A business strategist determines the organization’s target, prepare strategic plans, and ensures that those targets are met. Prior to strategic plans, the major responsibility revolves around the analysis of existing strategy and practices, identification of improvement areas, and development of new and innovative strategies. They are responsible for product development, marketing strategies, or expansion of revenue sources for the organization.
The business strategist may follow a cost leadership strategy to penetrate or sustain the market position through lowest product costs; follow a differentiation strategy through its unique featured product to compete and win the market even with higher prices, or follow a focus strategy where the product caters to the unique need of target audience (with low or no competition) and gain competitive advantage.
The choice of the strategy helps the organization in achieving a sustainable competitive edge and assist in achieving short or long-term business decisions. Moreover, decisions like budgeting, marketing, sales forecasting, and business expansions depend on the implementation of the strategy.
Read on to know more about the roles and responsibilities to pursue work as a business strategist.
Roles and responsibilities of a business strategist
The business strategy is a broad term and refers to everything a business does to make money. Thus, the role of a business strategist is commendable. They work with the CEO, marketing head, designers, managers, and every team to develop content for all business opportunities. They report to the management staff and may also get involved in making presentations to corporate investors.
A few of the major roles and responsibilities of a business strategist are as depicted below.
- Determine the organization’s target
- Analysis of existing strategy and its implementation
- Identify, analyze, and design processes to enhance plans
- Develop strategies and prepare target-related documentation
- Explore advanced data, quality management, and other techniques
- Collect customer requirements and analyze for new initiatives
- Document plans to reach the target
- Provide direction to implement strategies
- Conduct meetings with industry personnel and customers
- Coordinate with the management, internal department, and external partners as required
- Evaluate customer requirements and build strong relationships with clients
- Research market trends and initiate strategies to increase revenue and brand value
- Support management in contracts, negotiations, and product enhancements
- Conduct creative corporate programs as required
- Participate in professional meetings and represent the organization
In addition, a business strategist identifies and explores networking opportunities that may include participation in trade shows, trade associations, and other networking events to build relationships and increase visibility.
Education, Experience, and Skill Requirements
To become a business strategist, you need to have at least a bachelor’s degree. A bachelor’s degree in business management or a related discipline is preferred. Many companies prefer candidates having a Masters in business administration (MBA).
Moreover, professionals must acquire leadership and motivational skills. Apart from effective communication skill, some of the best skill set includes computer skills, leadership ability, interpersonal skills, analytical skills, problem-solving skills, and public speaking skills.
Usually, successful business strategists carry several years of experience in business and consulting. Some professionals also pursue business certification programs through well-renowned institutes like The Strategy Institute, Institute of Management Consultants, Business strategy specialization from the University of Virginia, Strategic leadership and management certification from the University of Illinois, and more. The additional designation sets the person apart from the fellow members.
The earning potential of a business strategist
The average salary of business strategists in the United States is US$1,00,000 as per LinkedIn.
As per Zippia.com, the average salary in US$91,321 per year or US$ 43.9 per hour. The top 10 percent make over US$150,000 per year, while the bottom 10 percent make under US$55,000.
The top-paying 5 states include the District of Columbia, Maryland, Delaware, North Carolina, and Virginia.
According to PayScale, the median annual salary is US$71,000. High-earning strategists in the 90th percentile are US$124,000 per annum.
As per Ziprecrutier, the average annual salary in the US is US$85878 per annum.
The role of a business strategist is relatable to the US Bureau of Labor Statistics (BLS) listing for top executives.
To qualify as a business strategist, relevant experience in business research or development is required. Considering a career in this field needs similar career options which help the candidate to pursue a career as a business strategist.