Do you enjoy interacting with people and maintaining positive relations with them? If yes, business development executive is the right job for you. As a BDE, you’ll need to build and foster relationships with prospects and existing clients, that bring home new opportunities and drive sales for the company.
Moreover, to ace this field, you must know how to create promising business proposals to onboard clients in no time. Also, you must adapt to the job requirements to work in a changing environment.
To own your space as a business development executive, you need to sharpen quite a few skills and perform all the tasks that fall under its work scope. Let’s delve into the world of business development right away and gear up to become one in the near future.
Business Development Executive Salary
A business development executive is entrusted with bringing in new leads and assuring them that the company is the best fit for their business. As this work holds immense importance for the company to thrive in the cut-throat competition, a BDE is highly respected and paid decently. Here’s a glimpse of a typical business development executive salary in top companies.
|Recruiter/Position||Average annual salary (per annum)|
|Axis bank||INR 1.9L|
|Senior Business Development Executive in India||INR 4.5L|
|Unacademy Senior Business Development Executive||INR 4.8-7.2L|
This was just a broad overview of the market rates. However, if you have the skills and can perform well as a BDE, you can get a higher-paying job. After all, it all boils down to an excellent hands-on experience in business development, perfection in the required skills, and a unique selling point to stay ahead of the curve.
9 Roles and Responsibilities of Business Development Executive
The responsibility of a business development executive includes but is not restricted to networking with existing customers and winning qualified leads. Here’s a list of 9 roles and responsibilities you need to perform as a BDE:
- Constantly working on generating new leads via networking and online research.
- Convincing the prospect about how the company can do wonders for them.
- Following up with the clients, taking feedback on ongoing projects, and suggesting ways of improvement on the company’s end.
- Building unwavering relations with existing collaborators and potential clients by sending emails, staying connected on socials, and setting up calls.
- Educating oneself about the company’s products and services to influence the clients and prospects to choose them over their competitors.
- Creating an incredibly outstanding sales pitch to close the deal.
- Surpassing the sales target and KPIs every single month to contribute to the company’s profit.
- Actively participating in conferences and meetings and representing the company well.
- Closely monitoring the competitor’s steps to grab the opportunities before them.
Although this is what a business development executive’s job role looks like, every company has a distinct way of working. Your to-do list might have more tasks than this, depending on the company you join as a BDE.
How To Become a Business Development Executive in India?
Becoming a robust business development executive is not hard if you equip yourself with the relevant skills. Although there’s no fixed way to become a BDE, we have curated a roadmap to help you get started with this career:
1. Complete Your Basic Education
Setting your foundation right is highly important for any kind of job. Similar is the case in business development executives. So, the foremost step to becoming a business development executive is opting for commerce in the 11th standard to learn the basics of the industry.
2. Opt For a Bachelor’s Degree
After cementing your base, it’s time to gain in-depth knowledge in the business development industry. Pursuing a Bachelor of Commerce or Bachelor of Business Administration is a good choice. You’ll get the opportunity to learn about different strategies of sales and marketing, which will help you in the long run.
3. Enrol in a Master’s Program
Once you have a good understanding of the field, you can take your knowledge to the next level with a master’s degree. You can become an expert in your industry by opting for the relevant subjects. Pursuing a Master’s Degree in Business Administration or a Master’s Degree in Commerce can help you with just that.
4. Gain Practical Experience Through Internships
After you are armed with the right skills and knowledge, it’s equally essential to get a practical experience in the field. For that, you must apply for internships to understand what business development executives are required to do. You can work on the areas you think can be improved to be better at it.
5. Start Applying for Jobs
Now that you have the knowledge and hands-on training in this industry, you are ready to take a step forward. So, build a resume that shows that you are an adept business development executive. Moving forward, reach out to different recruiters looking for a BDE.
7 Business Development Executive Skills You Must Master
To build a prospering career in the field of business development, you must work on instilling these seven skills within you:
- Art of strategically convincing the prospect to become a buyer.
- Ability to understand prospects’ needs.
- Communicating with the prospects in a way that doesn’t sound like a hard sell.
- Learning about some highly effective marketing techniques.
- Effectively analyzing and collecting data to understand the market better.
- Mastering the ways to track the return on investments of various aspects of the business.
- Soft skills such as Strong leadership, analytical bent of mind, utmost confidence, and negotiation are important.
FAQs on Business Development Executive Salary
What does a business development executive do?
Business development executives typically find new clients and retain the existing ones by building a relationship with them. Also, they represent the company’s products or services in a way that the prospect slides down the sales funnel.
Is a business development executive a good job?
Yes, it is the best job as you interact with different people, enjoy a handsome salary, and have growth opportunities. And the best part? You don’t need to own a technical degree. Just relevant skills can get you the job.
Is business development a high-paying job?
Yes. You can earn up to 7 lakhs per annum as a BDE in India, which is quite high considering the fact that it is not a complex role.
What is the qualification for a business development executive?
To get hired as a business development executive, you need a bachelor’s degree in any business-related field. Work experience in sales, marketing, or customer service is optional, but some recruiters prefer candidates who have it.
What is the highest position in business development?
Chief Business Development Officer (CBDO) is in the highest position in business development. A CBDO works directly with the CEO and COO of the company.
What is next after the business development executive?
After BDE, comes the strategic planners who come up with unique strategies for developing a business and taking it to a whole new level.
Does this career sound like something you’d like to give a try? Well, then, start your journey today!