A Business Development Analyst is a professional who searches and analyzes opportunities for improving business offerings. They usually work with marketing and sales areas, managing a high amount of data to turn it into beneficial information.
What is a Business Development Analyst?
As the term suggests, a Business Development Analyst is in charge of analyzing the critical data of the business and looking for opportunities for the development of the business. However, it’s not only restricted to analyzing information but also taking related decisions and actions.
From meeting with clients to communicating with colleagues to studying data to making interpretations and reports, and more, a Business Development Analyst has a lot of essential tasks to handle in a day.
To become a Business Development Analyst, having a degree in business, accounting, economics, marketing, or related fields is important. In addition to this, having excellent analytical and management skills is always a bonus!
What Does a Business Development Analyst Do?
A Business Development Analyst has many responsibilities on their shoulders, including performing in-depth and complex analysis to identify the business’s requirements, priorities, recommendations, goals, etc.
They research the market, its competitors, the latest customers’ demands and expectations to find business expansion opportunities, and develop a business model to monitor and report competitive business initiatives and activities to the executive team.
The business development analyst prepares reports, compiles analysis and results for the other department for decision making and planning robust strategies.
They develop project business plans to identify, track, report, and resolve critical dependency issues and liaison between the business development team, management team, and customers.
Business Development Analyst Job Description Sample
The business development analyst position has tasks that incorporate sales, marketing, and strategy areas. The professional in this field will work with the product marketing area, supporting the product development. They will work with the sales area to find and implement sales to new market channels, develop new clients, and support the department with information to help negotiations.
The Business Development Analyst will be responsible for analyzing and supporting the company’s sales, marketing, and overall business strategy.
The ideal candidate will enhance our company’s competitiveness in the industry by modifying and executing the right strategies at the right time. She/He will work under the supervision of our Business Development Managers.
The roles and duties include analyzing the market trends, understanding the findings and working around them, coming up with solutions to the problems, and anticipate potential problems well in advance.
Besides, the candidate we are looking for must be willing to ensure quick and effective solutions to the challenges we face within the industry.
- Analyze the trends in the market and the company’s strategies to identify opportunities to cash in on.
- Report relevant findings from the strategies implementation, giving insight for improvements to the company’s senior management.
- Provide ideas to add value to new products to increase sales and company revenue.
- Analyze consumer behavior and anticipate market trends to develop solutions to the problems our customers are facing.
- Perform competitor analysis to identify areas where our company can trump the industry’s competitors and forge ahead to gain increased market share.
- Analyze sales development and trends to promote ideas for a sustained flow of revenue for the company.
- Identify new customers and evaluate the company’s sales strategies to serve the existing customers better.
- Work on improving customer attention and communication to ensure a constant flow of positive reviews from them.
- Identify and report profitable market business opportunities to capitalize on and increase margins.
- Create custom and standard reports for the sales team and management, facilitating the decision-making process.
- Meet with the staff to brief them on the new systems and procedures that the company is willing to work on.
- Research new suitable business partners to increase important partnerships within the industry.
- Help to prepare a new sales and marketing plan for existing and under developing products.
- Assist in writing sales proposals.
- Prospect new technologies to improve the company’s competitiveness and increase market share, always keeping a step ahead of the competition.
- Other duties as assigned by the senior management.
- Strong interpersonal skills and proficiency in clearly communicating the strategy, either verbally or in written form.
- Bachelor’s Degree in Business Operations, Finance or Marketing, or other related fields.
- A Master’s degree in Business Administration will be counted as a big plus.
- A willingness to work with the same spirit for long hours and meeting project deadlines.
- Good negotiation and persuasion skills will come in handy.
- A solution-oriented approach and the ability to keep calm under pressure and solve problems timely and effectively.
- Leadership and managerial skills are a must.
Business Development Analyst Reports to
- Business Development Supervisor
- Business Development Coordinator
- Business Development Manager
What’s the Salary of a Business Development Analyst?
Based on an average of six job search/salary research websites, the starting salary of a Business Development Analyst is $42,376/year in the USA, while the average salary is $69,391, and the higher paid ones make $89,206.
To accomplish their responsibilities, a Business Development Analyst is expected to have a analytical skill set with a solid communication and presentation skills. It requires a person to be pro active and multitasker to support essential areas for the company growth.
This Business Development Analyst job description sample will help you create a job application to attract the best-qualified candidates for the role. Feel free to copy, alter, and use this outline for you and your company’s purposes and goals.
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