What a Business Development Executive Does: Key Duties Explained
Business is one of the most important parts of today’s development, providing employment, generating revenues, and taking societal progress to the next level. Whether it’s a small venture or a large enterprise like Amazon, Flipkart, or Google, every business starts with different ideas or approaches that lead them to evolve into more dynamic, challenging, and innovative ones. However, there is one thing common among these enterprises: they have to function systematically, for which they have specific designations. And one of the primary roles in making a business successful and financially rewarding is that of a Business Development Executive.
For those currently in sales or working as Business Development Associates, advancing to an executive role is a natural next step. Typically, individuals pursue degrees such as an MBA or study fields like economics, finance, or business to qualify for this position. In this blog, we will explore the roles and responsibilities of a Business Development Executive, along with job profiles and salary expectations.
Table Of Content
Key Roles and Responsibilities of a Business Development Executive
Daily Activities of Business Development Executives at Various Career Stages
How to Become a Business Development Executive
Accelerate Your Career With A Recognised Online MBA From Top B-Schools
Conclusion
Frequently Asked Questions
Key Roles and Responsibilities of a Business Development Executive
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Let’s start with a simple definition of a Business Development Executive: they are strategic professionals primarily responsible for identifying, pursuing, and securing business opportunities to drive growth and expand companies in different market segments. They are also the main connection between a business and its clients, investors, and partners. A BDE ensures the maintenance of good relationships and negotiates mutually beneficial agreements that help shape the company’s long-term growth trajectory.
Here are the primary business development executive job descriptions:
1. Developing Compelling Presentations and Proposals
Business development executives must develop and present convincing presentations, proposals, and pitches for potential clients and partners. This skill involves developing and articulating the company’s unique value proposition is meaningful to the audience and communicating how the company’s offering satisfies the audience’s needs.
2. Negotiating Complicated Business Transactions
Business development executives are responsible for negotiating and structuring complicated business transactions, contracts, and partnerships. They negotiate, structure, and finalise deals, ensuring that the terms and conditions are aligned. In addition, they also align the company’s interests with the business partners’ interests so they can develop positive business relationships beneficial to both companies.
3. Working Collaboratively with Multiple Teams
In the business development executive job description, working collaboratively is mandatory. Business development executives must liaise and meet closely with the members of the identified teams, sales, marketing, research and development, etc., to discuss their strategy, execution, and their challenges.
4. Conducting Research and Due Diligence
An additional responsibility of a business development executive includes conducting due diligence and risk assessments for partnerships or acquisitions. In due diligence or risk assessments, business development executives consider multiple elements in mitigating risk and identifying whether they align with the overall strategic direction.
5. Externally Representing the Company
Business development executives are also mainly responsible for representing the company in different industry events, conferences, and trade shows. Their purpose is to promote the company, its products and services. The relationship they gain helps build brand presence within our industry.
6. Monitor industry trends
The Business development executive job description is to be updated with the trends in the industry, competitor successes and failures, and the overall landscape of what is happening within the market. This could range from monitoring the input cost of flaxseed oil and replacement oils to movement in packaging due to rising direct raw material prices.
7. Networking and Building Relationships
A big component of the role of business development executive is to try and create and implement a strong network of contacts within the industry, strategic partners, and key decision makers that can introduce or help grow business together. Building a relationship with a strategic partner for the future is critical to help grow a successful business.
8. Tracking Performance Metrics
Finally, the business development executive’s roles and responsibilities are to be accountable for tracking and reporting on key performance measures (KPMs) relevant to business development activities. Some of these KPMs include lead generation, conversion rates, and revenue impact. These KPMs will help the overall organisation benchmark its overall success and point to possible areas for improvement.
Daily Activities of Business Development Executives at Various Career Stages
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As we have discussed the primary role of a BDE, let’s also explore how the daily responsibilities of a Business Development Executive change significantly as they advance in their careers.
Entry-Level Business Development Executives
In the early stages of their careers, entry-level executives focus on grasping the basics of business development executive roles and responsibilities, which involve:
- Identifying and Qualifying Leads: Undertaking research and outreach to identify potential clients.
- Conducting Market Research: Expanding new business through additional market exploration to grow our brand footprint.
- Assistance with Presentations: Helping prepare materials for client presentations, looking after and supporting senior team members during client negotiations or presentations.
- Maintaining Databases: Maintaining accurate and up-to-date information for current and potential clients/prospects.
- Networking: Obtaining and maintaining visibility through attendance at industry-related conferences and events, where you can build a network of connections.
Mid-Level Business Development Executives
As Business Development Executives move into mid-level roles, they take on more strategic responsibilities, including:
- Developing Strategies: Establishing and executing focused business development initiatives.
- Managing Partnerships: Leading negotiations and managing complex business relationships and arrangements.
- Cross-Functional Collaboration: Coordinating and collaborating on business development initiatives.
- Conducting Risk Assessments: Evaluating the risk for the potential partnership.
- Project Oversight: Leading business development project execution and initiatives.
- Reporting Performance: Reporting to senior management on progress and performance.
Senior Business Development Executives
In senior positions, Business Development Executives shape the overall strategy and direction of the organisation. Their daily activities include:
- Strategic Development: Creating and overseeing comprehensive business development strategies.
- Team Leadership: Leading and mentoring large teams across diverse initiatives.
- Executive Collaboration: Working closely with C-level executives to align business strategies with organisational goals.
- Opportunity Evaluation: Identifying and assessing new markets and business opportunities.
- Relationship Management: Cultivating and managing key partnerships and stakeholder relationships.
- Driving Innovation: Promoting best practices and innovative approaches in business development across the organisation.
How to Become a Business Development Executive
If you’re aspiring to become a Business Development Executive (BDE), here are the essential steps and requirements to guide you on this career path:
Educational Requirements
To qualify for the role of a Business Development Executive, candidates typically hold a degree in commerce. While a Bachelor of Commerce (B.Com) or a Master’s in Business Administration (MBA) is preferred, employers often favour candidates with relevant work experience alongside their academic qualifications.
For those looking to enhance their education while gaining practical experience, online degree programs can be an excellent option. These programs offer flexibility, allowing you to balance work and study, and can provide valuable knowledge in business development principles.
Gain Required Skills
The work of a business development executive involves interacting with clients and persuading them to consider opportunities for collaboration. Therefore, essential skills include:
- Sales and Marketing Knowledge: Understanding marketing strategies and sales techniques is crucial.
- Communication Skills: Excellent verbal and written communication skills are necessary for effectively conveying ideas and building relationships.
- Negotiation Skills: The ability to negotiate favourable terms with clients and partners is vital.
- Analytical Skills: Being able to assess market trends and client needs helps in crafting effective business strategies.
These skills can be developed through internships, which provide hands-on experience in real-world business scenarios. Participating in internships allows you to learn from experienced professionals and apply theoretical knowledge in practice.
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Earn Certification Courses
To further enhance your qualifications, consider enrolling in certification courses related to business development, sales, or marketing. Certifications can show your commitment to the field and provide you with specialised knowledge that sets you apart from other candidates.
These courses not only bolster your resume but also equip you with practical skills that are directly applicable to the role of a Business Development Executive.
Accelerate Your Career With A Recognised Online MBA From Top B-Schools
Are you set to start your journey with some of the best online MBA programmes? Jaro Education ensures you not only have a degree but also elevate your career.
At Jaro Education, we don’t just offer online MBA courses; we provide tailored academic guidance, career counselling, and a transformative learning experience. Through our collaboration with India’s top universities, we offer flexible learning options, affordable pricing, and career-driven specialisations, ensuring you’re set for success as a Business Development Executive.
Here are our top online MBA courses that can help you build a successful career in marketing:
Top Online MBA Courses
| University/College | Programme Description | |
|---|---|---|
| Online MBA | Dr. D. Y. Patil Vidyapeeth | The Online MBA Programme will nurture future leaders actively to unleash their potential. Participants will be equipped with leadership skills, global awareness, and critical and analytical thinking. This two-year programme, which is specially curated for working professionals, will follow a credit system as suggested by UGC. |
| Online MBA | Manipal University, Jaipur | Online MBA Programme gives you the power to polish your industry know-how and network with like-minded professionals who are constantly striving to become future leaders. Professionals can choose to specialise in new-age electives and acquire market-relevant skills. This interactive programme focuses on self-paced learning driven by live online lectures, self-learning material and much more. |
| Online MBA | Symbiosis School For Online And Digital Learning (SSODL) | This programme offers learners the opportunity to equip themselves with the skills and knowledge required to be a contemporary and effective leader in today’s rapidly changing business environment. Learn from the globally recognised institution to develop the knowledge that will make professionals stand out globally in these challenging times. |
| Online Master of Business Administration | Chandigarh University | This is an Internationally Recognised Programme that gives you an exceptional opportunity to focus on two areas of your preference and excel in them. This one-of-a-kind MBA programme aims to provide in-depth management education along with managerial skills that will help you transform into a dynamic management professional of the future with an industry-relevant curriculum, case studies and projects. |
Ready to take the next step in your career? Visit our website to explore our online MBA programs
Conclusion
Now, by understanding the roles of a business development executive and how to become one, job seekers or other professionals might align their skills and career goals with the opportunities in this dynamic field. Without a doubt, A BDE is one of the highly-renowned jobs that requires critical thinking, problem-solving abilities, and networking skills. There are many top companies like L’Oréal, LeadSquared, Scaler Academy, and Regalo Kitchens hiring BDE professionals and paying them a valid salary. In India, the average salary of a BDE can range from INR 3LPA to INR 7LPA, according to Ambition Box data.
So, if you want to take the first step in the business world, become the next-level business development executive through an Online MBA. You can visit the Jaro Education platform and enrol in the best MBA programme that brings opportunities, enhances skills, and helps you gain experience.
Frequently Asked Questions
To succeed in this role, a Business Development Executive should have the following key skills:
- Communication Skills : Conveying ideas and engaging with clients.
- Negotiation Skills : Successfully reaching agreements that benefit both the company and clients.
- Sales Skills : Understanding how to sell products or services effectively.
- Project Management : Overseeing and coordinating various business projects.
- Data Analysis : Interpreting data to make informed business decisions.
