What does a Principal Business Development Manager do?
Business development managers are hired to grow an existing business by finding new and relevant opportunities. They develop an attainable business development strategy often focused on financial gain for the company and arrange business development meetings with prospective clients.
Business development managers follow up with leads, establish relationships with potential new clients, and arrange appointments for sales executives. They research potential accounts within their targeted markets and pursue leads. They follow through with leads, looking for a successful agreement or arrangement. They have an understanding of their target markets, and collaborate with design and sales teams at organizations to ensure the requirements and protocol are met. They attend business meetings with prospective clients and promote the company's products and services while addressing or predicting clients’ current and future objectives. Business development managers need a minimum bachelor’s degree in business administration, business management, finance, accounting, marketing, or related fields.
- Provide support with operations including resale support when needed.
- Define target markets, identify and qualify new business opportunities.
- Facilitate or serve on learning object development product teams.
- Lead the development and management of strategic account plans.
- Create framework for how to prioritize new business ventures.
- Develop a framework to accelerate a digital go to market strategy that enables products, service offers, and business models to scale quickly to meet market demand.
- Monitor and evaluate activities, services and products of the competition.
- Maximize key relationships to create synergies, alliances and opportunities.
- Prepare and deliver proposals as well as business presentations.
- Identify and attract new customers and service existing customers.
- Maintain and share professional knowledge through education, networking, events, and presentations.
- Maintain sales and utilization quota results in the assigned territory.
- Responsible for the creation and implementation of marketing plan.
- Bachelor's or Graduate's Degree in business, business administration, computer science or engineering or equivalent experience.
- A critical thinker with sound negotiation skills.
- Able to collaborate and demonstrate sound time management and judgment skills.
- Possesses strong business acumen.
- Comfortable with taking leadership roles.
- Has a robust pipeline of contacts to network with.
- Prior experience in a consultant role.
- Collaborate with team members to meet and improve upon goals and to solve problems.
Principal Business Development Manager Salaries
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Principal Business Development Manager Career Path
Learn how to become a Principal Business Development Manager, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Principal Business Development Manager Insights
BrightHR“By far one of the best and exciting software companies to work for in Manchester.”
Navigo (Australia)“half day Fridays means I have an afternoon to myself and that’s a rare and priceless benefit.”
American Express“Joining Amex was the best career move I've ever made and the move to Centurion is the worst.”
Employsure“A high performance culture and drive to be better each day make this role extremely satisfying and rewarding.”
Colgate-Palmolive“Poot career opportunities (Hr doea not really listens or comsiders which track employee is interested im)”
FirstPort“I am really enjoying my job learning new tasks Training is very helpful so far a great experience”
Razor Group“possibility to grow as a person and career wise (I started as an intern)”
TherapeuticsMD“It is really fun getting to work with OBGYNs and having a great product portfolio to work with!”
Principal Business Development Manager Interviews
Frequently asked questions about the role and responsibilities of business development managers
In a typical day a business development manager will help companies grow by identifying new opportunities, researching and establishing relationships with potential customers, and scheduling appointments for the sales team. Other duties include understanding target markets, collaborating with sales and design teams, and maintaining relationships with existing customers.
Business development management is a good career for individuals who are quick learners and enjoy learning new business knowledge. Business development managers often travel to meet with clients in person. This travel can be local day trips, or overseas depending on the company you are working with.
Working as a business development manager can be difficult at times as the position is often hard to concisely define. Individuals which have an open mindset, can complete honest and realistic self-assessments, and can accept and grow from failures will find success in this industry.