Main Responsibilities and Required Skills for a Head of Business Development
A Head of Business Development is a professional who is responsible for driving growth and expanding the business opportunities of an organization. This dynamic and strategic position requires a unique blend of technical expertise, strong interpersonal skills, and a deep understanding of the market landscape. In this blog post, we will explore the primary responsibilities and the most in-demand hard and soft skills for a Heads of Business Development.
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Main Responsibilities of a Head of Business Development
The following list describes the typical responsibilities of a Head of Business Development:
Achieve
Achieve and exceed on both direct and full team's quarterly KPI's.
Adjust
Adjust to new, different, or changing requirements.
Agree
Agree and set targets for regional BD team.
Analyze
Analyze competitors' businesses and products and strategize how Edpuzzle can continue winning.
Analyze data from the experiments.
Analyze market and competitor data to identify growth areas.
Analyze the trends in the EdTech Industry and bet on the future.
Assess
Assess a variety of payment solutions and determines the best fit for client's needs.
Assist
Assist and advise IGT management on investments and acquisitions.
Attend
Attend industry events and conferences to network and generate leads.
Attend major investor conferences.
Benefit
Benefit Cosmetics and other large retailers.
Build
Build and conduct executive presentations for internal and external customers.
Build and develop relationships with senior executives at banks, fintechs and payment companies.
Build and maintain relationships with key stakeholders.
Build and maintain relationships with strategic partners.
Build and maintain strong, long lasting client relationships.
Build and maintain strong, long lasting client relationships within the UK market.
Build and maintain trusting relationships with the internal team.
Build a network of key contacts.
Build long-term relationships with new and existing customers.
Build outbound process to generate new leads.
Build teams around and scope the work involved in executing each initiative.
Chair
Chair monthly sales meetings and provide reports as required.
Champion
Champion a best-in-class client experience through the sales funnel.
Collaborate with
Collaborate closely with Commercial Banking teams on specific portfolio company opportunities.
Collaborate to identify opportunities for new products and processes.
Collaborate with cross-functional teams to develop and execute business plans.
Collaborate with cross-functional teams to establish project objectives and timeline.
Collaborate with key contacts to problem-solve, develop new products / processes.
Collaborate with marketing teams to develop effective promotional strategies.
Collaborate with team members to achieve better results.
Communicate
Communicate new product developments to prospective clients.
Conceive
Conceive / execute additional business opportunities to support strategic + revenue goals.
Conduct
Conduct business in an ethical manner while displaying personal and corporate integrity.
Conduct competitor analysis to gain a competitive edge.
Conduct market research to identify selling possibilities and evaluate customer needs.
Conduct market research to identify trends and opportunities.
Conduct market research to prospect strongly aligned partners where applicable.
Contribute to
Contribute to defining appropriate BD strategy and how it aligns with the overall business strategy.
Convey
Convey a sense of urgency and drive issues to closure.
Coordinate with
Coordinate and compare subcontractor bids to ensure leveling of pricing comparisons.
Coordinate with legal and finance departments to ensure compliance.
Create
Create a 'lean start up' mentality of constant experimentation and learning.
Create and deliver compelling presentations to potential clients.
Create efficient workflows and processes for growing and managing a robust pipeline.
Create, execute and test new ideas for growth.
Create / generate strategic opportunities to expand revenue both organically and opportunistically.
Create innovative solutions to address GAPs / Constraints.
Create overall business development strategy.
Create the business case for each initiative alongside the CFO.
Cross-sell
Cross-sell the platform by winning and retaining the best opportunities.
Define
Define account strategies and account plans with clear objectives, actions, owners and sales targets.
Define current market segment and calculate current TAM.
Define potential market segments to go after and calculate TAM.
Define standards around pursuing government and corporate partnerships.
Deploy
Deploy an analytical and data-driven approach to maximize the value for all parties.
Develop
Develop account and channel strategies, define strategic sales & marketing tactics.
Develop and grow the people in your team.
Develop and implement business development strategies.
Develop and implement sales and marketing campaigns.
Develop and implement the strategy and vision for the Fund Connect ETF business.
Develop and maintain a healthy funnel of schools and teachers and maintain a high conversion rate.
Develop and maintain a network of industry contacts.
Develop and maintain a strong understanding of the organization's products and services.
Develop and manage the business development team budget and incentive program.
Develop and manage the sales pipeline.
Develop and negotiate deal structure.
Develop a thorough understanding of the company's people and capabilities.
Develop BDRs into sales-ready candidates for future Account Executive positions.
Develop marketing materials and responding to RFPs.
Develop new customers to diversity business and to increase overall volumes and margin.
Develop new relationships with funders (corporate, government and philanthropic).
Develop pricing strategies and negotiate contracts.
Develop relationships with prospective clients, and maintain existing relationships.
Develop Reps into sales-ready candidates for future Account Executive positions.
Drive
Drive advocacy in the market.
Drive development of COGS, ensure alignment between category team and operations.
Drive revenue growth and achieve profitability targets.
Engage
Engage and support productivity agenda to deliver cost reduction targets.
Enhance
Enhance relationships with existing customers to increase volumes & margins.
Ensure
Ensure effective team engagement which may include establishing and managing team meetings.
Ensure new relationships maintain highest credit quality.
Ensure that BDRs are clear on the strategy and next steps.
Establish
Establish and nurture relationships with Key Stakeholders.
Establish a strong working relationship with internal and external team members and stakeholders.
Establish, monitor and report on key performance indicators across each Partner.
Evaluate
Evaluate and recommend potential mergers and acquisitions.
Evaluate white space business, product, and partnership opportunities in adjacent markets.
Follow
Follow all applicable calling procedures and regulations.
Foster
Foster a culture of innovation and continuous improvement within the business development team.
Gather
Gather feedback from customers and prospects and share with internal teams.
Generate
Generate new business opportunities leading to prequals, bids and negotiations in line with targets.
Guide
Guide / oversee product / process implementation.
Guide the recruitment of A-Team members.
Identify
Identify and analyzes what works / doesn't work, applies learnings to future client interactions.
Identify and assess potential risks and challenges.
Identify and explore new markets and geographical expansion opportunities.
Identify and pursue new business opportunities.
Identify appropriate industry awards.
Identify cross-sell opportunities with new and existing referral sources.
Identify experts and "go-to” people.
Identify key individuals in client organizations.
Identify market opportunities and implement relevant strategies.
Identify new business opportunities and revenue streams for Bossa's existing & future titles.
Identify new opportunities and approach potential customers.
Identify opportunities for new partnerships or expansions of existing partnerships for Peloton.
Identify opportunities for referrals.
Identify potential clients and connects with them.
Identify profitable business opportunities.
Influence
Influence the Sales organization to present new solutions and bundles to clients.
Initiate
Initiate partnerships and corporate deals for the company.
Keep
Keep detailed logs in CRM of all activities constantly.
Know
Know who the competitors are and the pros / cons of their products.
Lead
Lead and manage the team including setting performance metrics and incentive structures.
Lead and support other revenue-focused initiatives as needed.
Lead Customer Experience programme for the region.
Lead from the front and close important deals personally.
Lead in process development and improvement.
Lead negotiations and close deals with clients and partners.
Lead technical and supply chain readiness to support commercialization activity.
Lead the BD Team to achieve the OI, Proposal and Pipeline targets.
Leverage
Leverage and cascade sub-sector insights nationally to make more informed risk decisions.
Leverage relationships in opportunity identification and transaction execution.
Listen
Listen with objectivity and check for understanding.
Maintain
Maintain accurate records of customer information in CRM, including material requirements.
Maintain and enhance existing client volumes and margins.
Maintain a regular cadence of discussion with stakeholders for transparency and updates.
Maintain budgets and P& L accountability for each business initiative.
Maintain current working knowledge of market / sector trends and future economic outlook.
Maintain regular interaction with key individuals.
Manage
Manage and further develop existing strategic partnership relationships.
Manage and mentor a team of business development professionals.
Manage and provide coaching to the team to support the commercialization of the overall product line.
Manage, structure and drive your team.
Manage the BD-APAC budget and P & L.
Manage timelines and expectations.
Maximise
Maximise margin by using effective negotiation techniques.
Measure
Measure and report on the progress towards reaching sales and business goals to executive leadership.
Meet
Meet company's expectations regarding attendance and punctuality.
Meet opportunity generation and closed sales targets for multiple DS practices.
Meet prospecting and opportunity management sales activity targets on a weekly basis.
Model
Model based estimating platform experience preferred.
Monitor
Monitor and evaluate the effectiveness of business development initiatives.
Monitor competitive partnership activity and stay ahead of the competition.
Monitor deal performance and track efficacy relative to expectations post-close.
Monitor industry trends and regulatory changes.
Negotiate
Negotiate and close new insurance carriers.
Negotiate / close deals and handle claims or objections.
Negotiate contract terms with clients and communicate terms to stakeholders.
Optimise
Optimise and advise on our product to ensure we're delivering on what our clients want.
Oversee
Oversee all sales reporting to the founders.
Oversee execution of each opportunity through close collaboration between all parties.
Oversee head of brand partnerships to sell premium, inventive sponsorship programs.
Oversee our business development strategies and activities.
Own
Own company revenue goals across sponsorship, live event and products / licensing.
Own Peppy's business development function - – set up processes, systems and reporting functions.
Own the sales and account management process with leading schools and teachers.
Perform
Perform customer site visits to build relationships and discover market information.
Prepare
Prepare and present business development reports to senior management.
Prepare pitches, presentations, set up meetings.
Present
Present a smart and professional image at all times.
Present at public speaking panels.
Present pipeline and sales metrics on a regular basis using analytics produced with Salesforce.
Produce
Produce digital content at industrial scale to maximise efficiencies.
Provide
Provide detailed and accurate sales forecasting.
Provide input and feedback on new products and processes.
Provide insights and feedback to our Product organization to improve our roadmap.
Provide regular communications to senior management on partnership strategy and results.
Provide strategic guidance and recommendations to senior management.
Report
Report on BD activity and market intelligence in monthly regional management meetings.
Research
Research key partnership opportunities.
Research new market opportunities based on customer pain points.
Review
Review and steer the drafting of commercial agreements.
Set
Set and achieve business development targets and goals.
Set business priorities and deploy them with your team.
Set-up
Set-up KPIs to test the outcomes of the experiment.
Socialize
Socialize and provide rich context for new initiatives that bring the organization along.
Stay updated on
Stay updated on industry trends and best practices.
Supervise
Supervise and manage minority investments, including sitting on board or observer seats.
Support
Support the main clients after sales, making sure the solutions work and fit with their needs.
Test
Test initial solution for market.
Translate
Translate findings and opportunities into an achievable roadmap for the team and business.
Travel
Travel to meet potential partners as needed, attend trade shows and events.
Understand
Understand the Education Industry and customer pain points (curriculum, product).
Understand the strategy that the GM, AVP of Sales for the region is trying to undertake.
Use
Use knowledge of competitors and market to develop the company's unique selling propositions.
Utilize
Utilize a variety of tools and approaches to communicate ideas.
Work with
Work closely with CEO and leadership team to set and execute the company's commercial strategy.
Work closely with BDRs to ensure lead quality / quantity and prompt follow - up.
Work closely with Marketing on defining campaign follow up and reporting.
Work closely with Operations to make recommendations on process improvement.
Work closely with other departments to ensure a coherent strategy in the UK.
Work with clients to identify / clarify needs and issues.
Work with field MKTG managers in the APAC sub regions to drive higher MQO-SQO conversion.
Work with the marketing team to optimise sales collateral and brand awareness.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Head of Business Development:
Sales and negotiation expertise
Market research and analysis
Financial analysis and forecasting
Data analytics and interpretation
Business strategy development and execution
Contract management and legal knowledge
Presentation and public speaking skills
Project management and planning
CRM (Customer Relationship Management) software proficiency
Proficiency in Microsoft Office suite (Excel, PowerPoint, Word)
Pricing strategy development
Competitive intelligence gathering
Knowledge of sales and marketing techniques
Understanding of regulatory and compliance frameworks
Experience with business development in specific industries
Proficiency in foreign languages for international business opportunities
Product knowledge and market positioning
Proficiency in financial modeling and valuation
Knowledge of partnership and collaboration strategies
Familiarity with emerging technologies and their business implications
Most In-demand Soft Skills
The following list describes the most required soft skills of a Head of Business Development:
Strong leadership and managerial abilities
Excellent communication and interpersonal skills
Relationship building and networking skills
Strategic thinking and problem-solving
Adaptability and flexibility in a fast-paced environment
Analytical mindset and data-driven decision-making
Emotional intelligence and empathy
Influencing and persuasion skills
Creative and innovative thinking
Strong work ethic and self-motivation
Conclusion
In conclusion, a Head of Business Development is a multifaceted role that requires a diverse set of skills and expertise. This blog post has provided an overview of the main responsibilities as well as the most in-demand hard and soft skills for professionals in this position. By possessing a combination of technical know-how and exceptional interpersonal skills, a Head of Business Development can drive the growth and success of an organization in today's competitive business landscape.
