What does a Business Developer do?
A Business Developer works as the tip of the spear producing and driving business for a company. Developers are in charge of generating new client business through networking and follow up on recommendations. Often they design and implement strategies for the client utilizing their companies assets to accommodate both parties best. Advancement from Business Representative or Business Officer is a common transition with the opportunity to advance further to Business Executive later down the road.
A Business Developer will usually have a degree from an accredited college in business or a related field. Most universities and colleges have well-defined business programs. Advanced education in business is preferred for more senior positions. The job relies on heavy on the ability to communicate over the phone and in person. Having strong communication, solid interpersonal skills and a willingness to travel is a must in this field.
- Analyze current and past financial data, such as sales reports, and provide strategies to cut costs and increase revenue
- Perform market research to identify new opportunities and engage with executives to establish strategies for pursuing those new opportunities
- Create and improve proposals for our existing and new clients
- Prepare the company budget and continually track expenses, as well as make sure we're on track to hit revenue targets
- Provide training and mentoring to members of the business development team
- Develop and deliver pitches for potential investors
- Network with investors and and other business partners to generate new leads
- Travel to destinations to best facilitate transactions or training
- 5+ years experience working in a development role
- Previous role in a leadership position
- A valid passport
- An understanding of how to interpret P&L, Earnings, and Inventory reports
- Robust interpersonal skills
- Ability to travel in order to see clients, explore new markets and attend conventions
- Solid written and verbal communication skills
- Strong leadership skills
- A familiarity with the Microsoft Office Suite
Business Developer Salaries
Average Base Pay
Business Developer Career Path
Learn how to become a Business Developer, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Business Developer Insights
Foggers (India)“MD & CEO are good and well behaving persons but If some makes some mistakes or work is not done.”
Sureti Insurance Marketing“Its was a really awesome and fun time nothing makes me happy at work wonderful time at my work place.”
D2X Group“I took me a a little time to understand and adapt but everyone was really supportive and helpful.”
Generation.XYZ“the overall working experience was good and I was comfortable doing my job in this company and good to go.”
Autodesk“Some structures are not developed and career path for my specific role was not developed in a motivational way”
White Rabbit Group“I got to work with some great brands which expanded my knowledge and also challenged me to create win”
Primitive“Primitive is an awesome place to work and I would strongly recommend it to anyone!”
Interviewing.io“I genuinely enjoy internal meetings and company events which is something I haven't always experienced elsewhere”
Frequently asked questions about the role and responsibilities of business developers
Business developers engage in market analysis to find new growth opportunities for their clients. During the typical day of a business developer, the business developer investigates clients' competitors and discovers the critical niche where businesses can make new inroads. Business developers also work with clients and prepare them to launch a new product or service and attract investors.
Business development is an engaging career. Becoming a business developer provides many advancement opportunities. It's a good career with people who can withstand corporate pressure and have strong communication skills. Strategic individuals who can concentrate on details while seeing the wider picture tend to flourish as business developers.
The average annual salary for business developers is $55,504. Education and experience count, so candidates with master's degrees and proven track records could earn more than the national average. Business developers earn annual bonuses and commissions on successful deals as well.
Working as a business developer is about making strong suggestions driven by strategic, evidence-based analysis. A challenging aspect of being a business developer is that not every audience is receptive, and clients may choose to move in the opposite direction. Not all companies have strong management teams, and business developers may find themselves succeeding in spite of their employers.