A commercial development manager is employed by a company to oversee the company's expansion into new product lines, additional services, and to find new customers. It is the job of a commercial development manager to plan and implement a strategy for company growth. Once the commercial development plan is in place, it also the job of the development manager to test its success and present the findings to company management.
Many different types of companies have a need for a commercial development manager. The manager's role is to find new business and earn additional profits. This can often be accomplished by revamping current business practices and expanding existing services. Someone in this position analyzes the company's field to find innovative ways to change and grow business. These jobs are typically found in successful and profitable companies as well as struggling companies looking to reinvent themselves and their products.
Finding new customers is often the number one priority of a commercial development manager. Managers may seek to increase the overall number of customers, or they may wish to target a new demographic or additional type of client. Different strategies can be implemented by the development manager to expand a company's client base including new marketing attempts and implementing promotional changes.
Another way commercial development managers expand business is to develop new product lines. A company can expand its products by putting forth goods and services that complement its existing line of offerings. To find new services and products that will work within a company's existing framework a development manager will analyze the company's field and determine the best course of action.
After the development manager's plan to increase the customer base and present new products and services is in place, it can also be part of the commercial development manager's job description to test the success of the strategy. Testing is accomplished through data collection, customer sampling, and profit comparison. Once results are collected, the development manager will write up a report and prepare a presentation to show company management the success or failure of a plan.
Many companies require an individual to have earned at least an undergraduate degree before they can be hired as a development manager. There are also many businesses that may prefer the individual to have a master's degree in business. Experience in commercial development can be earned through working underneath experienced development managers in entry level positions. Senior level development management jobs may require an individual to have many years of experience successfully increasing commercial growth.
What Is Commercial Development Management?
Every business needs to focus on growing the organization and expanding its market reach. Typically, a company has an individual or department dedicated to this task. The individual leading this team is the commercial development manager, who looks for innovative ways to grow business and enter new market areas.
When looking to expand market reach, the manager looks to three different strategies to help grow the business:
- New services
- New customers
- New product lines
While these categories seem straightforward, actually implementing them is a larger challenge. The job of commercial development managers is to look at the current portfolio of products or services the company offers. They explore how the company can implement more services or sell more products without overly expensive business plans, provide the new services or products at the same caliber as the rest of the company’s offerings and ensure there is a demand among consumers. The last of these three is the most important to the overall success of the venture.
During the process of building out a company’s services, new customers need to be found. A business needs to continue to grow to maintain profitability and stability should markets change. Building the customer base is another way the commercial development manager adds to corporate value.
Finally, a business needs to innovate. Successful innovation means creating a product that also has existing demand. This step is where commercial business development comes into play. A good manager identifies product ideas that have strong market potential to help a business grow.
Commercial Manager vs Business Development Manager
On the surface, the job titles and duties of a commercial development manager and business development manager seem similar. Both of these managerial positions take on the responsibility of marketing and branding, serving as the face of the company to customers. This crossover in roles can make distinguishing their functions in a business less clear. However, understanding where the differences lie helps a company create clear organizational structures.
A commercial business manager takes on developing and implementing the strategy for expansion. By using new services, customers, and product lines, these managers create the growth strategy and establish the direction of the company. Their job is to look at how to build the company's future and direction.
While a commercial development manager looks to the future, a business development manager's role is slightly different, taking on another aspect of both marketing and strategy. These managers are responsible for the strategic relationships of the corporation by helping companies build their relationships with current clients and create new ones. A business development manager creates business through the present relationships and uses those relationships to expand the company's reach.
Commercial Business Development Manager Salary
To simplify or streamline a business, the roles of a commercial development manager and a business development manager can be combined. Start by creating a competitive compensation package to attract the best candidates. The typical salary range for a business development manager can range from $80,000 up to $150,000 a year. However, these numbers are not inclusive of the compensation packages that are usually provided. A business may offer performance bonuses or equity in the firm. These additional benefits can add to the base salary range, giving this role a high earning potential.
The title of commercial business development manager is a profitable position and vital to a company's success. Whether a company chooses to create a singular role or separate ones, having a person who works to develop and grow the customer base while looking to the future helps a company stay on track to success.
Frequently Asked Questions
What is a Commercial Development Manager?
The management and coordination of the construction of commercial projects, such as office buildings, shopping malls, and industrial parks, fall within the purview of a commercial development manager. Working with stakeholders, including financiers, architects, contractors, and government representatives, is a requirement of this position in order to guarantee that projects are finished on time, under budget, and in compliance with relevant rules. A thorough knowledge of the real estate sector is required of the commercial development manager, as are good project management, negotiating, and communication abilities.
What are the typical duties of a Commercial Development Manager?
Depending on the particular project and the requirements of the business, a commercial development manager's responsibilities change. Finding and assessing possible development sites, creating and presenting project ideas, working with contractors and subcontractors, negotiating leases, managing project budgets and schedules, and supervising the building process are some typical activities. They must also guarantee that projects adhere to all relevant laws by staying current on zoning and construction rules.
What qualifications are required to become a Commercial Development Manager?
A bachelor's degree in a relevant subject, such as real estate, business, or architecture, is often necessary to become a Commercial Development Manager. Candidates also need to have many years of real estate development or similar professional experience. Effective project management, negotiating, and communication abilities are also necessary for this position.
What are the career prospects for Commercial Development Managers?
Commercial Development Managers are in great demand in the real estate sector, and employment in this profession is anticipated to increase over the next several years. As a result, people who thrive in this job have a lot of prospects for professional development. Experienced Commercial Development Managers may establish their own real estate development companies or move up to higher-level roles like Vice President of Development or Chief Development Officer.
How much do Commercial Development Managers make?
Commercial Development Manager salaries fluctuate based on the organization's size and scope, the particular project, and the candidate's degree of expertise. Yet, the typical annual compensation for construction managers, which includes Commercial Development Managers, is $97,180, according to the Bureau of Labor Statistics. Starting salaries for entry-level jobs may be as high as $160,000 for senior managers in big businesses.