Business Development Executive

Management
What is Business Development Executive , Business Development Executive Salary - TheCareerHub
  • Growth
    22%
  • Salary
    RS 25000-60000
Overview

Who is Business Development Executive?

A business development executive is key in driving the company's financial growth by establishing strong business relationships with the clients and increasing the company's revenue. They do so through the persuasive representation of the company's product/service to potential investors and customers. Their efforts are aimed at identifying and attracting prospective clients to generate revenue as well as sell additional products/services to the existing clients.

Their work is central to the growth of the company as is essential to create long-term value for the company. They make a crucial link between the company and its stakeholders. The business development executive shall design and build strategies to capitalize on business opportunities by training and leading the sales team as well as collaborating with the management team. They also assist in the company's marketing efforts using insights from their experience and knowledge of the target customers.

Typical day at work

What does Business Development Executive do?

A business development executive is responsible for the growth of the organization through increased sales and customer acquisition. A business development executive focuses on generating sales leads, contacting potential clients, and nurturing existing customer relationships.

While the finer details fo their responsibilities shall depend upon the specific organization and the industry, the core duties of a business development executive are as follows:

  • Generate leads by identifying potential clients and researching markets to develop new sales opportunities. 
  • Build contacts with potential clients, arrange business meetings with senior management 
  • Ensure the retention of existing clients by maintaining meaningful relationships with them, reviewing their feedback, keeping them updated with relevant developments in the product/service
  • Develop sales goals for the team and train them to attain the sales targets
  • Identify the key decision-makers with regards to the targeted leads
  • Documentation of sales records and revenue generated
  • Identify, evaluate, pursue new business partnerships 
  • Maintain and regularly update the database of prospective clients 
  • Prepare sales pitches for the company's products/services, deliver the same to investors; create engaging and informative presentations to be delivered at client meetings, conferences, and industry-relevant events
  • Write business proposals, quotes, and sales contracts to enhance revenue, in accordance with the legal rules and company guidelines
  • Cold calling new leads, making outbound calls to potential clients, closing deals
Abilities & aptitude needed

What are the skills, abilities & aptitude needed to become Business Development Executive?

For an individual to flourish as a Business Development Executive, networking and relationship management skills are paramount to tactfully navigate conversations with clients and other stakeholders. They should be socially adept and possess excellent communication skills to persuade clients, negotiate deals, and establish key connections in the industry as well as lead a team. They should be thorough with sales principles and methods and be well-versed with the company's product/service. Outstanding research skills become a necessity too, in order to have an in-depth knowledge of the industry, market trends, the company's existing and prospective clients. An individual who is detail-oriented, resourceful, ready to take on challenges, and skilled at time management and organization is suitable for this role. A business management executive shall be required to work independently and as a team member as relevant. Proficiency in productivity tools and sales related software such as CRM shall be required on the job. The ability to make sound decisions under pressure to pivot decisions in favour of the company in the presence of multiple key deciding factors is perhaps the most essential skill for this job.

Courses

Which course I can pursue?

Best Colleges

Which are the best colleges to attend to become Business Development Executive?

Industries

Which industries are open for Business Development Executive?

Ready to become Business Development Executive?

Take the world’s best assessment test !

Take a free demo
Internship

Are there internships available for Business Development Executive?

Take the opportunity to work under a profession that gives you an exposure in all the fields of a business. It will allow you to have a practical learning about management , human resource, finance, leadership kills and will also give you contacts for future reference.

Career Outlook

What does the future look like for Business Development Executive?

Business development managers are in high demand in multiple sectors today as they are crucial for the company's growth and expansion of its clientele. This includes non-profit as well as business-to-customer and business-to-business organizations. They work traditional office hours, occasionally extending it to meet deadlines and quotas. Business development executives are employed in nearly every sector, mainly in software, finance infrastructure, pharmaceutical, marketing, telecommunications companies. Many business development executives enter the field by working in the sales and marketing departments before securing this position. Some of the major perks of this job include attractive salaries and relative independence of work and schedule flexibility, owing to the seniority of this position. With ample experience and demonstrated success, they can be promoted to upper executive positions. Occasional travel to business events, conferences, meetings can be expected. They can choose to work as full-time permanent employees or on contractual/ freelance basis. 

Explore related career