The Vice President of Business Development reports directly to the President and works with the management team and various sectors with an emphasis on businesses experiencing growth and development.
Business development is one of the most critical success elements of any organization. The sole function of business development is to enhance business continuity and growth by constantly seeking potential growth areas.
The Vice President of business development is responsible to enhance business growth by seeking new growth areas, cross-selling new products to existing clients, generating ideas for new products to respond to changing customer needs, and seeking a diversified portfolio by expanding the product line. Thus, the success of any organization depends on the capacity of the vice president of business development to identify and explore new growth areas.
Let’s take a closer look at the roles and responsibilities.
What does the VP of Business Development do?
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By reporting to the President and leading the entire marketing department, the VP of Business Development is responsible for expanding the organization’s market share and attaining other key performance metrics like market dominance. The VP of business development must sell the organization’s products/services across the different sectors or environments. Further, the VP of business development must initiate, implement and close winning sales strategies that enable the organization to achieve its key performance objectives. The VP of business development must be a great team leader, with the ability to attract, mentor, train, and retain high performing team.
VP of Business Development Job Description Sample
The Vice President of Business Development is responsible for creating strategic business partnerships and driving new revenue sources for the organizations. The responsibilities include expanding the company’s business across work environments, helping build customer relationships, and assisting the President in maximizing the operating performance of the company.
As the VP of business development, one must identify and explore potential areas of growth. The growth can be diversifying to a new geographical area, product diversification, or exploring a change in customer demographic. For instance, if your current clientele is the older generation, you can create products that can appeal to a younger generation.
As the VP of business development, one must understand and predict changing customer needs. The world of business is a dynamic field, and one needs to be ahead at all times. As the VP of business development, you must understand changing customer needs and develop products or services that respond to the changing customer needs.
VP of Business Development Job Responsibilities
- Creating, administering, and implementing winning business development strategies that the company should pursue.
- Identifying, evaluating, and conducting follow-up on sales leads to closing the deal.
- Leading various marketing strategies like social media marketing, content marketing, cold calling, emailing, and other strategies to develop viable leads that can be converted to successful clients.
- Representing the organization in various functions like conferences, showcases, and seminars to create awareness about organization products and generate potential leads.
- Developing and nurturing relationships with various key strategic individuals like local leaders, key industry players, and strategic suppliers and financing organizations.
- To oversee and implement the full sales cycle which involves market research, market analysis, pitching to various prospects, and client retention.
- Tracking and reporting on the various marketing strategies to improve on the winning strategies, adjust the ineffective strategies, or change to a new strategy.
- Establishing the sales metrics and goals for various players in the marketing department including the head of marketing, business development officers, and sales consultants.
VP of a Business Development Skills
- Bachelor’s degree in marketing or any business-related field
- Preferably Master’s in business administration (MBA)
- Strong background in the marketing field
- Comfortable and confident using technology as an integral part of the sales process, including Salesforce
- Experience and deep knowledge in Digital Marketing
- Outgoing individual with high negotiating skills to be able to initiate and close business deals.
- Proven technical skills in their area of specialty
- Product knowledge is critical for business development.
- Strong leadership and managerial skills
- Possess the reliable problem-solving ability
- Excellent written and communication skills
- High level of organizational skills with the ability to work under pressure
Position Reports to
- Chief Executive Officer
- Chief Operating Officer
How much does a VP of Business Development Make?
Based on an average of six job search/salary research websites, the starting salary of a Business Development Executive is $100,677/year in the USA. In contrast, the average salary is $159,038/year, and the higher paid ones make $245,463.
To accomplish their responsibilities, a VP of Business Development is expected to have an analytical skill set with solid communication and presentation skills. It requires a person to be proactive and multitasker to support essential areas for the company’s growth.
This VP of Business Development job description sample will help you create a job application to attract the best-qualified candidates for the role. Feel free to copy, alter, and use this outline for your and your company’s purposes and goals.
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