A Business Development Specialist is a professional who searches and analyzes opportunities for improving business offerings. They usually work with marketing and sales areas, managing a large amount of data into beneficial information.
What Is A Business Development Specialist?
The business development specialist plays a critical role in business development whose sole responsibility is to enhance the survival of a business by continuously identifying and exploiting emerging business development areas.
They must be resourceful people with an eye for business growth areas. They must have a thorough understanding of the market and an entrepreneurial mind to optimize the marketing strategies.
The business development specialist works with sales and marketing to maintain relationships with valued clients, initiate new relationships, negotiate deals, establish strong networks with the industry specialists, and source new clients.
Further, the business development specialist must analyze processes and finances, allocate resources, and implement the company strategic plan by breathing life into the company vision and mission.
The position reports to the marketing manager or the business development manager, implementing the plans and strategies from the top management.
They must build a strong team composed of sales consultants and direct sales representatives by steering the action and activities and leading to implanting the strategy. Thus, he must be a mentor who can build, mentor, and sustain a strong team.
What Does A Business Development Specialist Do?
The main job of a business development specialist is to grow the business by initiating plans, activities, and goals that lead to revenue growth and market share growth. Business development specialists must develop an annual budget based on new clients, portfolio growth rate, client retention rate, and repeat business obtained.
The business development specialist must sell the products or services of the company. To sell the products, they must seek ways to attract new clients, create awareness of the product’s existence, counter any resistance, and develop a strong referral network.
Using various marketing techniques and resources, the business development specialist must conduct customer training, anticipate customer wants, identify new trends, lead to the development of new products, and be the company’s point man in responding to customer wants and needs.
Business Development Specialist Job Description Sample.
For instance, if the organization seeks to increase revenue by $10,000 annually, the business development specialist must undertake activities to achieve this target.
These activities can include product activations, cold calling, cold emailing, presentations at trade conferences, seeking referrals from existing clients, and conducting roadshows.
The business development specialist must break down the annual target into quarterly, monthly, weekly, and daily targets. Every day, they must take action to get closer to the target.
Business Development Specialist Job Responsibilities
- Identify and develop new markets to introduce the company’s products.
- Analyze and expand the business operations to enhance sustainable growth.
- Monitor streams of revenue to identify areas to increase growth and profitability.
- Design, execute, and evaluate marketing strategies to remain competitive in the market.
- Perform competitor analysis and adjusting the systems, processes, or marketing strategies to be at par with the competitor strategies.
- Develop strategies for strengthening client relationships and customer retention.
- Continuously monitor changing customer and market trends to identify areas of business growth.
- Conduct customer research to identify new products, which should be developed to respond to changing customer needs, and communicating the information with the production team.
- Liaise with the sales team, management team, and production team to align the company’s long-term strategies with the daily marketing activities.
- Assess areas of potential joint ventures or acquisition and communicating with the management.
- Develop and execute business strategies for discovering new clients and business both locally and internationally.
- Represent the company at trade organizations, committees, and during board meetings.
- Negotiate new contracts and closing new business deals.
Business Development Specialist Skill Required
- Bachelor’s degree in business management with specialization in marketing.
- Proven work experience in business development.
- Skilled in identifying potential areas of growth.
- Competence in various marketing strategies, including digital marketing.
- Ability to regularly meet set targets.
- Exceptional ability to analyze market trends and identify new products.
- Ability to maintain a strong relationship with key clients to ensure a high rate of client retention.
Business Development Specialist Reports to
- Business Development Supervisor
- Business Development Coordinator
- Business Development Manager
What’s the Salary of a Business Development Specialist?
Based on an average of six job search/salary research websites, the starting salary of a Business Development Analyst is $39,140/year in the USA, while the average salary is $55,479, and the higher paid ones make $77,573.
A business development specialist is expected to have an analytical skillset with solid communication and presentation skills to accomplish their responsibilities. It requires a person to be proactive and multitasker to support essential areas for the company’s growth.
This Business Development Specialist job description sample will help you create a job application to attract the best-qualified candidates for the role. Feel free to use this outline for you and your company’s hiring purposes and goals.
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