Business Development
- Entry requirements
- What you might do
- Training and professional qualifications
- Rewards
- Prospects
- Useful links
Working closely with marketing professionals and underwriters, business development teams are the people who bring the strategy to market - from devising the route to new distribution channels to maximising internet sales. Companies in all sectors are increasingly looking for innovative ways of delivering sales initiatives, implementing sophisticated programmes of activities to engage with their customers and designing campaigns to achieve ambitious annual sales objectives.
Depending on the nature of the business, development work tends to focus on a company's core target segments and aims to find ways both to reach those targets and to satisfy their needs.
Business development consultants are responsible for a range of activities. In consumer-facing insurance businesses, they may co-ordinate the response to direct marketing such as mail shots, internet, press or magazine advertising, often working in contact centres and dealing directly with potential clients, providing advice on products and services and highlighting the benefit they can bring.
In the business-to-business arena, business development professionals are likely to be responsible for managing key customer accounts, often acting as consultants to their customers, understanding their business requirements and matching insurance solutions to their specific needs, from relatively small businesses right up to multi-million-pound, international deals.
Entry requirements
Although this area of work is open to all graduates, you may have a better chance if you have studied business, management or a related subject. International companies may also prefer graduates with modern languages.
Larger companies operating graduate training schemes usually look for a solid academic record and a good standard of degree (2:1 or above). However, in this discipline, academic qualifications are often deemed to be less important than attitude and abilities, especially commercial awareness, strong communication skills, adaptability and an ability to think on your feet. Most employers seek candidates with a passion for developing new business opportunities, the determination and ability to achieve results and solid customer service skills.
What you might do
Generating new leads and managing the business pipeline lie at the core of this work. Leading or participating in a wider business development team, you will be involved in building and maintaining quality client relationships - either talking to potential clients on the telephone or, particularly in the business-to-business sector, visiting customers regularly for reviews.
Customer loyalty and retention are paramount, so you will need to know exactly what your company has to offer and how best to respond to customer needs. You will probably be expected to forecast, track and report results on a regular basis and feed in to management information systems.
Training and professional qualifications
Training is often conducted in-house, with many companies offering new entrants an induction course that covers knowledge of their particular products or services, as well as business development administration. Individual companies usually have their own approach and techniques for business development, so you may also receive training in handling customers, selling, dealing with potential objections and closing sales.
You may well be asked to shadow a more experienced colleague before gradually taking over your own sales accounts, under supervision.
The Institute of Sales & Marketing Management (ISMM) offers a professional education programme and completing it may well enhance your promotion prospects. It covers the full range of skills required for people starting in business development, to those working or aiming to work as key account managers.
Rewards
Unlike many other roles, in sales the tendency is for you to be directly rewarded for the work you put in. Companies usually offer a neat basic starting package - typically in the region of £20,000 - £25,000 - plus the chance to earn commission if you reach your sales targets ('OTE' means 'on target earnings'). Many companies also offer incentives such as company cars if you meet sales targets and other qualifying criteria.
After three to five years, you could expect to earn around £40,000 - and in senior roles pay levels can soar to £90,000 plus. Once again, salaries are often based on success in meeting targets.
Prospects
Promotion is often based on results. Many companies have a promotion structure that involves moving up from sales consultant to floor or area sales manager, and then to regional sales manager and ultimately sales director. While it is not strictly necessary to acquire professional qualifications in order to be promoted, relevant qualifications - such as those from the Institute of Sales & Marketing Management (ISSM) - can often help with longer-term career development.
Because the skill set used is so wide, business development can often lead on to further career development in a wide range of roles.
Useful links
Institute of Sales & Marketing Management (ISSM)
Harrier Court, Lower Woodside, Bedfordshire LU1 4DQ
Tel: 01582 840001
www.ismm.co.uk/
Chartered Insurance Institute (CII)
42-48 High Road, South Woodford, London E18 2JP
Tel: 020 8989 8464
www.cii.co.uk/
