5 Key Skills Every Business Development Project Manager Should Have
Business development project managers play a critical role in the success of organizations. They are responsible for identifying new business opportunities, establishing partnerships, and driving growth. However, excelling in this role requires more than just good organization skills. Here are the five key skills that every business development project manager should have:
1. Strategic thinking
To be successful as a business development project manager, you must be able to think critically and strategically. This involves having a clear understanding of business objectives, market trends, and the competitive landscape. You should be able to analyze data, identify patterns, and develop strategic plans that align with the organization’s goals.
For example, Tesla’s business development project manager identified the need for a more robust charging infrastructure to support the growth of electric vehicles. By strategically partnering with key players in the charging industry and developing technology to improve charging times and efficiency, Tesla was able to take the lead in the electric vehicle market.
2. Relationship building
Building strong relationships is essential for successful business development. As a project manager, you must be able to establish trust, communicate effectively, and collaborate with partners, vendors, and internal teams. You should be able to identify and develop relationships that have the potential for long-term success.
For instance, Nokia’s business development project manager established strategic partnerships with leading mobile carriers and technology providers to position the company as a leader in the smartphone market. By building strong relationships, Nokia was able to create valuable partnerships that contributed to its growth.
3. Negotiation skills
Negotiation is a critical skill for any business development project manager. To build successful partnerships, you must be able to negotiate favorable terms, manage conflicts, and create agreements that benefit all parties involved. This requires strong communication skills, the ability to understand the needs of others, and the ability to create win-win situations.
For example, Microsoft’s business development project manager negotiated the acquisition of LinkedIn for $26.2 billion. By creating a win-win situation for both companies, Microsoft was able to enhance its position in the professional social networking space.
4. Adaptability
Business development project managers must be adaptable and flexible in their approach. They must be able to respond to changing market conditions, adjust their strategies, and embrace new technologies and processes. This requires a willingness to learn, a high level of agility, and the ability to pivot quickly.
For instance, Airbnb’s business development project manager recognized the potential of the sharing economy and created a platform that enabled people to rent out their homes to travelers. By adapting to changing market conditions and embracing new technologies, Airbnb was able to disrupt the hospitality industry and become a household name.
5. Project management skills
Finally, business development project managers must have excellent project management skills. They must be able to manage timelines, budgets, and resources effectively. They should have a clear understanding of project goals, deliverables, and dependencies. Furthermore, they should be able to communicate progress effectively and motivate teams to deliver high-quality work.
For example, Apple’s business development project manager oversaw the development of the iPhone, one of the most successful products in the company’s history. By effectively managing the project, Apple was able to create a revolutionary product that transformed the mobile industry.
In conclusion, successful business development project managers are strategic thinkers, relationship builders, skilled negotiators, adaptable, and have excellent project management skills. These skills are critical to identifying new business opportunities, establishing partnerships, and driving growth. By developing these skills, you can succeed in this exciting and rewarding role.
