BDE is a senior corporate executive responsible for the development, vision, and strategy of international strategic alliances. A BDE usually reports to the President or CEO with an average tenure of five years, works in the portfolio company with a mandate to build a business pipeline, and shares their thoughts and recommendations.
A BDE’s primary job is to understand customer needs, developing strategies that are consistent with company brand strategy while ensuring they satisfy customer needs. Other roles can be assigned depending on the business unit’s requirements. In most cases, these would include marketing, sales, and finance positions where specific skills are required as well as IT functionaries that help facilitate these activities such as database management or website design.
BDEs typically have many years of experience in the industry sector and corporate background that comes from having held a variety of senior-level positions in both large multinational companies and small entrepreneurial firms.
BDEs occupy a critical position in helping their employer to gain market share and profitability, as they are a point person between the parent company, its portfolio company, and its customers.
The BDE role originated as a business development manager in the early 2000s. The role is known by a number of other titles including Director of Business Development, Director of E-Commerce & Business Development Officer. It began to gain traction outside the US with the rise of business development leaders operating in a more global environment. A Business development executive (BDE) is not an external consultant typically because they have local and business knowledge. They are able to engage with the customers and are fluent in the language of the country they operate in.
Business Development Executives (BDEs) has proven to be valuable asset to their organizations as they help advance them in their business environment. They serve in different functions of an organization but share similar responsibilities, which include:
The vision and goal of a BDE are to constantly align themselves with their company’s strategic goals and objectives. Based on those objectives, a will formulate short-term strategies to create opportunities for growth that ultimately result in reaching those long-term goals. Business development executives are typically managers that have experience as business development staff and functionaries. BDEs typically have knowledge of the following areas:
A BDE must keep abreast of the latest trends and developments in their organization’s industry, as these can significantly affect success and profitability. They must also be aware of the upcoming challenges and opportunities that may influence their organization in a negative or positive way.
Executives in this position need strong analytical skills as well as decision-making abilities to make objective assessments about future prospects and assist with decision-making processes. They should also have a proven track record of being able to juggle multiple projects at once while meeting strict deadlines. A BDE will usually carry out their work in the following areas:
The BDE must be able to perform all roles related to sales and lead, train and develop sales force. They must also possess a fair amount of negotiation skills that help build relationships based on trust and credibility.
A BDE should be able to perform these functions:
Business Development Executives (BDEs) are typically very knowledgeable about a company’s products and services, as well as trends in their industry sector. This is why they are often responsible for helping identify opportunities for the parent organization to target new markets. This is normally done through continuous market research specifically targeted to the organization’s needs. Market research can be conduct through the following methods:
As a BDE, a person may develop relationships with other BDEs that could allow them to share leads and opportunities. Having good contacts within an industry would also be helpful, as this could help advance information about new products and services possibly available for sale.
One of the most important responsibilities in this position is being able to accurately assess customer needs, which should ultimately guide a BDE in creating opportunities for growth.
FAQs on Business Development Executive
1) What are the main functions of a Business Development Executive?
Business Development executives play an essential role in the growth and development of their organization. They are often held responsible for acting as a liaison between their company, its parent, and its customers. This involves defining and creating new business opportunities for the organization in an effort to help it gain market share.
2) How is a value add to the client’s business perceive by a Business Development Executive?
By focusing on simple yet effective solutions, BDEs’ main objective is to maintain the health of relationships with clients and potential partners. BDEs are usually the go-to people when it comes to identifying business opportunities, product development, and commercialization. They also play an integral role in sales and marketing activities by creating new revenue streams.
3) What is the impact of a Business Development Executive on the company’s overall performance?
Business Development Executives are usually responsible for small improvements in sales, which can have a big overall impact on their organization. For example, an improvement in sales of 10% can result in an increase of around 2% in the company’s bottom line. This is because the cost of goods (COGS) to revenue ratio can be improve if a BDE is able to maintain its gross profit margins at around 65%.
4) What are the main skills requir to become a Business Development Executive?
You need to have business development expertise and be able to translate that into actionable insights. Business development executives must also have strong marketing and sales skills, as they are normally held accountable for creating new business opportunities for the company. They should be results-orient, which means coming up with strategies that can help reach their organization’s goals. The ability to build trust and credibility in your client is also a must-have skill, as BDEs typically serve as liaisons between their company and its customers.
5) What sets a Business Development Executive apart from their peers?
A BDE is more likely to stay ahead by constantly forging relationships with different clients. They can also differentiate themselves from other BDEs through their work ethic and ability to balance family responsibilities.
6) Who are the main competitors of a Business Development Executive?
Their main competitors are companies and business partners in the same market area, as well as competitors in other areas that may threaten the client’s business. Other competitors include those in related industries that have similar product offerings or those that have lower production costs due to lower labor costs or lower suppliers’ prices. Business Development Executives perform many administrative roles, such as maintaining sales and marketing records, preparing proposals, and conducting follow-up calls. They also act as a coordinator between various parties in the organization that is involv in corporate financial management, human resources, legal and tax affairs.
7) What are the responsibilities of a Business Development Executive?
If you want to become a Business Development Executive, then you need to be prepar for a lot of travel. A BDE is often requir to spend most of their time away from home traveling for business purposes. This could also mean frequent stops in different cities or countries, which means that being comfortable with travel is essential. Since a Business Development Executive is usually the top salesperson in an organization, it is also important that they be comfortable in making presentations and presentations to clients and colleagues. They should also have the ability to share their market knowledge with other industry professionals and help boost the overall competency of their team.
Conclusion
The business development executive is the individual who is responsible for identifying, developing, and securing new business opportunities for the organization. They are in charge of coordinating a variety of activities and tasks including sales, marketing, finance, human resources, and administrative issues.
In summary, a Business Development Executive implements strategies that help build long-term relationships with clients. They also develop processes to design and implement effective marketing campaigns in order to establish new sales channels. They are also in charge of ensuring that their company is compliant with all government regulations and requirements such as product registrations or approvals.