Business Development

Business development is a mixture of sales and marketing. Job roles themselves are very diverse, but effectively business development is about seeking new opportunities to profitably grow the business or specific accounts.  You could be working as a business relationship broker, looking after an existing portfolio of clients and making sure they have all the right insurance products and support needed, or you might be working closely with investment, banking or insurance product teams, developing a new suite of products to pitch and market to commercial contacts. Networking is always a big feature when it comes to winning and retaining business. Although many retain a vested interest once the contract is won, the after-sales experience and project delivery, especially in large financial firms, is usually handed over to the project and customer relationship teams.

Salary

Entry level positions, which are likely to be administrative or assistant roles, start at approximately £15,000 per annum. With the right experience, qualifications and skills you could progress to management roles and earn in excess of £60,000 per annum.  This does not include potential bonuses or additional benefits. Salaries will vary considerably based on location and employer.

• Researching and sourcing potential business opportunities and contacts
• Developing and maintaining business relations with financial services’ introducers
• Following up business leads and identifying new sales opportunities
• Setting up client meetings
• Promoting the organisation’s additional financial products and services
• Preparing professional presentations for new clients, selling all the features of why they should move their custom over or stay with your firm
• Preparing and submitting formal business tenders and proposals
• Managing ongoing business accounts whilst building new relationships
• Monitoring sales data and account performance

• Excellent interpersonal skills, with the confidence to approach people at all levels of seniority
• Ambitious and persistent
• Self-motivated and enjoy working to targets
• A natural networker
• Articulate, confident communicator and presenter
• Thrive in a pressurised, sales-driven environment
• Commercial knowledge to analyse market data and identify new opportunities
• Strong team player, but equally good at taking initiative
• Persuasive and credible
• Numerical skills, to manage large budgets

A new entrant will not always be required to have this knowledge. Employers usually provide training to acquire skills for:

• Preparing and presenting business tenders
• Managing business pitches
• Technical product knowledge 
• Awareness of competitor activities in the sector you work
• New marketing and sales channels being developed and trialled

It is likely that before working in business development you will have previously worked in sales, marketing or project management within the sector you operate in. Direct entry at management level is unlikely without all-round business experience. There are some opportunities for graduates, and studying business, management or marketing orientated subjects can be more relevant for marketing or business development graduate training programmes.

It is sometimes possible to gain entry level administrative or assistant roles within a business development team.  Employers will look for people who have:

• A Levels, Scottish Highers or equivalent qualifications such as  Business, Administration and Finance (BAF) Diploma, BTEC National Diploma, Welsh Baccalaureate (BAC), SVQ Level 3 or Higher National Certificate (SCQF Level 7)

It is not essential to have an industry qualification but some employers may require business development professionals to demonstrate their understanding and undertake specialist technical qualifications relevant to the sector the employer operates in. The Chartered Institute of Marketing (CIM), the Institute of Sales and Marketing Management (ISMM) and the Chartered Management Institute (CMI) offer a range of professional qualifications which may be relevant for people in business development. Professional qualifications studied will vary depending on their level of entry, but range from introductory right up to postgraduate levels.

With financial businesses striving to secure profitable contracts, business development career opportunities are likely to remain stable for the foreseeable future. Your results will drive promotional opportunities. Many large companies provide a clear pathway from account manager to business development manager and then possibly sales/marketing management for a specific product area. The skill set for business development managers is so wide it could open many management career doors. Large retail banks, insurance and investment companies – including intermediary brokers, employ business development managers. Opportunities exist within the financial divisions of large companies across all sectors, aiming to develop commercial partnerships with other organisations. Many large financial companies employ business development teams within their headquarters and in regional offices. These are mainly based in financial districts, cities and large towns. Some global reaching contracts may mean international travel to visit potential clients.

• Chartered Institute of Marketing
• Directions
• Institute of Sales and Marketing Management
• Scottish Qualifications Authority