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Business Development Associate
Business development Associate is a field in which professionals work to grow a company’s business. They evaluate the organization’s performance and look for areas of improvement, such as improving customer relations and identifying opportunities for increased business. Learning more about the growth opportunities this field offers can help you decide if this is the right career choice for you. In this article, we debate what a business development associate does, the skills a business development associate should have, the average salary they earn, and the relations rummage-sale in business development.
What is Business Development?
Business development means the development of long-term procedures to increase the value of the organization by strengthening the relationship with customers, increasing market presence and many others. Depending on the industry you are in, daily tasks may vary, but the ultimate goal is to grow the business.
Although most business development positions require a degree, this can vary depending on the requirements of the organization. Additionally, companies often look for candidates who have marketing, business management, or sales experience. If you have experience in these fields, you can pursue a career in business development.
What does a Business Development Manager do?
A business development associate is responsible for creating strategies to improve the company’s sales and the overall growth of the organization. They conduct market research and analysis to understand customer needs, create business plans, generate progress reports, and create presentations. Other than that, they adhere to company standards and policies and make sure others do the same. Here are some roles and responsibilities performed by a business development associate:
- Manage sales and coordinate the transition and delivery of your products and services.
- Develop coordination with internal teams to develop new sales and promotion strategies.
- Consult with senior management to discuss invention or development of existing products and services to meet market demand.
- Create marketing plans to promote the organization’s products and services.
- Get leads from cold calls, emails and internet searches
- Identify and qualify new customers based on company policies and business model.
- Coordinate appointments, calls and meetings between senior organization and customers to discuss new opportunities and business expansions.
- Organize meetings with internal teams and clients to discuss development and delivery stages of projects.
- Maintain and regularly update client database such as names, phone numbers and correspondence addresses.
- Support the business development team in making a business model, project budget, scope document and business plan.
- Assist management in developing contracts, managing negotiations and performing due diligence
- Ensure internal teams deliver projects with high client satisfaction
- Work with teams to achieve quarterly or annual revenue goals.
Skills Required To Become A Business Development Associate
Below are the skills you can have to succeed as a business development subordinate:
Although business development is not the similar as sales, there are some common responsibilities where business development associates must also have sales skills.
Business development associates may need to focus on growth opportunities for which they need to identify the organization’s target audience, build relationships with them, and track potential projects regularly. They may also need to cold call or schedule meetings to present the product and discuss the idea of a partnership with the benefits it entails for all stakeholders.
Good communication skills are the key to success as a business development associate. They must be confident and clear both orally and in writing and have good listening skills to understand customer requirements and issues. Additionally, a business developer must know how to negotiate with others while maintaining a positive and professional employed relationship so they can secure the best deal for the organization. Good communication skills will also help you keep your prospects engaged as they move through the sales funnel.
Business development associates should have basic marketing skills. In some businesses, they have to work with the marketing partition of the organization, since the ultimate goal of both divisions is the growth of the company’s business.
Business development associates may need to create plans for brand promotion, market expansion, product release and new user acquisition.
Project Management Skills
Project management is a important skill for business growth associates because starting or expanding a business is a complex undertaking. Some skills compulsory to be a good project manager are team management, leadership, monitoring and risk management. When working on a project you will probable be working with the whole team and knowing how to lead a team is important.
Business Intelligence Skills
Business intelligence is an in-depth sympathetic of the business and the ability to obtain market information. While working as a business development subordinate, you may research existing and growing clients and businesses to ensure you offer products and services that meet their needs.
Skills In Data Analysis
However, business development associates need to know how to track return on investment (ROI) and use supporting data to present to leaders or executives. The parameters they use can vary depending on the sales cycle, organizational requirements, and industry.
The sales pipeline refers to likely revenue opportunities for the next few months or quarters and where they are selling to the customer. The sales pipeline helps you visualize the progress of open deals, starting with prospecting and ending with closing the deal. Business Development Associates help the sales team increase their sales potential by regularly nurturing the sales pipeline.
Business Development Terms
Moreover, if you are looking for opportunities in the field of business development, there are few terms that you can find in almost all opportunities. And also, here are two important terms to understand if you are looking for a career in this field.
However, business Development Associates help companies looking to drive growth and sales by conducting market research, developing business strategies. Building customer relationships and identifying new business opportunities.