The job description for a business development specialist requires candidates who value communication and can foment cooperation between various parties. Professionals in this position are expected to be inquisitive and able to effectively solve problems.
A person in this position helps to sell products or services for a particular specialized industry in order to attract new business, uses a variety of marketing techniques to attract potential customers, schedules meetings with these customers, and conducts focus groups to pinpoint consumer wants and needs.
Essential Duties and Responsibilities of a Business Development Specialist
- Develops and executes a strategy for discovering and securing new business opportunities either locally, regionally, or nationally.
- Develops negotiation strategies by evaluating risks and potentials.
- Assesses potential third part clients in terms of income potential and mission fit.
- Adapts new business strategies in accordance with the types of clients already secured by the company.
- Evaluates, determines, and realizes quarterly business growth goals.
- Represents the company at trade organizations, on committees, and during board meetings, when necessary.
- Creates a business development database in order to evaluate performance and organize client and prospective client information.
- Fosters beneficial relationships with business partners, potential clients, and business contacts in order to attract new business and enhancing organization reputation.
- Closes new business deals by developing and negotiating contracts.
Required Knowledge, Skills, and Abilities
- Is able to close deals and achieve goals.
- Exhibits strong motivation to make sales.
- Is detail-oriented and able to multitask.
- Demonstrates strong organizational skills, the ability to meet deadlines, and the ability to solve problems.
- Exhibits excellent communication skills.
- Is an extremely flexible and adaptable self-starter.
Education and Experience
Professionals in this field typically have a Bachelor’s degree in business, marketing, or a related field, or in a discipline related specifically to the product or service that is being sold. Some specialists have a Master’s degree in marketing and related disciplines, though this is not required. Sales experience, primarily that in the business sector and related directly to the industry of the business being developed, is necessary.Prior experience in administering customer service is also valuable.
In this position, candidates should expect to spend most of their time in a comfortable, indoor office environment. Much of the candidate’s time will be spent behind a computer and on the phone. The work week often extends past 40 hours, Monday through Friday, sometimes including evenings. Some travel is common in order to meet with customers and potential customers. As such, a valid driver’s license and steady access to a car is often a requirement of this position. Depending on the size of the company and the accessibility of the product or service, this travel can be local, regional, national, or even international, in which case multilingualism and cultural flexibility may be required.
The median salary for a business development specialist is about $50,000. Salaries for these specialists range from $30,000 to $75,000 depending on experience, location, and employer. In addition, some employers offer yearly bonuses that can total up to $10,000 as well as commissions and profit-sharing.