Business Development Manager Career Path, Skills, and Responsibilities | What is a BDM?

Curious about what a Business Development , Manager is? I'm Bryan Rios from Wahl+Case and   in this video you will learn everything you need  to know about being a Business Development Manager   in SaaS and IT. What it is, What they do, and , the skills you need to land a job as a BDM. At   Wahl+Case, we've helped hundreds of people . land Business Development Manager jobs at   some of the hottest tech companies in adtech, , fintech, consumer tech, and enterprise tech,   so keep watching if you want to learn all about , business development. Before we get started,   make sure you're subscribed to our youtube , channel for even more market explainers,   industry insights, and tech trends from Japan. , Okay, so what is a Business Development Manager?   First, I think it'll help to define business  development. BD or Business Development is   the process of bringing in new customers or new  business lines to help a business grow. Like the   name says, you are developing business. This could  mean that you need to cold call or email prospects   converting them into leads and then nurturing . those leads to make sure they buy your solution   or, if you are working at a larger company, you  could be researching new trends in tech that your   company will want to acquire or invest in as a  way to bring in another revenue stream. All of   these responsibilities fall under the umbrella  of business development. Which sounds the most   exciting to you? Let us know in the comments. . What does a business development manager   do? There are two kinds of BDMs: The first , one is an expansion on the roles of the BDR   which is Business Development Representative , building up an existing business line   by developing leads into customers and maintaining 

those relationships. For a business entering a   market, this will be the first hire. They will . generate customers that will then be passed on   to the second hire which is usually a CSM. See our  video about Customer Success to learn more about   what a CSM does. The big difference between being . a Business Development Manager and a BDR is that   you will need to close deals and you will handle , those negotiations by yourself. You will not pass   these leads onto an Account Executive or another . sales function. In a large enterprise, however,   you would be focused on building the business by . developing new business lines. You will need to   be following developing trends in technology . to find new revenue streams or opportunities   for investments or acquisitions. This is the . second type of Business Development Manager.   This is why in our M&A guide with Fuminori Gunji, . he highlights some of his time at Softbank. Side   note: if you haven't seen that I highly recommend , checking it out, I'll put a card up in the corner.   Targets and KPI. As a Business Development Manager  your general target is to grow the business.   This means that your KPI will be: revenue, deals  closed, and client meetings. Again, these could   be more focused on partnerships or new revenue . streams if you are working at a bigger company   but the overall goal is the same: develop the  business. So what skills do you need to work   in business development? Hard skills: working as  a business development manager means connecting   with people so there are very few essential . hard skills. Of course, it always helps to   have a knowledge of the tech you are working with . or selling and the industry you're going to be   working in to be able to talk through any , concerns that your clients have. Soft skills:   your communication skills and listening skills 

will be honed in a BDM role. You will be   constantly conversing with your clients to really , understand the issues that need to be solved   with your solution. You will also be handling  sales presentations and contract negotiations,   so your communication abilities will definitely . grow. For me, when I was working in a sales role,   business development was my favorite part. I . really enjoyed meeting with clients and listening   to what was happening with their business and  connecting over a shared passion for the industry.   There really is nothing quite like the feeling , of becoming part of a team to solve a particular   problem. Does this sound exciting to you? Message , us in the link in the description to learn what   business development positions are open right now. . Career Progression. A BDM is an essential function   of any sales organization. When you develop this , skill set, you can move in almost any direction   in sales. Working as a business development , manager can also open doors for you to take   on leadership positions. We have seen many people  move into Country Manager or Director level roles   after spending time as a Business Development  Manager. If your long-term goal is to hold a   leadership position, working as a BDM is a great . step. And that's it! Did this help you understand   what a business development manager does? If it , did type BDM in the comments. Remember to like   this video if you found it helpful and share  it with anyone you think would benefit from   learning about business development. Thanks  for watching and we'll see you next time!