The Ultimate Guide To Business Development Management And How It Can Help Your Company Grow

Summary: With new matrix-like business models emerging today, hiring somebody who understands and simplifies work processes becomes essential. Business-related work can be specifically simplified by business development management. 

Business development managers are the foundation of any successful organization since they produce new income and assist a firm in growing. But what does the work entail daily? We delve deeper into the subject in this article, 

Business development managers find and implement new strategies, techniques, targets, employees, and prospects for your company. They are meant to identify methods to expand and add long-term value to the company.

From seeking newer opportunities in the market to responding to clients, business development managers cultivate more unique ways to reach beyond the markets. Now their processes differ depending on the industry they're working for. 

In the case of the fashion industry, attending events and networking, taking stands at exhibitions and conferences, cold phoning, and reacting to new leads are all possible responsibilities of a business development manager. You will also be expected to find partner opportunities for cross-selling and upselling services.

Let's keep reading this article to find other ways a business development manager can help brands.

1. Generate Leads And Cold Calling Prospective Customers

Customers are a valuable commodity for any business. And cold calling is the oldest and most rewarding way for a company to gain potential customers. However, if your team never makes follow-up calls, you should reconsider your strategy—80% of sales require five follow-up calls to convert a prospect into a lead.

Business developer managers engage in cold calling, which involves approaching a prospective customer. Even though it is a sales-oriented job, as a business developer, you will be held accountable for sales and meeting KPI targets, which is a critical aspect of the job. Client meetings must be kept in person, and you will be expected to travel.

2. Develop Opportunities In Target Markets With the Support Of Marketing

The second most important task is to develop opportunities by understanding target personas and markets. It's easier to develop when a Business developer on board makes a company understand whom to sell to and the market state they represent. A tactical business development manager looks into the competition to assist fashion brands specifically by building and managing the broader network of prospective clients and industry influencers. 

They better grasp the industry by researching and understanding where your brand stands. In addition, they keep abreast of industry trends and new product ideas to help develop opportunities for the brands. 

3. Nurturing And Developing Relationships With Key Customer Accounts

Today, business developer managers go beyond sales calls. Even though closing down new clients will keep the business running, retaining loyal or current clients is equally important. Today, building an effective social media presence is vital for brand visibility. Thus, investing in a business developer who knows to work with websites, and paid advertising, leverages social profiles, and participates in co-marketing partnerships with industry peers can help nurture and develop a strong relationship with key customers.

4. Attending Face-To-Face Meetings With Clients

Reaching out to potential leads is one of the most important tasks of a business development manager. Though it's a traditional aspect of a business development cycle, today it is slightly different. Today reaching out to prospects is effective through face-to-face meetings. You have to build credibility if you want to ultimately convert them to customers. 

Business development managers typically handle this after extensively researching individual prospect leads. Mostly, prospects are converted into qualified leads after conversing and asking them qualifying questions. It helps the client of the company to determine the suitability of your product or service.

It's considered a critical stage in the business development process. For most people, it's the final step of the cycle. Once this part is carried out successfully, the whole meeting can be considered successful. And no other professional than a business developer is best suited for this job.

5. Providing Specialist Advice On The Products and Services You're Selling

Business growth is never static. As market conditions are constantly changing, companies get directionless. This is where business development becomes a cornerstone of the company. A business developer updated with market trends and technology can help your company stay up-to-date on these developments.

More than 81% of consumers now conduct online research before purchasing, making social selling a critical component of sales. So hiring a Business developer manager who is well-versed in identifying the target audience and thereby keeping the company's internal functions in check can be rewarding. 

Understanding a business today is as complex as running it. That's why hiring somebody who knows the market and is up to date with recent technological advancements can be a win-win for the company. That's why a company must hire a business development manager to skyrocket its brand visibility and overall success.

Key Takeaways

• A business developer manager looks for new markets, partnerships, new ways to reach existing markets, or new product or service offerings to meet the needs of existing markets.
• They assist a company in growing and improving its sales, revenue, product offerings, talent, customer service, and brand awareness.

Not able to understand where you stand in the market. Then  you've come to the right place. Our business development managers at Fashinza help companies forming the right strategies, and assist them throughout their business development cycle. 

To know more, head to Fashniza.com.