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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.
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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.
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.
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.
After the Business Development Analyst has drawn their conclusions about the findings of their research, higher-level employees such as the Business Development Director will expect them to propose a recommended course of action. Often, this will involve drafting a fully-fledged proposal for higher-level staff to review.
The Business Development Analyst must track and record metrics, data and statistics on company performance, connections, client retention, customer retention and finances on a regular basis. In addition to providing detailed records for the company's long-term use, this practice also allows the Business Development Analyst to recommend ways to improve existing procedures.
Business Development Analyst Skills
Successful Business Development Analysts are goal oriented, highly motivated individuals who thrive off of constant analysis and improvement. They are able to effortlessly switch between evaluating their company as a whole and evaluating small and detailed pieces of data. In addition to these general traits and abilities, employers are looking for Business Development Analysts with the following skills:
- Attention to Detail: In order to make sense of thousands of pieces of information, Business Development Analysts need to be extremely attentive to detail.
- Multitasking: A Business Development Analyst's work will frequently revolve around several different projects and timelines. Because of this, the ability to multitask is essential.
- Financial Acumen: The recommendations of a Business Development Analyst won't mean much if they result in exceeded budgets or significant expenditures. For this reason, financial acumen is an important skill.
- Interpersonal Skills: Since Business Development Analysts need to collaborate with a great number of other people on a daily basis, they must have excellent interpersonal and communication skills.
- Problem Solving: In the world of business, it is very rare for a recommended course of action to be immediately approved or go off without a hitch. Thus, Business Development Analysts need to be adept problem solvers.
- Ability to Work Independently: Due to the nature of their work, Business Development Analysts will need to perform the majority of their duties without direct supervision. Because of this, employers value Business Development Analysts who are capable of working independently.
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.
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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.
Additional Business Development Analyst Resources
We put together the following collection of resources to help you continue exploring your career as a Business Development Analyst:
This website features discussion forums, webinars, job postings and directory listings centered around business analysis.
Specially designed for those who are just starting or planning to start their career as a Business Development Analyst, this site contains free courses, books, templates, articles and more.
This online library of white papers, articles, templates and resumes is chock full of useful information.
While this Business Analyst may be based in the United Kingdom, his articulate insights are useful for Business Development Analysts everywhere.
This thriving LinkedIn group has more than 400,000 members and is an ideal place to connect with other Business Development professionals.
Another LinkedIn group, this time with more than 130,000 members and devoted specifically to Business Analyst professionals.