor intelligence gathering and analysis
• Assists in the development and implementation of the company’s new business development plan
• Review potential business leads by analyzing market strategies, deal requirements, potential, and financials
• Develop and support new and current partnership engagements, including identifying and building relationships with prospective collaborative partners
• Maintain the income pipeline for all new opportunities using the CRM system
• Collaborate with the finance team to analyze and report to the executive team on profit levels and potential return on investment of bid proposals
• Liaise with product development teams and senior management to ensure business processes and operations provide an end-to-end customer experience that is appropriate and within customer requirements
• Provide feedback on potential new product development and operational needs back to the appropriate departments to ensure customer needs are met
• Maintain a cycle of business development activities, including the identification and cultivation of potential clients in new markets, market research, preparing marketing strategies and plans, marketing visits, and presentations

Should I get a business developer degree or certification?

Earning a degree or a professional certification may help you stand out:

• Bachelor's or master’s degree in business administration, international management, strategy, and digital business, innovation, entrepreneurship, or in a related field
• Training and certification programs like Certified Business Development Manager (CBDM), Certified Business Development Expert (CBDE), and Professional Certificate in Business Development