Most organizations that are just starting or existing ones that have set new goals for themselves often require the services of a business development executive. Let’s take a look at the job description and average salary of business development executive in Nigeria. In this post, we will highlight the following:
- Who a business development is
- An overview of what business development entails
- How you can become a business development executive
- Job brief of a business development executive
- Qualities of a good business development executive
- Requirements and skills needed to work as a business development executive
- The average salary of a business development executives
Who Is A Business Development Executive?
A business development executive or manager is in charge of managing the process of business development inside their organization to ensure its viability. In addition to collaborating closely with other firm executives and management teams, their responsibilities also include meeting with possible business partners, keeping up relationships with current clients, and keeping an eye on industry trends to develop new commercial initiatives.
The primary duties of a business development executive are:
- Qualifying leads from marketing campaigns as sales opportunities
- Contacting potential clients through cold calls and emails
- Presenting our company to potential clients
An Overview Of What Business Development Entails
The ideas, efforts, and activities that contribute to the improvement of a business can be summed up in the simplest terms as business development. This entails raising sales, expanding the business, improving profitability through forming strategic alliances, and making strategic business choices. Business organizations frequently use the impressive job titles Business Development Executive and Business Development Manager as designations for this role.
The domains of sales, strategic initiatives, business relationships, market development, corporate expansion, and marketing are all engaged in business development, but they are sometimes confused and incorrectly thought to be its exclusive purpose.
In Summary business development entails:
- A broad range of suggestions, actions, and projects that a company’s management and owner implement to improve the company.
- Sales growth, business expansion, the creation of strategic alliances, and enhanced profitability are just a few examples of the various goals that can be included in business development.
- A company’s sales, marketing, manufacturing, human resources, accounting, finance, product development, and vendor management are all impacted by effective business development.
- Business developers should be aware of emerging markets, potential for growth, rival developments, and the company’s current revenue streams.
Basics Of Business Development
Sales, marketing, project management, product management, vendor management, and other divisions are all involved in business development. Additionally engaged are cost-cutting initiatives, alliances, negotiations, and networking. The objectives of company growth serve as the motivation for and alignment between all of these various departments and operations. For instance, a company might have a good or useful service that sells well in the United States or another similar country.
The business development team evaluates the possibility for additional growth. After careful consideration, investigation, and analysis, it is determined that the good or service can be extended to a new area, such as Brazil.
Job Brief Of A Business Development Executive
As a Business Development Executive, you will serve as the point of contact between your organization’s Sales and Marketing teams. Your job will be to reach out to potential clients and build relationships to look for new business prospects. You should have prior experience generating leads from marketing campaigns and exceeding sales objectives if you want to succeed in this position. From the moment you make contact with a customer until the sale is finalized, you will use your communication abilities to build strong relationships with them. Additionally, you’ll guarantee adequate after-sales support. Your overall goal is to increase sales and support the expansion of our company over the long run.
Job Description Of A Business Development Executive
- Qualify leads from marketing campaigns as sales opportunities
- Contact potential clients through cold calls and emails
- Present your company to potential clients
- Identify client needs and suggest appropriate products/services
- Customize product solutions to increase customer satisfaction
- Build long-term trusting relationships with clients
- Proactively seek new business opportunities in the market
- Set up meetings or calls between (prospective) clients and Account Executives
- Report to the appropriate quarters on (weekly/monthly/quarterly) sales results
- Stay up-to-date with new products/services and new pricing/payment plans
Requirements And Skills Needed For A Business Development Manager Job
- Proven work experience as a Business Development Representative, Sales Account Executive, or similar role
- Hands-on experience with multiple sales techniques (including cold calls)
- Track record of achieving sales quotas
- Experience with CRM software (e.g. Salesforce)
- Familiarity with MS Excel (analyzing spreadsheets and charts)
- Understanding of sales performance metrics
- Excellent communication and negotiation skills
- Ability to deliver engaging presentations
- BSc degree in Marketing, Business Administration, or relevant field
Average Salary Of A Business Development Executive In Nigeria
Based on salary estimates from 20 people who work as business development executives, the average monthly salary for a Business Development Executive in Nigeria is 144,000 Naira. Entry-level employees for this role earn around 103,000 Naira, mid-level executives earn 199,000 Naira while a senior-level business development executive will earn nothing less than 232,000 Naira.
How To Become A Business Development Executive
Depending on your employer and the sector you work in, different qualifications are required to become a business development executive. You require a bachelor’s degree in business administration or a field related to your industry, such as engineering or computer science, to pursue this career path. A graduate degree, especially an MBA, can frequently assist you to grow in your work. To join the management team, you must have a lot of expertise in your field. A career path might be started with a lower-level position inside one firm.
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