Who is a Business Development Officer? This is one question that keeps lingering in the minds of Job seekers who have been called up for this role. Upon hearing that there is an existing vacancy for the position of a BDO (Business Development Officer) the layman’s understanding is MARKETING. In as much as this is not far from job roles of a Business Development Officer, it takes more than just marketing a product or service but development and management of goods or services which makes salary structure of a Business Development Officer can be juicy but largely, this is dependent on the financial strength of the organization.
Usually the salary of a BDO is synonymous with the job description and before we give a breakdown of a Business development officer’s salary structure, lets discuss the their job roles and description. In as much as the role and function of a BDO may differ based on the industry, one common job characteristic is management and expansion of business line which must relate to either goods or services in relation increases sales generation with primary focus on customer’s satisfaction and profit making.
Key Roles and Description of a Business Development Officer
The job role of BDO is as follows;
- Customers and stakeholders have strong bond with the organization hence the experience of a Business Development Officer to sustain and further leverage on it for increased overall business performance.
- To examine customers records in order to determine the customer’s purchasing power
- Serve as the middle man between customers and the top management by giving feedback data as regards customers opinion about company’s goods and services.
- To train, recruiting and act as a role model to newly recruited Business Development Trainees.
- Educate customers on new company products or services.
- To give intelligence report on competitors products and market position
- Product development and competitive positioning in relation to competitor’s brand.
- Present detailed report on financial data and developing effective strategies for proper cost minimization and profit maximization.
- Carry out extensive market survey identify new markets for company’s products.
- Booking appointments between senior management and top clients by using the best cost effective method of new market entry.
If you are called up for an interview and asked the supposed job function of a Business Development Officer, the above would be the best interview answer. Having discussed a Business development Officer job role and description, the requirement for the job would be another factor to consider as this would determine if you are qualified for the role or not as this would determine the salary scale you will be placed on.
Business Development Officer Requirements
- Bachelor’s degree in Accounting, Business Management or Administration, Finance, Marketing, Economics or any management related field.
- Work Experience: To work as a Business Development Officer, you must have acquired at least 5 years of experience as a BDO or a marketer or sales personnel.
- Proficient in the use of Ms-office (Microsoft Office) especially at the use of PowerPoint and excel as you would have to do with many presentations and analysis.
- Flexibility: Since a Business Development Officer is always on the field, you must be flexible enough to travel outside your state or locality at the shortest possible notice
- You must posses the requisite mental strength to word under pressure most especially in a fast-paced business environment or industry.
- Excellent problem-solving as well as good analytical management skills.
- Exceptional negotiation and decision-making skills.
- Proficient and excellent communication skills.
Business Development Officer Salary Structure In Nigeria
A Business Development Officer’s salary monthly or per-anum is largely dependent on three major factors amongst others;
1) The number of years of work experience of the BDO
2) Requisite skills gained (Professional Soft skills for marketers)
3) The industry and financial power of the organization.
Years of Work Experience
This is the first factor that employers consider before giving an employee a job. The idea of costs minimization comes into play here as a result of the cost of training an employee that may not last 1 year before taking another better offer elsewhere upon acquisition of basic knowledge on the job. Most companies would rather go for an experience individual who would hit the ground running upon resumption but this comes with a price, HIGHER SALARY offer will be demanded. This is the norm and it is applicable in all work places. The higher the experience of a new staff, the higher the salary. So a Business Development Officer with at least 15 years of working experience will most likely be paid higher than another with less than 10 years in the same field though this does not always apply in all cases.
Requisite Skills Acquired (Professional Soft skills for BDOs)
In the above, we stated that a “Business Development Officer with at least 15 years of working experience will most likely be paid higher than another with less than 10 years in the same field though this does not always apply in all cases”, the bold statement above can only be nullified by a new staff with professional soft skills in the same field. Take for example, Mr. A has 15 years of working as a Business Development Officer while Mr B has 7 years of working as a BDO with professional soft skills useful in the same field, upon being employed, Mr. A will be offered a higher and better package because he has got values that Mr A does not have hence higher salary package to entice and retain him. That is the norm in every workplace, you are as important as the value you can add.
The industry and financial power of the organization
The financial power of the industry also has a key role in determining the salary after tax of a Business development Officer in Nigeria. Most companies are not liquid, hence salary delay. In every industry, there is what is known as the big players. These set of companies determine the prices of the market due to their purchasing and supply power. Companies in this category grab the best brains and professionals for the job because they have the funds. The same Job role of a Business Development Officer in company A would carry out and receive 200,000, is the same duties of the BDO in another company would carry out and receive 100,000 naira monthly salary. So the healthy financial record of the company plays a very important role in determining the salary of a Business Development Officer in Nigeria and anywhere in the world.
Salary of a Business Development Officer in Nigeria
In a tabular format, I will draw up the monthly and annual salary structure of a fresh and experienced Business Development Officer in Nigeria as well as other welfare benefits accruing to them.
Note that this salary scale if for core staff and not contract staff in any company.
|LEVEL||MONTHLY (NAIRA)||ANNUAL SALARY (NAIRA)|
|FRESH GRADUATE (0-2yrs)||N85,000 to N120,000 (Applicable in most organization)||1,120,000 – 1,360,000|
|EXPERIENCED STAFF (3 to 5yrs)||N120,000 to N180,000||1360,000 – 2,160,000|
|Senior Executive BDO 5yr to 10yrs||N200,000 to N300,000||2.4 million – 3.6 million|
|Senior Executive Level BDO (15yrs and above)||N600,000 to N1,000,000 (depending on the industry)||7.2 million – 12 million|
As stated above, the financial muscle of the company would determine how much they can afford to pay to Business Development Officers at various levels. Business Development Officers salary structure in the above table is what is obtainable in any medium to large scale organization in Nigeria.
The above would serve as a reference for job interview questions or discussions bordering on the job role and salary structure of a Business development officer in Nigeria as well as their duties and requirements.
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