WHAT DOES A VICE PRESIDENT OF BUSINESS DEVELOPMENT DO?
The Vice President of Business Development oversees the development and implementation of sales and strategic account plans to significantly exceed revenue targets. Cultivates and maintains enduring client relationships while spearheading initiatives to secure new clients and expand existing accounts. Coordinates with leadership, product, and technology teams to innovate and introduce new marketplace offerings, ensuring effective communication and representation at key industry events.
A Review of Professional Skills and Functions for Vice President of Business Development
1. Vice President of Business Development Duties
- Technological Strategy: Recommend to management technological advances necessary to capture new markets and meet internal business needs.
- Proposal Development: Participate in developing requests for proposal to present to existing as well as prospective clients.
- Profitability Management: Partner with peer Vice Presidents and Executive Management team to ensure overall profitability and implement strategy adjustments.
- Process Optimization: Review processes and procedures to determine what is working and provide strategic guidance on how to incorporate successful processes and procedures across divisions.
- Strategic Partnerships: Develop partnerships with Executive management, internal departments, and external contacts.
- Network Building: Build new networks and maintain existing relationships across the GFI, Wholesale, and Platform client base.
- Brand Development: Assist in driving the brand recognition and business development efforts in the Institutional market.
- Product Expertise: Develop or already possess a strong technical understanding of a range of products and strategies to effectively discuss with clients and prospects.
- Confidential Agreements: Prepare and execute confidentiality agreements with prospective clients and other third parties.
- Industry Knowledge: Maintain industry expertise and requisite company training.
2. Vice President of Business Development Details
- Sales Strategy Development: Develop sales and strategic account plans to meet and exceed revenue goals.
- CRM Management: Manage pipeline of client activity and track all goal metrics in CRM platform.
- Client Acquisition and Growth: Bring on net new clients and grow current ones.
- Relationship Management: Establish and cultivate meaningful, long-lasting client relationships.
- Opportunity Identification: Proactively identify new business opportunities and lead all client meetings and presentations.
- Proposal Writing: Write and deliver proposals and capability presentations.
- Strategic Communication: Communicate BD team strategy, progress, and work to the leadership team.
- Event Participation: Participate in industry events, e.g., conferences as a presenter when opportunities arise.
- Product Demonstration: Effectively communicate the value of and demonstrate product.
- Collaborative Innovation: Work closely with leadership, Product, and Tech to form new marketplace offerings.
3. Vice President of Business Development Responsibilities
- Partnership Strategy Development: Developing partnership strategy collaboratively with company leadership.
- Partner Identification: Identifying potential partners and developing new relationships.
- Stakeholder Collaboration: Working with stakeholders from different divisions to evaluate the fit of a potential partnership.
- Partnership Management: Managing relationships day-to-day with partners and overseeing and maximizing platform revenue.
- Partnership Coordination: Coordinating closely with divisional stakeholders to see through partnership responsibilities.
- Publisher Account Management: Manage the high-level acquisition and management of publisher accounts.
- Strategic Analysis: Provide strategic analysis of publisher prospects, resource commitments, outcomes, and long-term goals.
- Integration Guidance: Guide successful publisher integrations and operations processes through the BD Account Managers, Product, and Engineering teams.
- Product Expertise Development: Develop an expertise in the ad product suite and competitive positioning.
- Business Development Collaboration: Collaborate with SVP, Business Development and leadership team on alignment towards the growth of the business.
4. Vice President of Business Development Job Summary
- Full Cycle Sales Engagement: Actively participate in the full cycle sales process of SaaS solutions & services.
- Lead Generation and Presentations: Generate leads, facilitate corporate presentations, and deliver significant revenue growth.
- Relationship Management: Establish, build, and maintain positive and professional relationships at all decision levels within the assigned territory.
- Market Positioning: Reinforcing superiority as the partner of choice within the healthcare payer market.
- Sales Pipeline Management: Develop and manage a robust sales pipeline, have a proven track record of closing business.
- Quota Achievement: Meeting multi-million-dollar quotas, while possessing a strong ability to leverage a matrixed organization to create solutions and teams that align with prospective client goals.
- Change Leadership: Lead and manage an organization through the change that is inherent in a fast-growing and constantly evolving company.
- Team Leadership and Motivation: Build, motivate, manage, and lead high-performance cross-functional teams and deliver effectively in both a direct and matrix environment.
- Strategic Vision and Innovation: Deliver a strong strategic vision with the ability to create an innovative service.
- Business Support and Analysis: Supporting the vision for the business with an understanding of the strengths, weaknesses, opportunities, and threats.
5. VP of Business Development Accountabilities
- Strategic Planning: Define and translate strategic vision into an actionable plan.
- Leadership and Team Dynamics: Set a behavioral example for the team, committed to fostering cohesive team dynamics.
- Relationship Management and Influence: Build relationships while managing, influencing, and achieving alignment with direct and matrix resources across a range of differing interests.
- Industry Networking: Leverage existing relationships and contacts within the healthcare industry.
- Strategic Partnership Building: Build trusted partnerships at all levels of the organization by defining, addressing, and executing short- and long-term strategic initiatives.
- Sales Strategy Execution: Develop and execute strategic and tactical sales plans, related budgets, and required sales, service, and implementation infrastructure.
- Problem Solving and Risk Mitigation: Effectively problem solve and mitigate risk by offering solutions to address concerns.
- Market Intelligence: Provide environmental, market, customer, and competitor intelligence to inform campaigns.
- Strategic Influence: Support the engagement of Rolls-Royce senior leaders with counterparts primarily within the DoD and the military aerospace industrial base to influence strategic decisions and investments for future business growth.
- Business Development Management: Progress Business Development opportunities through internal sales board processes up to and through the Launch gates.