Business Development Executive Salary
Business Development Executives in the United States can expect to earn an average of $67K annually. Total cash compensation to Business Development Executives approaches anywhere from $39K on the lower end to $157K on the higher end; in exceptional cases, this can include more than $51K from bonuses and upwards of $23K from profit sharing. Career length is the biggest factor affecting pay for this group, followed by geography. Medical benefits are awarded to most, and a strong majority earn dental coverage. Male Business Development Executives who responded to the survey are more common than women; more than half (65 percent) are men. Job satisfaction is reported as high by the vast majority of workers. The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Business Development Executive
Duties of a business development executive may vary, but typically include:Read More...
- Attracting new consumers in an effort to sell more products through the use of effective marketing practices.
-Finding other brands and companies to work alongside to reach out to other markets and to establish joint ventures.
-Research other brands and market trends, brainstorming ideas for new products and services.
-Build the brand's reputation with the consumer.
- Work closely with the regional sales managers and the sales teams.
Qualifications for a business development executive typically include a four-year degree in a business-related field and two to four years of work experience in the field. Communication and management skills are also a must for business development executive, as they manage several projects at a time and have specific deadlines. Building strong relationships with clients and consumers is vital.
Business Development Executive Tasks
- Develop positive business relationships with clients.
- Identify and pursue new opportunities for business partnerships.
- Write business proposals and lead negotiation of contract terms.
- Evaluate the benefits and risks of potential partnerships.
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Popular Skills for Business Development Executive
Survey participants wield an impressively varied skill set on the job. Most notably, facility with Strategic Planning, Technical Sales, and Sales Management are correlated to pay that is significantly above average, leading to increases of 98 percent, 54 percent, and 6 percent, respectively. Those listing Marketing Communications as a skill should be prepared for drastically lower pay. Sales and Account Management also typically command lower compensation. For most people, competency in New Business Development indicates knowledge of Business Development.
Pay by Experience Level for Business Development Executive
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Business Development Executives with a lot of experience tend to enjoy higher earnings. Salaries for the relatively untried average out to around $59K, but survey participants with five to 10 years of experience earn a significantly higher median of $82K. Professionals who spend a good 10 to 20 years in the workforce haul in an average of $107K. Business Development Executives 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 $136K.
Pay Difference by Location
Seattle offers some of the highest pay in the country for Business Development Executives, 62 percent above the national average. Business Development Executives can also look forward to large paychecks in cities like Houston (+54 percent), Atlanta (+33 percent), Dallas (+26 percent), and Washington (+6 percent). Business Development Executives in Phoenix make 24 percent less than the national average, proving that location is a major factor in pay. Employers also pay below the national average in Cincinnati (19 percent lower) and Boston (18 percent lower).
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