Business Development Specialist Job Description: Salary, Duties, & More

Business development specialists are responsible for generating new business opportunities for their company. They commonly work with a specific industry or sector, and they use their knowledge of the market to identify potential clients and convince them to do business with the company that employs them.

Business development specialists may also be tasked with maintaining relationships with current clients. This might include things like updating them on new products or services, responding to customer service issues, etc.

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Business Development Specialist Job Duties

A business development specialist typically has a wide range of responsibilities, which can include:

Analyzing the market and identifying opportunities for the company to grow its business
Conducting research on competitors to identify opportunities for new products or services
Developing effective strategies to increase brand awareness within target markets
Identifying potential clients and contacting them to develop relationships and gain new business
Developing and managing relationships with existing clients to ensure retention of business
Researching new technologies, regulations, and other factors that may affect the company’s business model
Meeting with clients to discuss their needs, desires, and concerns, then presenting solutions to meet those needs
Establishing new client relationships and maintaining existing ones in order to generate revenue
Attending industry events to network with potential clients and partners

Business Development Specialist Salary & Outlook

Business development specialists’ salaries vary depending on their level of education, years of experience, and the size and industry of the company. They may also earn additional compensation in the form of commissions and bonuses.

Median Annual Salary: $62,500 ($30.05/hour)
Top 10% Annual Salary: $112,000 ($53.85/hour)

The employment of business development specialists is expected to grow faster than average over the next decade.

Demand for these workers will be driven by the need for businesses to expand into new markets and geographic regions. Businesses will continue to seek out these specialists to help them navigate the complexities of the global economy.

Related: 17 Business Development Specialist Interview Questions and Answers

Business Development Specialist Job Requirements

A business development specialist typically needs to have the following qualifications:

Education: Business development specialists are typically required to have a bachelor’s degree in marketing, business or a related field. Some employers prefer candidates who have a master’s degree in business administration (MBA). An MBA is typically preferred for senior-level positions.

Training & Experience: Business development specialists typically receive on-the-job training from their new employer. This training may include learning about the company’s products and services, the company’s target market and the company’s sales process. The business development specialist may also receive training in the use of the company’s computer systems and software.

Certifications & Licenses: While business development specialists don’t need certifications to work, they can still earn them to gain additional knowledge about their responsibilities and further their career advancement opportunities.

Business Development Specialist Skills

Business development specialists need the following skills in order to be successful:

Communication: Communication is the act of conveying information through speech, writing or other methods. Business development specialists use communication skills to interact with clients, colleagues and other business professionals. They also use communication skills to convey information about products and services to clients and potential clients.

Relationship building: Relationship building is the process by which business development specialists build trust and understanding with clients and other business professionals. This process can help them develop a network of contacts who are willing to refer them to other potential clients. Relationship building is an important skill for business development specialists because it can help them advance their careers and earn more money.

Negotiation: Negotiation is the process by which two parties come to an agreement. Business development specialists use negotiation skills to convince potential clients to sign contracts with their company. They also use negotiation skills to convince clients to purchase more products or services than originally agreed upon.

Strategic thinking: Business development specialists often work with sales teams to develop strategies for increasing sales and meeting company goals. Strategic thinking skills allow you to develop plans that help your company grow. You may also develop strategies for attracting new customers, increasing customer loyalty and improving customer retention.

Marketing: Business development specialists often work with marketing teams to develop strategies for attracting new clients. This requires knowledge of marketing tactics like social media, SEO and advertising.

Business Development Specialist Work Environment

Business development specialists work in a variety of settings, including corporate offices, government agencies, nonprofit organizations, and consulting firms. They typically work full time during regular business hours, although some may work evenings and weekends to meet deadlines or attend events. Business development specialists may travel frequently to meet with clients or potential partners. The work can be stressful, as it often requires long hours and tight deadlines. However, business development specialists find the work to be exciting and challenging, and they enjoy the opportunity to meet new people and learn about different businesses.

Business Development Specialist Trends

Here are three trends influencing how business development specialists work. Business development specialists will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Need for More Technical Skills

The need for more technical skills is a trend that is being driven by the increasing complexity of business. In order to be successful, businesses now need employees who are able to not only understand the basics of technology, but also how to use it to its fullest potential.

This trend is creating a demand for professionals who can help businesses develop and implement new technologies. As a result, business development specialists will need to be well-versed in both the technical side of business and the sales process.

More Focus on Digital Marketing

As digital marketing becomes more important, businesses are beginning to focus more on hiring professionals who have expertise in this area. This is because digital marketing offers many benefits, such as the ability to reach a large audience quickly and easily.

Business development specialists who are familiar with digital marketing can be very valuable to companies, as they can help them to create and execute effective campaigns. In order to stay ahead of the competition, businesses should consider hiring professionals who have experience in this area.

A Greater Emphasis on Customer Experience

Customer experience has become an increasingly important factor in business success. Customers are looking for businesses that provide a great customer experience, and those that do not may find themselves losing out to competitors.

Business development specialists can play a key role in ensuring that customers have a positive experience by developing relationships with them and understanding their needs. They can also help to create a culture of customer service within their company.

How to Become a Business Development Specialist

A business development specialist career can be a great way to start your career in marketing. As a business development specialist, you’ll be responsible for developing and executing strategies that help grow the company’s revenue. This could include anything from cold calling potential clients to attending networking events.

To be successful in this role, you need to have strong communication skills and be able to build relationships with people. You should also be willing to learn new things and try new approaches when necessary.

Advancement Prospects

Business development specialists typically advance in their careers by taking on more responsibility and moving into management positions. As they gain experience, they may move into positions such as sales manager, marketing manager, or product manager. Those with strong analytical and problem-solving skills may move into positions such as business analyst or business intelligence analyst. Those with strong people skills may move into human resources or training and development. And those with strong project management skills may move into project management positions.

Business Development Specialist Job Description Example

At [CompanyX], we’re looking for a Business Development Specialist to join our team and help us continue our tradition of excellence. The Business Development Specialist will be responsible for generating new business opportunities by identifying, developing, and closing new accounts. He or she will also be responsible for maintaining relationships with existing clients and partners. The ideal candidate will have excellent communication and negotiation skills, as well as the ability to think strategically and identify new business opportunities. He or she will also be driven, self-motivated, and able to work independently.

Duties & Responsibilities

Develop and execute sales strategies to increase market share and revenue growth
Research and develop new business opportunities, including target markets, products, services, and channels
Identify and qualify new leads through market research, industry events, and personal networking
Develop and maintain relationships with key decision-makers in assigned accounts
Negotiate and close deals, working with internal teams to ensure successful delivery of agreed-upon solutions
Prepare and deliver presentations to prospective clients, partners, and investors
Attend trade shows and other industry events to generate new leads and cultivate relationships
Stay up-to-date on industry trends and developments to identify new opportunities for business growth
collaborate with marketing team to develop promotional materials, website content, and social media campaigns
contribute to the development of annual sales plans and budgets
track progress against sales targets and report results to senior management
perform other duties as assigned

Required Skills and Qualifications

Bachelor’s degree in business, marketing, or related field
3-5 years of sales or marketing experience, with a proven track record of achieving quotas
Excellent communication, presentation, and negotiation skills
Self-starter with strong organizational and time-management skills
Proficient in Microsoft Office, with aptitude to learn new software and systems
Ability to travel as needed

Preferred Skills and Qualifications