Business Development Manager Salary
For Business Development Managers, Cisco Systems Inc hands out the highest paychecks — $148K on average — relative to the national average of $70K per year. Other big spenders include Hewlett-Packard Company, Microsoft Corp, and Google, Inc., top-paying firms where Business Development Managers see paychecks nearing $130K, $130K, or $125K. The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Business Development Manager
Business development managers are responsible for managing expectations and developing business solutions for their organizations. They are in charge of creating effective business plans to generate more revenue, increase brand loyalty, and improve customer satisfaction.Read More...
Some of their main duties include brainstorming with other business development staff to define the scope of the project, review requirements, and approve timeframes. They work well with other company managers to oversee the progress of business development. However, these individuals have strong leadership skills to motivate staff members, and they come up with innovative solutions for day-to-day development issues. Their main duties include managing client accounts and executing sales objectives. These development managers work in an office environment and use a personal computer to write reports, review business processes, and communicate with staff. They are proficient with office applications to modify spreadsheets and use a word processor to create proposals. They complete research to evaluate products and identify competitors. They use statistics to reach company goals within a given timeframe.
A bachelor's degree in business management, administration, or a related field is required for this job. Previous years of work experience in a business development managing capacity can be helpful. Business and leadership certifications are a plus.
Business Development Manager Tasks
- Achieve revenue goals.
- Maintain good working relationships with existing clients previously to enhance client retention and new sales through referrals and references.
- Identify and develop new and existing referral sources to develop successful referring relationships.
- Actively identify and generate prospects through strategic sales strategies focusing on customers in target markets.
Common Career Paths for Business Development Manager
Business Development Managers' salaries may rise greatly for those who assume a higher-end position such as a Business Development VP. The average Business Development VP brings home $147K per year. Becoming a Business Development Director is, more often than not, the most common role that Business Development Managers move into when they're ready for the next step in their career. The average salary for the position is $112K. Another frequent advance is for Business Development Managers to assume a Marketing & Business Development Manager role; in this role, workers often earn $68K.
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Popular Skills for Business Development Manager
Business Development Managers report using a large range of skills on the job. Most notably, facility with Technical Sales, Strategic Sales, and Strategic Planning are correlated to pay that is significantly above average, leading to increases of 27 percent, 13 percent, and 7 percent, respectively. At the other end of the pay range are skills like Microsoft Excel, Marketing Management, and Microsoft Office. Most people skilled in Customer Relationship Management are similarly competent in Account Management and Strategic Planning.
Pay by Experience Level for Business Development Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Business Development Managers with a lot of experience tend to enjoy higher earnings. Those in the early stages of their career can expect to make around $62K; however, individuals with five to 10 years of experience bring in $81K on average — a distinctly larger sum. People with 10 to 20 years of experience make an average of about $93K in this role. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $103K.
Pay Difference by Location
Houston offers some of the highest pay in the country for Business Development Managers, 28 percent above the national average. Business Development Managers will also find cushy salaries in San Francisco (+26 percent), Minneapolis (+17 percent), Washington (+13 percent), and Boston (+12 percent). The lowest-paying market is Indianapolis, which sits 20 percent below the national average. Below-median salaries also turn up in Miami and San Diego (19 percent lower and 3 percent lower, respectively).
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