What is Business Development Executive? Well, Nowadays, the global markets are changing rapidly, and to survive the changes and be in the market, the business needs to change or develop its process based on the situation.
The need for such rapid development gives rise to the role of business development executive in an organization.
In this blog, we will discuss the role of the business development executive and what are the qualifications required for this role, and all you need to know before starting a career as a business development executive in 2021.
Role of Business Development Executive:
The business development executive is responsible for the overall growth of the business.
Their main job is to differentiate business opportunities and make new strategies to grab those opportunities.
They are also responsible for conducting market research regularly to understand the customer’s needs and provide products or services to fulfill those needs.
Sometimes they also have to work with the sales department to set some new targets based on his/her research and to make strategies to achieve those targets.
The educational qualifications required for this position differ from one organization to another.
Generally, the candidate should have a bachelor’s or master’s degree in business-related specialization. Mostly the organization prefers to hire candidates with a master’s degree.
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Business Development Executive Skills:
Having a proper skill set for the job or position you want to acquire is very important nowadays due to the large competition.
The organizations want their employees to have some advanced skills so that they can match the market standards.
The candidate who wants to apply for the job of business development executive should have some of the skills discussed below.
1. Communication Skill:
Having good communication skills is most important for this job because he/she has to work with the team.
And their main job is to make strategies for the growth of the business, and it is very important that he/she communicates the strategies effectively to the stakeholders.
2. Good Business Knowledge:
It is very obvious that one should have in-depth knowledge of the business so that he/she can work for the growth of the organization.
In this job, creativity plays a major part because to identify different opportunities in the market one has to be very creative.
Creativity also helps in making strategies to grab those opportunities.
4. Problem-Solving Skills:
A business development executive has to solve different problems coming in the path of the growth of his/her organization.
Due to this, it is very crucial for them to have excellent problem-solving skills.
5. Analytical Skills:
In this job, one has to do lots of market research and analyze the data in order to make future strategies and sometimes to find the solution to the existing problem.
So they must have a good grasp of Analytical Skills also.
6. Negotiation Skills:
In this job, one has to negotiate a lot with his/her teammates and stakeholders while making strategies.
So a business developer should have good negotiation skills.
Business Development Executives Job Roles for Freshers:
There are many job roles available in this field. Candidates can select any of the job roles according to personal interests.
Following are some of the job roles for business development executives.
- Sales executive.
- Marketing executive.
- Regional sales manager.
- Relationship manager.
- Operational manager.
- Business analyst.
- Project executive.
Business Development Executive Salary?
The salary depends upon the experience and the educational qualification of the candidate.
Salary also varies from one organization to another. I am going to give you a rough idea of the salary of this job.
According to the market standards, a beginner with no experience can expect an annual package of around ₹1.75 Lakhs.
A Med-level Business Development Executive with 2-4 years of experience can get something around 3 Lakhs INR per annum.
And a senior Business Development Executive with more than 5 years of experience can get around 5.5 Lakhs INR per annum.
Job Opportunities for Business Development Executive:
Companies from every sector hire Business Development Executives. Some of the major areas where they can apply for jobs are as follows:
- Software Companies.
- Pharmaceutical Companies.
- Marketing Companies.
- Consultancy Companies.
- Telecommunication Companies.
- Infrastructure companies.
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Pros & Cons of Business Development Executive.
- The working hours are very flexible, he/she can work any time they want.
- One can do the job in the different departments of the business, due to which he/she gets the experience of how the different department of the business works.
- The salary of an experienced Business Development Executive is high.
- They have complete independence to work as he/she wants because they don’t have to report it to their seniors.
- This job is completely performance-based, which means you have results to the organization by bringing more sales. Due to this, the job security in this field is very less.
- One has to work very hard to bring new customers to the business.
- One has to keep himself updated with new technologies and skills.
- One has to work individually as no item is provided to him/her.
Making a career as a business development executive is a good idea because the scope in this field is ever-increasing since every business wants to grow.
If you have the required skill set and qualification then go for it. Getting your foot in the door of this field will always be a positive move.
I hope I've cleared all of your doubts regarding the role of Business Development Executive. If you have any other queries leave a comment below. We will get back to you as soon as possible.
A career as a business development executive is ideal for those who appreciate working as part of a corporate management team. If you have good interpersonal and leadership abilities, you can succeed as a business development executive.
Business development executive earn an annual salary of ₹ 274,080. This, however, will vary based on the individual's expertise and where they choose to work.
Here are seven habits that every BDM should have.
- Leverage Your Business Intelligence
- Expand Your Research Base
- Become insatiably curious
- Always Be Learning And Growing
- Improve Your Persuasion And Influencing Skills
- Expand Your Self-Awareness
- Keep The Client's Business In Mind
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