In the US, the number of business graduates entering the workforce has been growing at a rate of 2.5%. The number went from 11.2 million in 2018 to 11.5 million in 2019. While most of these business graduates enter the job market as accountants and auditors (9.2%), many of them go on to work as business development managers too.
As of 2020, the median salary for a business development manager in the US is $73,000. With such high pay, it should be easy for you to find such managers for your company. However, it’s not the quantity that matters; it’s the quality of these managers that you need to keep an eye on.
Business development managers are the bridge between your company and the outside world. They are responsible for developing your brand, interacting with clients, and maintaining good relationships with them.
They are often the first point of contact when a client wants to do business with you. So, it is essential that they have strong interpersonal skills, as well as an understanding of what makes a good client relationship.
That being said, what are the qualities you should look for when hiring a new business development manager for your company or brand?
A strong academic background is one of the most important qualities you should look for when hiring a new business development manager. A college degree in business, marketing, or sales is ideal. This person should have a bachelor’s degree in business administration, ideally with a major in marketing or sales. A master’s degree is also likely to be beneficial, but it is not necessary.
Someone who graduated or is still learning business management will also be an ideal candidate. Their expertise in the field will help generate ideas for your business. Most importantly, these individuals will have strong leadership and management skills. These are mandatory for anyone who wishes to become a business development manager.
Recent surveys suggest that 86% of CEOs look for tech-savvy managers to ensure digital transformation within their organizations. There is no reason why you, too, can’t have such criteria for your potential business development manager.
If you’re hiring a new business development manager, make sure they have a decent understanding of basic and necessary tech. They don’t need to be able to code or build websites, but they should have some basic understanding of how things work and what’s possible. Knowing data analytics is vital too.
The more tech-savvy your business development manager is, the more likely they’ll be able to point out flaws in your current processes and offer suggestions for improvement. This can save you time and money by helping you avoid mistakes before they happen.
Someone who is tech-savvy will also be able to adapt to the newest technologies and use them to his or her advantage. If you’re working with a business development manager who isn’t tech-savvy, it’s likely that they’ll be unable to adapt as quickly as your competitors—and you’ll lose out on new clients because of it.
Nearly 70% of Americans who regularly give presentations agree that it’s one of the most vital skills an employee can have to succeed at work. It’s also vital for managers who need to seal the deal with clients.
If you’re looking for a new business development manager, you’ll want to make sure they have strong presentation skills. This is because the job of a business development manager is to develop relationships with potential clients and win them over by presenting your company in the best possible light.
This means that they need to be able to speak clearly and confidently, so that they can convince clients that your company is the right one for their needs. They also need to be able to use their presentation skills to interact with clients in person or over the phone, so that they can get all of the information they need from them in order to make sure they’re providing them with what they want.
The ability to take calculated risks is a critical skill for any business development manager, and it’s one that you should look for in your candidate. An effective business development manager is able to assess the risks associated with new ideas and opportunities while still keeping an eye on their company’s bottom line. They know how much they can afford to spend on a new project or client before they start taking on debt or cutting into their profits.
This is an important skill because it allows you to make sure that the person you hire won’t bankrupt your company by taking on too much risk at once.
Hiring a new business development manager is a serious decision. It’s important to make sure that you are making the right choice for your company since this decision will affect the success of your business in the future. So, before hiring one, keep these suggestions in mind.
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