by Iron Mike Hamilton-
What is the deal with all the job title euphemisms? I can appreciate efforts- to distinguished oneself from say- the SHAMWOW guy, but- at least he doesn’t piss people off by calling them at work.
The other day, I received a call from a ‘career consultant’ regarding ‘business development’ opportunity at a denim company. I don’t know if it was for a textile company or to launch a new brand- she simply said- ‘Business development Manager’. In regards to her title- that would be like me claiming to be a record producer like Steve Albini, because I like to make songs on garage band.
I’ll play along- assume I am a business development manager or director, (Bloomberg doesn’t subscribe to bullshit nomenclature as such)- I would think I’d have transferable skills to sell denim (for a near fourth of my current income). Be that as it may- this woman regretfully had to tell me that I would be a “round peg in a square hole”. What she meant to say was “square peg in a round hole”- I think? After all- round pegs do go into square holes. Then again- I may be giving her too much credit. She explained how tight knit the industry is. Everyone knows each other. That explains why- I guess they called a third party recruiter?
There is more to the story than simply getting a pointless phone call at work. If this self proclaimed ‘career consultant’ is in fact as sophisticated as her title makes her sound- than over extended titles have proven to be meaningless and self defeating all together.
Never the less, I often find myself flip flopping through Business Development Manager and Director. After all- my territory comprises several states and I have to juggle various business development roles of both internal and external variations. With that here is my definition of what Business Development actually is. With any luck this 10-minute initiative will hopefully create some uniform standardization to said titles.
So to provide some insight to the ‘laymen culture’; Business Development- Internally- is the actual process- of 1. Developing new business through coordinated marketing, advertising and public relations efforts 2. Keeping the firm in front of the curve to actually accommodate needs, maintain stickiness, get referrals and increase sales by coordinating marketing efforts, individual SWOT analysis, territory analysis, benchmarking, feedback and developing new products.
Externally- Business development is the actual service provided to develop new business for external clients. This varies across every industry and market type. In the legal space, for example- needs vary for each area of practice- intertwined with the capital markets- albeit the ability to identify a company poised for bankruptcy or restructuring to earn more creditor work, M/A due diligence, recognizance work on the back end for potential securities fraud, IP infringement or general litigation avoidance.
My first job out of college was an entry-level sales position at IKON Office Solutions. My job was to ‘develop new business’ by calling in smaller law firms. Account Manger was the title they gave me. At 22- I can honestly say that I was neither an accountant nor a manager. Shortly after- my title jumped to ‘consultant’ at a ‘me too’ competitior. The support reps at this company- aka (customer service reps- wait- client service reps) were called account managers. In reality they were actually more like delivery guys- not that there is anything wrong with that. Never the less- its wrong to call them Account mangers. It’s totally misleading. Their job was to pick up boxes of litigation that needed to be photocopied and then return the deliverables. They were not accountants. They were not managers and I was sure as hell not a consultant. I actually felt embarrassed handing out my business card with its behind the curve logo. I would actually make a snide remark about the card when I handed it out to the attorney’s that I was ‘ professionally affiliated’ with.
In summary- business development requires the ability to identify actual needs and ensure they are met by offering something different, better, new and most importantly- needed. This requires individual feedback (opposed to EXCLUSIVE MACRO generalizations- only). This is also the key to developing any new professional and long-term relationship.
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