Business Development is necessary nowadays for companies and organizations to achieve sustainable growth, it focuses on creating long-term value rather than quick cash solutions.
In fact, Business developers establish the strategy for the coming years to ensure the growth of their company's activities through new ideas (new products, services, partnerships, customers ...) which make them play an extremely important role within any organization.
Business Developers work closely with sales, marketing, financial and legal teams and they must coordinate ideas and teams in order to create new activities within a company.
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Through our analysis we gathered information about Business Developers around the globe, here are some of the most relevant insights we drew:
The job of a Business Developer involves a diversified set of skills, ranging from Sales, Marketing, and Management which are the foundation for the job, to Business and Marketing Strategies, Negotiation, Team leadership, and Project management.
Below we try to explain some of the skills these profiles should master :
- Business strategy: The formulation and implementation of the major goals and initiatives taken by an organization's top management, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. This is important for Business Developers since they are actively involved in setting up the business strategy and they will be responsible for its execution later.
- Marketing strategy: It is a long-term, forward-looking approach to planning with the fundamental goal of achieving a sustainable competitive advantage. Strategic planning involves an analysis of the company's strategic initial situation prior to the formulation, evaluation, and selection of market-oriented competitive position that contributes to the company's goals and marketing objectives. Business Developers are often tasked with developing the company's marketing strategy and are responsible for its implementation, this is why it's crucial for them to sharpen this skill and make sure they cover all different marketing strategy aspects.
- Negotiation: It is the Bargaining process between two or more parties (each with its own aims, needs, and viewpoints) seeking to discover a common ground and reach an agreement to settle a matter of mutual concern or resolve a conflict. Most Business Developers are confronted with negotiation situations almost on a daily basis, whether with external potential clients and partners or internally to further the adoption of their new business opportunities with the product and marketing team.
- Team leadership: This skill is mainly about establishing a clear vision, sharing it with others so that they will willingly align with it. Business developers are also required to provide the knowledge and methods to realize their business vision and coordinate the conflicting interests of all members and stakeholders. Business Developers are often perceived as leaders of the growth of a company, and having a solid leadership attribute can make their mission a lot easier, especially when they have a sizable team working with them.
- Project Management: Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time. It is very important for every function, and Business Developers are no exception since they also are project managers. mastering project management allows them to move fast and optimize the company's human and financial resources.
After talking about the top skills Business Developers need to master in their job, it's time to see what are the most relevant companies for Business Developers.
Through our analysis, we create the chart below ranking the top 10 companies for Business Developers.
It's time to take a look at the early beginnings of Business Developers and see how they kicked off their careers. As our analysis revealed, many Business Developers start their professional careers in Sales and Marketing, which are the two most important parts of this job.
Below are some of the most frequent first job titles for Business Developers.