Read more about Business
Key responsibilities of business development managers
Strategic growth planning – A business development manager conducts thorough market research to identify emerging trends, untapped markets, and potential partnerships. They devise strategic plans to capitalize on these opportunities, ensuring alignment with the company’s overall growth objectives. Client relationship management – Nurturing strong client relationships is paramount for business development managers. They maintain regular contact with existing clients, providing exceptional service and addressing their evolving needs. By fostering trust and rapport, they pave the way for upsell opportunities and referrals. Lead generation and qualification – Business development managers oversee the entire lead generation process, ensuring a steady pipeline of qualified prospects. They may directly engage in lead generation activities, such as cold calling or attending industry events, or they may supervise a team of business development representatives. Sales cycle management – Business development managers oversee the early stages of the sales cycle, ensuring smooth transitions from lead qualification to account executives or similar sales professionals. They provide support and guidance to sales representatives, ensuring they effectively communicate the company’s value proposition and address customer needs. Performance monitoring and goal setting – Business development managers establish clear and measurable goals for themselves and their teams. They regularly monitor performance metrics, identify areas for improvement, and implement strategies to optimize lead generation and sales outcomes.Sign up for the Connect Nigeria daily newsletter
Required skills
Strong communication and interpersonal skills – Business development managers must be able to effectively communicate with potential clients, partners, and internal stakeholders. They should be able to build relationships, negotiate deals, and present their company’s offerings in a clear and concise way. Problem-solving and analytical skills – Business development managers often need to identify and address challenges and opportunities in the market. They should be able to think critically, gather information, and develop creative solutions. Sales and marketing skills – Business development managers should have a strong understanding of sales and marketing principles. They should be able to develop and implement strategies to generate leads, qualify prospects, and close deals. Networking and relationship-building skills – Business development managers often need to build relationships with potential clients and partners. They should be able to network effectively, identify and cultivate leads, and build rapport with key decision-makers. Negotiation and persuasion skills – Business development managers may need to negotiate deals with potential clients or partners. They should be able to effectively persuade and influence others to achieve their goals.Required certifications
Chartered Institute of Marketing (CIM) – The CIM is a professional organization for marketing professionals. Its Chartered Marketer (CM) qualification is a globally recognized certification that validates an individual’s skills and knowledge in marketing. Sales and Marketing Association of Nigeria (SMAN) – The SMAN is a professional organization for sales and marketing professionals in Nigeria. Its Certified Salesperson (CSP) and Certified Marketing Professional (CMP) qualifications are industry-recognized certifications that validate an individual’s skills and knowledge in sales and marketing.Register to attend the CN Business Mixer
Annual salary expectation
The annual salary for business development managers in Nigeria varies depending on experience, industry, company size, and location. However, according to a 2022 survey by Jobberman, the average annual salary for business development managers in Nigeria is ₦1,200,000.Final Thoughts
The business development industry comes with its own challenges. It is highly competitive and managers are often under pressure to meet sales targets. A business development manager also works long hours, especially when they are trying to close deals. This can make it difficult to balance work and personal life. However, business development managers can earn a high salary, especially as they gain experience. They can also make a real difference to the success of their companies. They can help their companies to grow and expand, which can have a positive impact on the economy. If you are interested in a rewarding career in business development, you should consider pursuing the skills and certifications I listed above. Good luck! Featured Image Source: UndefinedGot a suggestion? Contact us: editor@connectnigeria.com