Business Development Director Salary
Business Development Directors in the United States can expect to earn a very comfortable salary, with average salaries (in the ballpark of $102K) surpassing six figures annually. In the world of Business Development Directors, total cash compensation ranges from $59K on the lower end to $191K on the higher end; this includes bonuses that reach $48K and profit sharing that approaches $29K in rare cases, with some high rollers snagging commissions as high as $75K. This group's pay is mainly influenced by residence, followed by years of experience and the particular employer. The majority of workers are highly satisfied with their job. There are more male Business Development Directors than female among those who completed the questionnaire, making up 63 percent. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to more than half. Respondents to the PayScale salary survey provided the data for this report.
Job Description for Business Development Director
Business development directors can have a varied range of tasks pertaining to a company's overall business development. The responsibilities held are often higher up the corporate ladder than those of sales or operations managers, and therefore more intensive. Business development directors often answer directly to the owner of a company, board of directors, and/or to shareholders. Many of the tasks involved are mental in nature. Some include developing the necessary strategies for successful operations throughout the business. These can include fine tuning departmental tasks, aligning the IT department, figuring out how to market a company's goods or services to a wider market, negotiating with suppliers, understanding any legal matters that may arise in the course of business, managing sales, understanding the financial needs of the business, and coordinating all of these areas into cohesive action plans for the business as a whole. The job is usually done during the day and in an office environment. Some responsibilities can go into off hours and may be completed from home, but a majority will take place Monday through Friday. Typical work weeks for this position are at the forty hour mark and above. Many business development directors hold degrees in business administration. Many who have a business management degree in this kind of position it have concentrated their degrees in areas like accounting, macroeconomics, management theory, business law and/or information systems. A degree may not always be required, but it can be very helpful. Employers often chose applicants with master's degrees in business over applicants with bachelor's degrees.
Business Development Director Tasks
- Manage the sales process and establish relationships with clients.
- Research new clients and negotiate contracts.
- Develop, coordinate, and implement sales and marketing plans to meet company growth objectives.
- Attend meetings with and give sales presentations to current and potential clients.
Common Career Paths for Business Development Director
While not commonly seen, Business Development Directors who transition into a Chief Executive Officer position may see a rise in pay. The median salary for Chief Executive Officers is $170K per year. A Business Development VP role is the most common promotion for Business Development Directors moving up the ladder, and pay for the position tends to be around the $147K mark. Another typical, albeit less common, transition for Business Development Directors is an Executive Director position, where earnings are usually $75K.
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Popular Skills for Business Development Director
Business Development Directors report using a large range of skills on the job. Most notably, skills in Strategic Sales, Contract Negotiation, Negotiation, and Strategic Planning are correlated to pay that is above average, with boosts between 7 percent and 9 percent. Those listing Marketing Communications as a skill should be prepared for drastically lower pay. Marketing Management and Sales also typically command lower compensation. Most people experienced in New Business Development also know Customer Relationship Management (CRM), Contract Negotiation, and Account Management.
Pay by Experience Level for Business Development Director
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. Although inexperienced employees take home approximately $80K, those who have five to 10 years under their belts benefit from a six-figure median of $104K. For Business Development Directors, 10 to 20 years of experience on the job amounts to an average salary of $132K. Business Development Directors who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $143K.
Pay Difference by Location
Houston offers some of the highest pay in the country for Business Development Directors, 32 percent above the national average. Business Development Directors will also find cushy salaries in San Francisco (+32 percent), Boston (+26 percent), San Diego (+20 percent), and Washington (+17 percent). Location significantly influences compensation, with Austin Business Development Directors earning much less — 27 percent less — than the national average.