Responsible for driving new business opportunities, fostering strategic partnerships, and securing growth for an organization
Key responsibilities
- Market analysis and strategy: Conducting market research to identify new opportunities, trends, and competitive landscapes, and developing long-term and short-term strategic plans.
- Lead generation and management: Identifying and nurturing potential leads through networking, cold outreach, and collaboration with marketing teams.
- Relationship building: Cultivating and maintaining strong relationships with new and existing clients, partners, and other stakeholders.
- Deal negotiation and closure: Preparing proposals, presentations, and pitches negotiating with clients and executives to finalize agreements.
- Collaboration and reporting: Working with internal teams like sales and management, and tracking and reporting on progress and results to management.
Required skills
- Communication: Effectively communicating the company's value proposition to potential clients.
- Negotiation: Strong negotiation skills to close deals and secure favorable terms.
- Analytical and research: Ability to research markets, trends, and competition to inform strategy.
- Strategic thinking: Developing and executing both long-term strategies and tactical plans.
- Relationship building: Building and maintaining professional networks and client relationships.
How it differs from a sales role
- Focus: BDEs focus on building the foundation for long-term growth and new markets, while a sales executive primarily focuses on closing immediate deals and hitting revenue targets.
- Approach: BDEs seek out new markets and establish long-term partnerships, whereas salespeople typically pursue specific leads.
- Metrics: BDE performance is assessed on the creation of growth opportunities, while sales performance is measured by deals closed.
Overseeing Business Developers and other development team staff members
Collaborating with other to identify business opportunities that align with the company's vision
Developing the budget for the department and allocating funds to new development
Collecting metrics on expansion activities to evaluate their effectiveness
Developing proposals or establishing the expectations for proposals developed by other team members
Preparing and delivering pitches and presentations to potential new clients
Building relationships with clients and partners and handling escalated situations with those parties
