What does a new business development do?
New business development focuses on new business opportunities and new product innovation, including product design, business model design, and marketing. This includes a wide scope of responsibilities that includes marketing planning, strategic partnerships, and increased profitability. It is the responsibility of new business development agents to be aware of new market opportunities, possibilities for expansion, competitor product developments, and the company's current sources of revenue. This job can be summarized as the source of ideas, initiatives, and activities aimed in the direction of making a business better.
New business development responsibilities
Here are examples of responsibilities from real new business development resumes:
- Create, manage and update customer accounts on SalesForce customer database.
- Utilize SalesForce to manage territory.
- Manage logistics, control engineering and design, order placement, vendor relationships, customer utilization and technology.
- Negotiate TCO, leveraging ROI and relate metrics, at a high level in a mature market.
- Facilitate communication between healthcare providers and client company contacts.
- Deliver a complete energy solution that noticeably impact ROI savings for many industrial and manufacturing companies.
- Create targeted marketing groups and industry specific telemarketing approaches in conjunction with account associates utilizing CRM and SharePoint for prospecting.
- Work in collaboration with upper management in analyzing healthcare market forces and creating strategies that have successfully expand practice expectations.
- Provide e-business development, requirement analysis, and gap strategy.
New business development skills and personality traits
We calculated that 18% of New Business Development are proficient in Senior Level Management, Business Development, and CRM. They’re also known for soft skills such as Creativity, Interpersonal skills, and Organizational skills.
We break down the percentage of New Business Development that have these skills listed on their resume here:
- Senior Level Management, 18%
Work with mid and senior level management, marketing, and technical staff.
- Business Development, 15%
Provided sales expertise for new business development and increased revenue by actively prospecting and cultivating new and existing relationships.
- CRM, 10%
Created targeted marketing groups and industry specific telemarketing approaches in conjunction with account associates utilizing CRM and SharePoint for prospecting.
- Sales Strategies, 6%
Developed sales strategies for current and prospective advertisers
- Sales Quota, 5%
Exceeded $3-6.5M annual sales quotas 4 years in a row, with new business totaling more than $20M.
- Product Development, 3%
Performed sales forecasting and competitive analysis to determine product performance levels and the need for product development and modifications.
"senior level management," "business development," and "crm" are among the most common skills that new business development use at work. You can find even more new business development responsibilities below, including:
Creativity. One of the key soft skills for a new business development to have is creativity. You can see how this relates to what new business development do because "advertising, promotions, and marketing managers must be able to generate new and imaginative ideas." Additionally, a new business development resume shows how new business development use creativity: "covered the full spectrum of creative and artistic disciplines as applied to new product development, promotion, and packaging. "
Interpersonal skills. Another essential skill to perform new business development duties is interpersonal skills. New business development responsibilities require that "managers must deal with a range of people in different roles, both inside and outside the organization." New business development also use interpersonal skills in their role according to a real resume snippet: "maintain excellent interpersonal skills, organizational skills prospecting and new business development talent and skill. "
Organizational skills. new business development are also known for organizational skills, which are critical to their duties. You can see how this skill relates to new business development responsibilities, because "advertising, promotions, and marketing managers must manage their time and budget efficiently while directing and motivating staff members." A new business development resume example shows how organizational skills is used in the workplace: "establish and maintain business relationships at all organizational levels. "
Analytical skills. new business development responsibilities often require "analytical skills." The duties that rely on this skill are shown by the fact that "advertising, promotions, and marketing managers must be able to analyze industry trends to determine the most promising strategies for their organization." This resume example shows what new business development do with analytical skills on a typical day: "utilized qualitative and quantitative data in sales presentations. "
Communication skills. A commonly-found skill in new business development job descriptions, "communication skills" is essential to what new business development do. New business development responsibilities rely on this skill because "managers must be able to communicate effectively with a broad-based team made up of other managers or staff members during the advertising, promotions, and marketing process." You can also see how new business development duties rely on communication skills in this resume example: "monitor and track communication and follow-up through crm system to ensure consistent communication. "
The three companies that hire the most new business developments are:
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Compare different new business development
New business development vs. Sales development manager
Sales Development Managers oversee a specific function in the sales department. They are in charge of creating sales pitches, communication tools, and strategies to boost the company's sales performance. They may be assigned to do these activities for a specific product or service or for the whole product line of the organization. Sales Development Managers are also expected to create branding images that will help their sales strategies. They are required to fully understand the company's history, image, and target market. This will ensure that the branding and sales strategies they create are in line with the company's values.
These skill sets are where the common ground ends though. The responsibilities of a new business development are more likely to require skills like "senior level management," "java," "sales quota," and "business relationships." On the other hand, a job as a sales development manager requires skills like "sdr," "customer service," "lead generation," and "training programs." As you can see, what employees do in each career varies considerably.
Sales development managers really shine in the manufacturing industry with an average salary of $107,980. Comparatively, new business development tend to make the most money in the technology industry with an average salary of $88,045.The education levels that sales development managers earn slightly differ from new business development. In particular, sales development managers are 2.8% more likely to graduate with a Master's Degree than a new business development. Additionally, they're 1.1% less likely to earn a Doctoral Degree.New business development vs. Business development and marketing manager
The business development and marketing manager is in charge of overseeing a company's marketing programs and projects. They primarily manage and coordinate teams, set goals and guidelines, organize budgets and timelines, conceptualize plans, and develop strategies to optimize operations. They may also liaise with clients and suppliers, streamline marketing materials, and train staff. Furthermore, as a manager, it is essential to lead and encourage the workforce to reach goals, all while enforcing the company's policies and regulations.
In addition to the difference in salary, there are some other key differences worth noting. For example, new business development responsibilities are more likely to require skills like "senior level management," "java," "sales quota," and "salesforce." Meanwhile, a business development and marketing manager has duties that require skills in areas such as "digital marketing," "marketing campaigns," "integrated marketing," and "revenue growth." These differences highlight just how different the day-to-day in each role looks.
On average, business development and marketing managers earn a lower salary than new business development. Some industries support higher salaries in each profession. Interestingly enough, business development and marketing managers earn the most pay in the finance industry with an average salary of $88,175. Whereas new business development have higher pay in the technology industry, with an average salary of $88,045.In general, business development and marketing managers achieve higher levels of education than new business development. They're 6.2% more likely to obtain a Master's Degree while being 1.1% less likely to earn a Doctoral Degree.New business development vs. Business development account manager
A business development account manager is in charge of developing strategies to identify new business and client opportunities, ensuring sales growth and customer satisfaction. They typically perform research and analysis to gather data, coordinate with analysts and experts, produce sales and progress reports, and maintain records of all transactions. Furthermore, a business development account manager must build positive relationships with clients and secure sales by reaching out to customers through calls, correspondence, or appointments. They may offer products and services, process payments, and handle inquiries or concerns.
The required skills of the two careers differ considerably. For example, new business development are more likely to have skills like "senior level management," "java," "email campaigns," and "real estate." But a business development account manager is more likely to have skills like "customer service," "lead generation," "relationship building," and "technical support."
Business development account managers typically earn similar educational levels compared to new business development. Specifically, they're 0.3% less likely to graduate with a Master's Degree, and 1.1% less likely to earn a Doctoral Degree.New business development vs. Business development representative
A business development representative's role is to find new business and client opportunities through market research and networking. They are primarily responsible for participating in creating strategies to enhance client relations, improve sales, and reach out to potential clients through calls, correspondence, and meetings. Moreover, it is also their responsibility to perform follow-up calls, offer recommendations, and even build rapport to strengthen client base. As a representative, it is essential to coordinate with managers and supervisors and adhere to policies and regulations.
Types of new business development
Updated January 8, 2025
