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.
Also known as business development consultants, business development analysts are responsible for optimizing business processes and increasing revenue. They evaluate operations and finances, research sales leads, and develop improved business strategies. They are also required to report to senior business development managers.
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!
Business Development Analyst Job Description
Business Development Analysts are charged with monitoring, analyzing and improving their company’s business. They accomplish this by conducting research, interpreting data and making recommendations based on their findings.
Depending on the needs of their company, Business Development Analysts are usually also required to create financial models, communicate with current and prospective clients, generate pitch decks and identify new business opportunities. Additionally, Business Development Analysts collaborate with a team of colleagues, such as managers, supply chain staff, engineers and production employees on a daily basis, while simultaneously reporting to a higher-level staff member such as the Business Development Director or Vice President of Business Development.
Business Development Analyst Job Description Template
We are looking for an accomplished business development analyst to improve our company’s strategies and competitiveness under the supervision of our business development managers. As a business development analyst, your duties will include evaluating our operations, improving sales revenue, and building a sustainable customer base.
To be successful in this role, you should exhibit an extensive track record in business developm nt. Firstclass business development analyst capitalize on lucrative business opportunities and increase market share.
What Does a Business Development Analyst Do?
A Business Development Analyst has many responsibilities on their shoulders, including performing indepth 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 Duties and Responsibilities
In the interest of keeping their company up to date, growing steadily and poised to take whatever opportunities may arise, Business Development Analysts perform a wide array of tasks. We analyzed a number of online job postings to identify these primary duties and responsibilities.
Maintain Business Relationships
In every organization, no matter the industry, strong and long-lasting relationships with clients are absolutely essential. For this reason, one of the most important tasks for Business Development Analysts is that of maintaining and developing client relationships. There are many ways they can go about doing this, from making phone calls to flying across several states for a face-to-face meeting.
Conduct Research
A significant portion of a Business Development Analyst’s time will be spent conducting research on market insights, business opportunities, industry trends, competing organizations, customer demographics, new technologies and more. This must be done on a regular basis in order to stay caught up on recent information.
Interpret Data
Once a Business Development Analyst has conducted the necessary amount of research, it’s not enough to simply report the findings of that research. Instead, they must use their experience and skills to figure out what their findings could mean for the company as a whole. This means determining whether or not their findings could apply to their own company, identifying the specific areas of their company that would be affected and predicting both the positive and negative results of any possible changes.
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.
Business Development Analyst Salary
According to findings published by the Bureau of Labor Statistics, Management Analysts, which includes Business Development Analysts, earn a median annual salary of $81,320. The lowest ten percent make $45,970 per year, while the highest paid make as much as $150,220 per year. Business Development Analysts in Washington, Virginia and the District of Columbia make the highest median annual salary in the United States, earning $95,300, $94,900 and $94,700 per year, respectively.
Business Development Analyst Tools of the Trade
If you’re considering pursuing a career as a Business Development Analyst, you should first make sure that you’re familiar with the following:
Standard Office Equipment: Business Development Analysts will typically need to use equipment such as printers, copiers and fax machines on a regular basis.
Recent Versions of Microsoft Office Software Suites: Some of the programs within Microsoft Office, such as Excel, PowerPoint and Access, are indispensable tools for Business Development Analysts.
Enterprise Resource Planning (ERP) Software: ERP software allows Business Development Analysts to monitor product planning, marketing, sales and more.
Customer Relationship Management (CRM) Software: CRM software enables Business Development Analysts track customer data, leads, clients, partners, assets and more.
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.
In Conclusion
To accomplish their responsibilities, a Business Development Analyst is expected to have an analytical skill set with solid communication and presentation skills. It requires a person to be proactive and multitasker to support essential areas for the company’s 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.
Ensure to send your comments and needs for whatever improvements you suggest to this Business Development Analyst job description. Also, let us know if you need help on any other similar job posting, and we will post it here as soon as possible.
