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
- Manage and maintain high customer satisfaction levels.
- Identify and meet potential customers.
- Ensure the company meets revenue and profit goals.
- Maximize referral potentials.
Business Development Representative Job Listings
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Popular Employer Salaries for Business Development Representative
Business Development Representatives flock to Oracle, Netsuite, Inc., Liberty Mutual Insurance Group, Oracle Corp., and Groupon, Inc., highly regarded companies that employ a generous number of people in this profession. Oracle Corp. offers the largest salaries in town — $61K 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, Lead Generation, and Salesforce are correlated to pay that is significantly above average, leading to increases of 20 percent, 14 percent, and 7 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Customer Service, Strategic Marketing, and Oral / Verbal Communication. Most people who know 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. Workers in their first five years can expect to earn $46K, but people who have been around for five to 10 years earn a noticeably bigger sum of $55K. Business Development Representatives bring in $63K after working for 10 to 20 years. More than 20 years of experience mean a somewhat bigger median paycheck of $71K, but it's not much more than what less experienced people make.
Pay Difference by Location
For those looking to make money, Business Development Representatives in Houston enjoy an exceptional pay rate, 39 percent above the national average. Business Development Representatives will also find cushy salaries in San Francisco (+25 percent), Raleigh (+11 percent), New York (+9 percent), and Los Angeles (+8 percent). Denver is the lowest-paying area, 17 percent south of the national average. Two other places where employers offer below-median salaries are Philadelphia (9 percent less) and Chicago (8 percent less).