Business development is one of the vital segments in almost every business, these days. It can be considered an extended form of sales, but isn’t just getting leads to the business, but also emphasizes the expansion of a business in other ways. It is a balanced combination of strategy, marketing, and sales. Those employed as business development executives are involved in getting leads, negotiating & closing the deals besides maintaining cordial relationships with the clients. They serve as the link between the corporate partners and the organization.
Business development executives are involved in identifying the potential target market, new business opportunities and the new business partnership that they can benefit with, in the near future. They work towards expanding the company’s client base and corporate relationships to ultimately add to the revenue.
Where do they work?
The need to hire these professionals is now being realised by almost every business and industry. Those seeking jobs in business development can get into real estate, infrastructure, IT, digital marketing, telecom, and other sectors too. Some of the leading companies they can aim to work with are HCL Technologies, Cognizant Technology Solutions, and many others.
Who can qualify?
For those, who master the combination of communication and influential skills and do not wish to get into direct sales, business development is a viable career choice. To get started, you need to hold a bachelor’s degree in business administration. However, those who hail from other fields too can be considered for this job role.
Generally, the professionals having gained considerable experience in corporate sales are considered apt for this position. The prior sales experience even helps a professional aim for considerably higher salary than a fresher.
Skills to take you ahead
It is one of the major skills that help a profession qualify for this job role. An understanding of how the market works and what are the essentials to keep the audiences interested in the product serve as the major skills for these jobs.
The business development executives are involved in dealing with the customers, business partners, and other associates and for this, communication remains a desired skill.
To analyse a situation and bring out the best of opportunities is what these professionals are desired for. They work to get business leads and even maintain the professional relationships with the associates so to ensure their satisfaction with the association.
If networking is something you are best at, you can contribute well to the business.
Average Pay Scale
If you have prior experience in sales, you can make well in this profile. On the other hand, if you get started as a business development executive with no prior experience, the pay scale may not be too alluring. As per a global research firm, a business development professional in India earns Rs 242,480 per year. Experience remains a major factor for pay hike in this job.