Business Development Manager has recently become a widely sought-after professional position in modern companies.
In practical terms, someone in this role is like a chef who combines various ingredients based on the recipe they create into a single dish.
Similarly, in business, there are many aspects such as products, trends, consumers, and others that are then crafted into a strategic package that can create a valuable business.
These elements are skillfully crafted by a Business Development Manager, and you can learn more about their responsibilities, salary, and recruitment tips in this article.
What is a Business Development Manager?
If asked what a Business Development Manager is, the answer can vary depending on the scale of the business, the company’s life cycle stage, and business goals.
However, experts agree that a Business Development Manager is a strategic position responsible for helping a business grow to achieve its desired objectives.
A Business Development Manager will integrate elements such as data, product knowledge, trends, consumers, human resources, finances, third parties, and even legal aspects, combining them into a business development plan.
“A business development manager integrates all company functions with the goal of increasing revenue, sales, product value, services, branding, and mitigating business risks,” according to American Express.
This task is not limited to business owners, salespeople, or marketers alone. It requires someone to help blend these elements and functions together.
Moreover, in the current landscape, competition is no longer just about the quality of the product. It is about the speed and accuracy with which a business responds to market changes.
Business Development Manager, has the following tasks:
Formulating, implementing, and overseeing business strategies, ensuring that everything leads towards business development.
Identifying and conducting research to assess business risks and new opportunities, whether in terms of trends and market positions, consumers, competitors, stakeholders, or third parties.
- Building and maintaining positive relationships with consumers by listening to their desires and needs or creating retention programs.
- Exploring new opportunities while maintaining good relationships with third parties such as suppliers or vendors.
- Collaborating with the product development team to create products based on conducted research.
- Monitoring sales progress and ensuring it aligns with predetermined targets.
- Monitoring every aspect of the consumer journey, from awareness and leads to conversion.
- Collaborating with the finance team to ensure efficient business operations.
- Monitoring all documentation processes related to operational and business development, from invoices to employment contracts.
- Collaborating with various teams such as design, marketing, and CSR to maintain a positive company image (brand).
In addition to the points mentioned above, Business Development Manager also has the authority to determine the standards and criteria needed for the sales and customer service teams.
Business Development Manager’s focus differs at each business scale
Quoting Oasis, the focus of a Business Development Manager varies at each business scale.
In a startup company, a Business Development Manager is more focused on building strong products and services in the eyes of consumers.
Additionally, a Business Development Manager in a startup ensures that the products and services align with the market it enters. At this level, a business development manager also actively seeks funding, investors, and employees aligned with the company’s vision.
Meanwhile, at the medium-sized business level, Business Development Manager focuses on adding more value to the products and services provided.
In contrast, at the large-scale company level, they begin to have broader responsibilities. They start considering product intensification and diversification, the use of technology, and even seeking new strategies that can bring efficiency to business operations.
Skills required by Business Development Manager
Being a Business Development Manager undoubtedly requires a foundational knowledge of the products or services offered by the company.
In addition to that, a Business Development Manager should possess both soft skills and hard skills, including:
- Good communication, both verbal and written, as a Business Development Manager interacts with various functions in the organization and conveys ideas.
- Critical thinking, the ability to think rationally and solve problems based on data, facts, and observations.
- Negotiation skills, as a Business Development Manager frequently builds relationships with consumers and third parties, requiring negotiation abilities.
- Willingness to take risks, fearlessness of failure, and a forward-thinking mindset.
- Progressive thinking, an open-minded approach and adaptability to help identify opportunities.
- Time management, as business operates within limited cycles, and markets often experience anomalies, requiring effective time management.
- Decision-making expertise, the ability to make quick, precise, and astute decisions.
- Business Development Manager should also possess technical skills such as:
- Market research capabilities, SWOT analysis, STP, and trend analysis.
- Understanding financial basics like ROI and budget planning.
- Familiarity with marketing metrics such as engagement rate, leads, traffic, churn rate, and retention rate.
- Ability to create effective presentations.
- Proficiency in project management methods.
- Understanding basic legal knowledge, including contract law and environmental law.
- Mastery of technology supporting business development processes, such as CRM software, data analysis, marketing automation, or digital ads.
Estimated salary of Business Development Manager
According to Indeed, the average base salary for an entry-level Business Development Manager as of January 2024 is IDR 8,420,245 per month or approximately IDR 101,042,940 per year.
However, according to data gathered by Michael Page in 2020, the gross base salary for a Business Development Manager can reach double digits and varies across industries.
For example, in the financial industry, Business Development Manager has an average gross base salary of around IDR 34 million per month, followed by the IT industry at IDR 33 million.
Career prospects for Business Development Manager
The position of Business Development Manager will continue to evolve and be in demand indefinitely, even if a company is already settled or established. For those interested in pursuing this position, you can start from conventional roles, such as marketing, finance, customer service, digital marketing, sales, or even IT jobs.
Currently, there are entry-level positions specifically designed to pave the way for a career in Business Development Manager. Examples include business development officer, business analyst, business operation, business intelligence, acquisition specialist, and customer success specialist.
Tips for companies looking for Business Development Manager
Whether you are an HR or a business owner, there are several things to consider when recruiting a Business Development Officer to ensure effectiveness and alignment with the business needs. Mekari Talenta offers some tips when you want to hire a Business Development Manager.
1. Align with goals and business scale
Before hiring a Business Development Manager, you need to assess your business’s current position in its life cycle. Is your business still in the stage of acquiring customers or a startup, a medium-sized business in take-off, or a large-scale enterprise looking to expand? As mentioned earlier, at each business level, the role and focus of Business Development Manager vary.
2. Conduct recruitment branding
Recruitment branding is a recruitment process that emphasizes the company’s image throughout. You can showcase your product values, company profile, work culture, and current company focus during the recruitment process. This is done to give candidates a broad overview of your company.
3. Clearly outline qualifications
Ensure that in your job postings, you specify clear qualifications, including both job descriptions and required skill sets. This is done to conduct pre-assessments and make your recruitment process more specific.
4. Conduct technical tests and portfolio review
Business Development Manager requires proficient technical skills according to the business needs. Therefore, in your recruitment process, you need to conduct technical tests. This can include a case study that can be presented through a presentation. Additionally, a Business Development Manager usually has a portfolio. Make sure you request a portfolio for evaluation during the recruitment process.
5. Utilize talent pipeline
You can gather data through a talent pipeline from job listing websites, your own job portal, or even from your internal employees. A talent pipeline is a collection of potential candidates gathered from various sources, allowing you to pick candidates when needed. Read more about the talent pipeline here.
To execute an effective talent pipeline, Mekari Talenta can assist you in gathering various candidates entering your company. This is because Mekari Talenta provides an Applicant Tracking System feature that can automatically monitor candidate data, making the recruitment process more efficient.
Applicants data can be used in the next recruitment process if you need a Business Development Manager.
Mekari Talenta also has Manpower Planning feature, allowing you to manage employee data accurately, including performance, positions, salaries, and other data.
This way, you can easily promote a Business Development Manager internally without taking too much time. Ready to have a reliable business development manager? Prepare Mekari Talenta in your company by discussing your company’s needs with our sales team.