What Does A Business Development Executive Do?

Every organisation or company aims to grow its business and revenue, right? After all, every company’s objective is to generate and maximise profits.

So, how do they go about it? Simple. They put together a business development team. An integral part of that team is the Business Development Executive (BDE). They are one of the cornerstones of any organisation.

Their major roles and responsibilities revolve around generating new streams of revenue and expanding the current reach of the company. One of their primary responsibilities includes identifying potential business opportunities which can serve as a steady source of revenue for the company in the medium to long run.

A capable business development executive must possess both technical and soft skills. He must know the ins and outs of the company’s technical side while also being able to establish and develop relations with potential customers and partners.

How they generate business for the firm is highly dependent on the industry. However, some of the most common ways include networking, attending events, cold calling and responding to incoming leads.

What are the main roles and responsibilities of a Business Development Executive?

Research and analyse new markets, trends, partnerships, products, and services to identify potential opportunities. They should also be aware of ways to reach out to existing markets.
Building a strong network within the industry and seeking out the appropriate contact in any organisation.
Analysing leads and cold calling prospective customers.
A BDE is expected to foster and develop relationships with customers/clients to ensure that they are satisfied with the organisation.
Develop strategic and long-term thinking by setting targets that can develop and improve the business.
It may also involve some extent of training subordinates depending on the size of the company or arranging external training if necessary.

How does a Business Development Executive work?

As you can see clearly, the role of BDE is more sales-oriented. They might have to manage responsibilities like projecting sales forecasts and analysis, reporting to senior managers about targets, and strategic development of a business sales and marketing strategy.

BDEs will research their firm’s marketing efforts and try to suggest areas that need improvement. They will also maintain solid working relationships with clients, providing them with add-ons and enhancements whenever possible, always seeking to provide value and expand the business.

Now, with the role of a BDE comes a fair bit of travel. For most parts, a BDE is expected to work from the office, but they may be required to travel frequently. To grow the business, an executive has to have face-to-face meetings with prospective and existing customers and other business partners, right? That’s how you develop relationships.

The dress code for a Business Development Executive is very important, as you can guess. They have to meet prospective clients and as such, a formal and presentable dress code is naturally expected.

Core skills and experience required for a Business Development Executive

To be effective as an executive in charge of business development, the individual is expected to possess the following skills. They are fundamental requirements that employers often seek from job applicants when hiring BDEs:

A Master’s degree in business administration or business management.
Prior experience in the role is an added advantage.
Suitable candidates should have experience pitching their company and its products to clients.
Able to produce results under extremely demanding conditions.
Ability to motivate employees to achieve set goals through effective leadership skills.
Ability to manage time and prioritise tasks.
Must have the ability to prepare presentations that will help boost up the sales.
Good oral and written communication skills to interact with colleagues, managers and clients.
Proficiency with computer software and CRM is crucial.
Possess good motivational skills.
Organise tasks with flexibility and multitask efficiently.

Alternative job titles of a Business Development Executive

To give you an idea of the range involved in this job profile, here are other job titles whose responsibilities are similar to those of a Business Development Executive:

1) Business Development Director
2) Emerging Market Sales Executive
3) Marketing Development Director
4) Chief Digital Officer

Promotion and opportunities for a Business Development Executive

If a Business Development Executive continuously performs well at work, he may be promoted to the position of Business Development Manager in the organisation. The Business Development Manager’s responsibility is to manage the business development department and co-ordinate his team of Business Development Executives to ensure the firm’s business grows. The next step for a Business Development Manager might be a promotion to the post of Vice President or Director of Business Development in a corporation.

Now, that sounds fancy, doesn’t it?