Business Development is a concept that is not new to business people. However, do you really understand employees? What is Business Development? And what role does it play for the business? If not, let's immediately find out the information you need to know about this job with CoffeeHR in the article below.
What is Business Development?
Business Development what? Business Development, also known as Business Development, is a profession closely related to Sales and Marketing. People in the business development department are responsible for maintaining relationships with customers, developing strategies to promote the company's image. From the orientations set out, there are solutions for the company to develop and grow stronger.
The ultimate goal of Business development is to maximize profits for the company through strategies and business ideas in line with the goals the business is aiming for. Business people often have to communicate with customers to motivate them to use the company's products. To become a Business developer requires high communication skills, expertise and patience to get the job done well.
Currently, Business Development is one of the professions that are very attractive to young people, especially those who have good communication skills and logical and sensitive thinking.
What is Business Developer?
After learn What is Business Development? Business Developer is also a concept that you need to know. To put it simply, Business Developers are people who work in the business development department of each business, also known as business development staff.
This is the position that plays an important role in every company and business, because they are the bridge between the product and the customer. Business development staff is also the person who builds specific plans and strategies to help the image of the business go up. If you prove your ability, as well as have a lot of real combat experience, you will be promoted to higher positions with extremely generous salaries.
Job Description of Business Development staff
Main mission of Business Development is to motivate customers to experience and buy products (mostly B2B):
- From the reports on the audience of the Marketing department, Business Development staff will select the most potential people to have a plan to attract to their products.
- Make calls, or send emails to introduce the company's products to other customers or businesses.
- Capturing the trend of the market, the psychology of customers at the present time to provide reasonable services.
- Build company image, build trust to turn new customers into repeat customers.
- Collaborate with relevant departments in the production of products to create value that best suits the tastes of customers.
- Look for business opportunities for the company's products in the market. Research competitors, analyze product potential.
- Always update quickly market trends to make appropriate changes, thereby helping the company's products to be accepted by more people.
- Report business results and problems, customer needs.
- Analyze and report on competitor activity.
" Do not miss: What is Business Intelligence? (BI)? The role of BI in the business
What skills does a Business Developer need?
In addition to some job-specific skills, depending on each business and recruitment process, you must have some of the following factors to easily get hired:
Developing and implementing Business Development strategy
The most important skill a person should have Business Development is the ability to formulate strategies and foresight into the future. From the core elements in the business, you must think, build appropriate plans to increase the number of products sold of the business in the future. A good salesperson must analyze the following 3 factors:
- Target customers: Understand the psychology of customers depending on the time, place... From there, you can select potential customers with your services.
- Market;: Understanding market trends, analyzing the direction of competitors, ... are factors that help you go further as a business development officer.
- Building relationships: Not only attracting and capturing customer psychology, you also have to know how to build and maintain relationships between the company and customers.
After building a successful strategy, BD also needs to control and execute the strategy to achieve the most success.
" See more: What is talent management?? The importance of talent management
Understanding business metrics
As a Business Development employee, of course you will have to have a background knowledge of common business metrics. This will help your strategies become more effective, while also reducing the stress and tension when dealing with customers.
To understand these industry indicators, you can learn from projects, take courses or refer to business books.
Good use of Microsoft Excel, CRM
Working in the 4.0 era, certainly knowledge related to technology is indispensable, especially when your work is closely related to people. In it, try to master two skills, Microsoft Excel and CRM. You will have to work a lot with Excel spreadsheets. CRM optimizes the management of information and data, helping to gain a deeper understanding of customer behavior and needs.
Communicating with customers and partners
Main job of Business Development is to learn, analyze to attract potential customers to the company. To do this, communication skills are one of the most important factors. Good communication, agile handling, sensitivity will help you easily attract partners, thereby signing more valuable contracts.
" Do not miss: What is HSE?? Overview of HSE profession in business – CoffeeHR
Expand network connection
Besides the ability to communicate, a good Business Development employee must have a wide network of relationships. Because this network helps you catch trends and find talented customers. To expand your network, attend meetings, large events with a large number of guests, or get acquainted through social networking sites.
Not only that, expanding your network, getting to know many people in the same industry will also help you receive a lot of support, and have valuable work experience. This is also an opportunity for you to develop the company's image and find potential partners for long-term cooperation.
Learn more about Business Development at today's businesses
Distinguish between Business Development staff and Sales staff
Two concepts Business Development and Sales both refer to people who provide customers with services that match their needs. However, these two positions are completely different in terms of goals and work methods.
With Sales staff (sales staff) their job is to solve the needs of customers when customers come. At the same time, answer questions, convince customers to use our services and improve the image and products of the company. In general, the sales staff will take the main responsibility after the customer knows and comes to the services.
The results after the Sales process are usually short-term and profit is recognized immediately. Sales revolves around selling products to increase revenue. However, revenue is not always stable and the risk of expenses is higher than revenue.
Business Development (business development staff) is mainly responsible for finding potential customers. Their job is to analyze market trends as well as customer concerns through software and technology. Business development staff will build the technology image in customers' perception and coordinate with R&D to come up with the best solution for customers. Customers who come to Sales staff are mostly attracted by Business Development staff.
Reveal the salary of a Business Development employee
It is not natural that Business Development has become a profession favored by many young people today. Not only is it a job that promotes creativity, dynamism and communication, Business Development also brings a high income compared to the common ground. Usually, you will receive numbers up to 11-20 million.
>>> See more: Top 18 HR management software Best Free 2022
This salary also depends on many other factors such as actual projects, experience, capacity and especially KPI in the month. KPIs of a business development officer are extremely diverse, from the number of monthly phone calls to the number of contracts closed, the number of customers attracted as well as the level of customer satisfaction after using the service.
Here is some information to answer the question Business Development what. Hopefully with the above article, you will have some more suitable orientations on your career path.
CONTACT US
CoffeeHR has more than 10 years of accompanying many businesses and corporations. Contact us now to optimize Human Resource Management for your business.
Hotline: (+84) 97 306 0459
Facebook: CoffeeHR – Human Resources Coffee
