Business Development Consultant Salary
An average Business Development Consultant in the United States can expect to take home roughly $59K annually. Total incomes of Business Development Consultants incorporate potential for, in a few cases, more than $28K from bonuses and close to $15K from profit sharing; these performance components cause packages to range between $37K and $152K. Geographic location is the biggest factor affecting pay for this group, followed by tenure. Men make up a slight majority of Business Development Consultants (58 percent) who responded to the survey. Job satisfaction is high and work is enjoyable for most Business Development Consultants. Health benefits are not claimed by all — nearly one in three lack any form of coverage — but more than half have medical insurance, and a little over a half have dental, too. This snapshot results from replies to PayScale's salary survey.
Job Description for Business Development Consultant
Business development consultants work with businesses to help them open and function successfully. In most cases, a business development consultant works with new companies to assist them in finding successful, effective initial strategies; often, the consultant works with them before opening to develop a foundation for their business and create a plan to help them succeed. At times, the consultant also works with established companies to help move them in new directions or get back on track.Read More...
Apart from helping with the launch of a company, business development consultants often take part in the daily operations of their clients, often for a specific, contracted amount of time. In these situations, business development consultants help create marketing, brand development, and public relation plans, as well as strategies for budgeting, cost analysis, and customer development; they may either work directly with customers to build relationships or in developing plans for the business to follow. Business development consultants often work in a variety of locations, including their own office, in an office of the business for which they are consulting, and off-site locations dealing directly with potential customers and suppliers.
Most business development consultants have a minimum of a bachelor’s degree in business, marketing, or a related field. They must also have specific, in-depth knowledge of the industry or industries in which they are providing consultancy services. Communication, multitasking, and interpersonal skills are essential as well.
Business Development Consultant Tasks
- Strengthen and expand relationships with clients, maintain contact, and sell upgrades and new products.
- Track performance and client statistics.
- Collaborate with other teams to develop and refine products and pitches about products.
- Promote products and services through targeted outreach efforts.
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Popular Skills for Business Development Consultant
Survey takers who work as Business Development Consultants typically report just a few professional skills. Most notably, facility with Strategic Planning and Business Development are correlated to pay that is significantly above average, leading to increases of 24 percent and 5 percent, respectively. At the other end of the pay range are skills like Research Analysis. It is often found that people who know Business Development are also skilled in Research Analysis.
Pay by Experience Level for Business Development Consultant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. Relatively untried employees who have less than five years' experience make $57K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $75K. After working for 10 to 20 years, Business Development Consultants make a median salary of $84K. Survey participants who have worked for more than two decades report bringing in $100K on average.
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Key Stats for Business Development Consultant
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