Business Development Specialist Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a business development specialist. Feel free to use our job description template to produce your own. We also provide you with information about the salary you can earn as a business development specialist.
Who is a Business Development Specialist?
Business development specialists are sales professionals who promote the sale of goods or services on behalf of a specific business. One of the responsibilities of a business development expert is to cold call and email leads and new clients, travel to meet with current clients or make in-person sales pitches and conduct training sessions or consultations. These presentations describe how your business’s goods or services can satisfy the requirements of your customers. Additionally, you follow up with clients frequently to give new information or respond to inquiries. Businesses look to a Business Development Specialist when they want to invest in a career that will help them flourish and expand.
To develop and maintain brand relevance in the face of competition, this person employs their knowledge and business acumen. They must conduct market research, write business plans, and keep abreast of developments in their field. This individual, who typically reports to a business development manager or director, must be able to operate both independently and as part of a team. They spend their days working in offices, spending a lot of time sitting down. If their jobs require it, they might also have to work overtime or on the weekends. Business development specialists typically find fresh leads for growth and create innovative strategies to expand the business.
The Business Development Specialist must do in-depth market research to have a grasp of how a brand might be positioned in a certain industry. This entails tracking the marketing tactics and product innovations of rival companies, as well as figuring out consumer behaviour and new trends. Business Development Specialists must first evaluate the current business procedures of a company to suggest solutions to increase revenue. To do this, they examine expenditure patterns, marketing, and branding initiatives, as well as other variables that may affect performance. These individuals oversee the management of financial data, including reports on sales and profit forecasts as well as financial analysis and reconciliation. Cash flows, income statements, balance sheets, and ratio analysis are used to gather information.
The business development specialist is frequently assigned the role of establishing and maintaining customer connections because growing sales is the primary strategy to increase revenue. These people are entrusted with visiting industry and networking events, developing new client presentations, and conducting client meetings to evaluate potential clients. To explain the product and its details to customers, pitch the sale, and be ready to address difficulties or concerns, they must be customer-oriented.
Specialists in business development are outside salespeople who represent businesses selling goods or services within a certain region. Because specialists may meet with clients in different geographic regions, having a valid driver’s license, as well as the capacity and willingness to travel, are frequently prerequisites for jobs. The majority of firms demand that candidates have several years of both general and specialized sales experience. Candidates with general sales experience and additional job experience in the employer’s industry can be given preference.
A bachelor’s degree in marketing or business, together with prior sales and customer service experience, are requirements for a career as a business development professional. The specialist could be required to have a degree in engineering or computer science depending on the needs of her or his employer, particularly if the employer is a technological corporation. Even though it may not be necessary, having a more specialized degree, such as a Master’s in Business Administration, may help individuals stand out to potential employers. To convert cold leads into devoted clients, you need to be convincing and have good communication skills. To educate prospective and current customers and respond to their inquiries, you must possess in-depth knowledge about the goods or services offered by your business. As a business development professional, your main objective is to boost sales in the designated area.
A career as a business development professional might be a fantastic way to begin your marketing career. As a business development specialist, it will be your job to create and implement plans that will increase sales for the organization. This may entail anything from making cold calls to potential clients to going to networking functions. Business development specialists generally move into management positions as they improve in their careers and assume greater responsibility. They might advance into jobs like sales manager, marketing manager, or product manager as they gain experience.
Business analysts and business intelligence analysts are two roles that people with good analytical and problem-solving abilities may advance. People with good interpersonal skills could work in training and development or human resources. And those who excel at project management may advance to those jobs. You must exhibit substantial marketing and business development skills to be successful in this position. Successful business development professionals are masters at seeing and seizing business opportunities. Strong interpersonal interactions and communication abilities are prerequisites for this position. Additionally, you should be open to learning new things and attempting novel strategies as required.
Business Development Specialist Job Description
Below are the business development specialist job description examples you can use to develop your resume or write a business development specialist job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
- Create and implement a plan for locating and acquiring new business prospects on a local, regional, or international scale.
- Analyze risks and opportunities before developing negotiation techniques.
- Consider the income potential and purpose fit of potential third-party clients.
- Adapt new business strategies to the kinds of clientele the company has already attracted.
- Establish, evaluate, and achieve quarterly business growth objectives.
- Represent the company in meetings with the board, on committees, and at trade associations when required.
- Establish a database for company growth to assess performance and manage client and potential client information.
- Cultivate positive relationships with business partners, future clients, and contacts to bring in new business and improve an organization’s reputation.
- Secure new company deals by creating and negotiating contracts.
- Analyze the organization’s business plans and financial expectations.
- Consider the company’s startup and business expansion requirements, especially if it is being pushed into a new industry.
- Gather reliable data from ratio analysis, trends, cash flows, income statements, and balance sheets based on the recommendations made by clients.
- Maintain communication with any program that the organization has geared toward company growth to provide clients with technical support, such as market analyses, business evaluations, predicted cash flows, and financial pro formas.
- Engage with customers to deliver services to the terms and conditions of the company.
- Make suggestions to management regarding any necessary modifications to corporate rules that may have an impact on how customers react to the company’s products.
- Educate and organize teams working on technical assistance education.
- Keep track of service delivery and results in the client-specific database.
- Record the proper amount of time spent communicating with the client in the database for that client.
- Promote the organization’s principles and ethics in collaboration with consumers and employees.
- Participate in all organizational efforts to help the business achieve its plans and objectives.
- Participate in meetings with the organization’s business and technical staff.
- Inform management as soon as possible about how customers are feeling about the company’s products.
- A degree in business administration, management, finance, marketing or any related field.
- MBA is typically preferred, but other business degrees are accepted.
- A minimum of two years of experience working as a business development specialist or in a position directly related to financial analysis, business coaching, or consulting.
- Expertise with CRM and integrated company management systems, such as NetSuite and Odoo.
- A solid grasp of standard business practices, such as sales and marketing, operations, inbound logistics, information technology, human resources, and company financing.
- Exceptional knowledge of financial analysis tools like break-even points, cash flows, and rations.
- Writing prowess is essential for the presentation and compilation of accurate oral and well-written summaries of the company’s financial analysis.
- Knowledge of spotting lucrative business possibilities and potential customers.
- Exceptional aptitude for examining industry trends and rivalry.
- The capacity to build and sustain excellent client connections and business alliances.
- Proficiency in contract negotiations and closing.
- The capacity to offer advice on potential mergers, acquisitions, and joint ventures.
- Ability to accomplish goals and close deals.
- Ability to be very motivated
- Capacity to successfully close sales.
- Must pay attention to detail.
- Being able to multitask is required.
- Must demonstrate a good sense of organizing.
- Time management skills.
- The capacity to solve issues.
- Must demonstrate outstanding communication abilities.
- Being able to use computer programs for financial analyses is essential in this position
- Must be a self-starter who is incredibly versatile and flexible.
- Communication skills: The act of communicating involves transferring information orally, in writing, or through other means. Business development specialists connect with clients, coworkers, and other business professionals through using communication skills. Additionally, they employ their communication abilities to tell customers and potential customers about their goods and services.
- Leadership skills: Since the term “leadership” has a wide range of applications, it is usually used interchangeably with the term “management.” Leadership is a key quality for a great company development professional. An organization or company’s management team serves as the heart of that company. This means that the manager who in this case is the business degree specialist must have outstanding leadership qualities to do well in the position. As you begin the acquisition and integration of a new customer project, you will frequently need to take the lead with your customer and your coworkers. Being able to see the big picture while remaining steadfastly committed to directing and guiding others around you is a sign of great leadership.
- Problem-solving skills: Problem-solving is the ideal accompaniment to business expertise. For business development professionals, solving challenges involves more than simply figuring out what the specific issue or problem is; it also involves finding chances that not only address the issue but also improve the situation. That is unquestionably a crucial component of a great business development professional.
- Relationship development skills: Company development specialists establish relationships with clients and other business professionals by fostering trust and understanding. Through this procedure, they can build a network of connections who are happy to recommend them to additional potential customers. Building relationships is a crucial ability for business development professionals since it can help them grow their careers and increase their income.
- Negotiation skills: Two parties reach an agreement through the process of negotiation. Business development professionals utilize negotiation techniques to persuade prospective customers to sign contracts with their business. Additionally, they employ bargaining techniques to persuade customers to buy more goods or services than originally planned.
- Strategic planning skills: Business development professionals frequently collaborate with sales teams to build plans for boosting sales and achieving organizational objectives. Your ability to think strategically will help you create plans that will expand your business. You can also create plans for luring in new clients, boosting client loyalty, and enhancing client retention.
- Marketing skills: To create plans for luring new customers, business development specialists frequently collaborate with marketing teams. Marketing strategies like social media, SEO, and advertising are necessary for this.
How to Become a Business Development Specialist
Step 1. Earn Educational Qualified
Business, marketing, or a comparable field-related bachelor’s degree is often necessary for business development professionals. Candidates with a master’s degree in business administration are preferred by several employers (MBA). The standard preference for senior-level roles is an MBA.
Step 2. Obtain Training and Experience
The majority of the time, business development professionals are trained on the job by their new company. Learning about the company’s goods and services, target market, and sales procedure may be a part of this training. The company’s computer systems and software may also be taught to the business development specialist.
Step 3. Acquire Certifications and Licensure
Business development specialists might obtain certificates even though they are not required for employment to learn more about their duties and increase their chances of moving up the corporate ladder.
Where to Work as a Business Development Specialist
Business development specialists can be employed in a range of places, such as government offices, nonprofit institutions, consulting businesses, and company offices. Candidates for this role must be prepared to work a large portion of their time in a cosy office setting. The candidate will be using a computer and a phone for a significant portion of his or her time. Usually Monday through Friday, the work week is longer than 40 hours and occasionally includes evenings. Meeting with clients and prospective clients frequently requires some travel. As a result, a current driver’s license and regular access to a car are frequently prerequisites for this job. This travel may be local, regional, national, or even international depending on the company’s size and the accessibility of the good or service, in which case multilingualism and cultural adaptability may be necessary.
Business Development Specialist Salary Scale
In the US, a business development specialist makes a typical salary of around $50,000. Depending on experience, region, and company, these professionals’ salaries might range from $30,000 to $75,000. Additionally, some firms provide commissions, profit-sharing, and annual incentives that can reach a maximum of $10,000. The average yearly income for a business development specialist in India is 5.0 Lakhs, with salaries ranging from 2.2 Lakhs to 15.0 Lakhs.
In Nigeria, the average monthly salary for a business development specialist is 521,000 NGN. These experts typically earn between 240,000 and 828,000 NGN per year in compensation. This is the typical monthly wage, which also includes housing, transportation, and other amenities.