Business Development Representative Salary
Job Description for Business Development Representative
A business development representative is a specialized role related to the sales department of a company. While a sales representative works with existing clients to keep them happy and serve their needs, business development reps seek out and build new business for their enterprise. This not only involves finding new clients for existing applications of an organization’s goods and services, but also finding entirely new clientele sets who may have not initially been marketing targets for their company.Read More...
The business development representatives' day-to-day duties will depend on their familiarity with their companies' current installed client base. They will need to know their marketplace well, and then work to become familiar and ever-present with similar potential clients who do not yet do business with their company. Development reps therefore need strong interpersonal sales skills to pitch their businesses to potential new clients and to skillfully differentiate their goods or services from the competition's products.
Business development representatives must also possess excellent analytical skills as they must spot trends and look for ways to increase sales performance outside of current revenue streams. For example, they may examine whether their companies are maximizing their chances at earning sales in the public sector, or even potentially bidding and securing government contracts.
While the education requirements for this type of position are not usually steep, depending on the size of the company and products or services offered, a two- or four-year college degree may be preferred. Because of the need for familiarity with the marketplace, a company may choose only to hire people with extensive sales rep experience in their field. Business development representatives normally work regular business hours. That being said, the need to cater to potential new clients can involve presentations or dinner meetings after-hours, and should be accounted for by anyone interested in such a position.
Business Development Representative Tasks
- Ensure the company meets revenue and profit goals.
- Maximize referral potentials.
- Manage and maintain high customer satisfaction levels.
- Identify and meet potential customers.
Common Career Paths for Business Development Representative
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Popular Employer Salaries for Business Development Representative
Business Development Representatives flock to Oracle, Netsuite, Inc., Oracle Corp., Liberty Mutual Insurance Group, and Groupon, Inc., highly regarded companies that employ a generous number of people in this profession. Oracle Corp. offers the largest salaries in town — $67K on average.
Popular Skills for Business Development Representative
Survey results imply that Business Development Representatives deploy a deep pool of skills on the job. Most notably, facility with Technical Sales, Outbound Calls, and Lead Generation are correlated to pay that is significantly above average, leading to increases of 23 percent, 17 percent, and 8 percent, respectively. Those listing Strategic Marketing as a skill should be prepared for drastically lower pay. Customer Service and Oral / Verbal Communication also typically command lower compensation. Most people familiar with Business Development also know Inside Sales.
Pay by Experience Level for Business Development Representative
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience is an important factor influencing the compensation of Business Development Representatives. Salaries of relatively inexperienced workers fall in the neighborhood of $46K, but folks who have racked up five to 10 years see a notably higher median of $56K. Business Development Representatives claiming one to two decades of experience make an estimated median of $61K. Business Development Representatives who have spent more than 20 years on the job report earning a significantly higher median of $69K.
Pay Difference by Location
Business Development Representatives will find that San Francisco offers an impressive pay rate, one which exceeds the national average by 27 percent. Business Development Representatives can also look forward to large paychecks in cities like Houston (+15 percent), Raleigh (+11 percent), New York (+11 percent), and Los Angeles (+9 percent). In Chicago, salaries are 11 percent below the national average and represent the lowest-paying market. Employers in Philadelphia and Atlanta also lean toward paying below-median salaries (10 percent lower and 8 percent lower, respectively).
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