Who is Business Development Executive?
Business development associates are responsible for growing a company. Generally, a business development executive is responsible for increasing the firm’s revenue. To promote the sales and services of the company or organization, business development associate are responsible for finding new targets and leads. The person should be able to develop new strategies for attracting new customers and boosting business.
Business development associative is responsible for many tasks including finding and qualifying new business opportunities, providing services that meet the customer’s needs and expanding the company’s sales, collaborating with management on sales goals, and maintaining lists of prospective clients.
An executive who is responsible for business development should own basic computer skills along with managerial skills so that he or she can make use of them to benefit the organization. As well as targeting new clients, he analyzes the needs of old clients and provides solutions to them. A business’s growth depends on skilled and qualified Business Development associative.
How to become Business Development Executive
The following is a list of eligibility requirements for candidates:-
Qualification-Candidates must have earned a bachelor’s and a master’s degree in a business-related field. Each company has its own eligibility criteria. Due to their advanced skill sets, most companies prefer candidates with a master’s degree.
Experience-Candidate must have 1-3 years of work experience in a corporate environment. Experienced candidates would be given priority over those who are new to the industry.
Skills-Since the job market is so competitive, having some additional skills always gives you an advantage. Most companies hire candidates with some advanced skills so they can compete with the market standard. Below are some skills that may be helpful if you are interested in applying for a job as a business development associate.
- Relationship skills are essential
- Ability to communicate effectively
- A good understanding of business
- Diplomacy and tactics
- Skills in negotiation
- Creative Thinking
- The ability to organize
- Ability to solve problems
Business Development Executive: Types of Job Roles
Business Development associates have many job options. Each candidate can choose the role that best suits their interests and abilities.
- Sales executive for an area
- Executive in the marketing department
- As coordinator
- Manager of Regional Sales
Job Opportunities for a Business Development Executive
Business development executives are hired by companies of all sectors to grow their businesses.
There are several major areas in which a business development associate may apply for a job:
- Companies involved in pharmaceuticals
- Several software companies
- Consultancy firms
- Telecom companies
- Companies that provide infrastructure
- Industry-related products
- Advertising Companies
Advantages of becoming a Business Development Associative
Business Development Executives are able to work at their own convenience. Working at any time is possible.
The business development executive may apply to any job areas that provide them with experience in working with another culture
A business development associate with experience earns a high salary.
He enjoys the freedom of working independently as he has no employer to report to.
Disadvantages of becoming a Business Development Executive
Lack of job security. Basically, the work he does is dependent on how many sales he brings in.
Bringing in new clients is not an easy task
To attract more and more clients, a business development executive must constantly update his skills and knowledge of the latest technologies
To the Business development executive, no team will be provided.
Work must be done independently.
The Salary Scale/Salary of a Business Development Executive
Depending on the candidate’s qualifications and experience, the Business Development Executive’s salary will vary. Business development executive salaries are listed below for the entry-level, mid-level, and senior-level positions.
Summary of Salary for Starting Position depends upon 150,000-180,000 per annum.
Summary of Salary for Mid Level Position depends upon 250,000-300,000 per annum.
Summary of Salary for Senior Level Position depends upon 500,000-550,000 per annum.
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