Business Development Manager Salary
Business Development Managers in search of top-notch pay will find it at Cisco Systems Inc, where the median salary of $148K trumps the $70K per year-national average for those in this profession. Other employers shelling out big bucks include Google, Inc., Hewlett-Packard Company, and Lockheed Martin Corp, where Business Development Managers typically earn around $132K, $130K, or $118K, respectively. This report is based on answers to PayScale's salary questionnaire.
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 who transition into a Business Development VP role may receive large pay increases as the latter position pays an average $147K per year. More often than not, a Business Development Director role is the next step for Business Development Managers moving up in the field. Business Development Directors usually make $112K per year. Many other Business Development Managers choose to take on a Marketing & Business Development Manager role, where salaries are typically $68K.
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Popular Skills for Business Development Manager
Survey participants wield an impressively varied skill set 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, 14 percent, and 9 percent, respectively. Skills that pay less than market rate include Marketing Management, Microsoft Excel, and Microsoft Office. Most people experienced in Customer Relationship Management also know 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.
In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher incomes. The average worker who claims fewer than five years of experience earns around $62K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $80K. People with 10 to 20 years of experience make an average of about $92K in this role. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $104K.
Pay Difference by Location
Houston is home to an above-average pay rate for Business Development Managers, 29 percent higher than the national average. Business Development Managers will also find cushy salaries in San Francisco (+27 percent), Minneapolis (+17 percent), Boston (+16 percent), and Washington (+10 percent). Business Development Managers' salaries are heavily influenced by location — Business Development Managers in Indianapolis bring in salaries that are 22 percent lower than the national average. Not at the bottom but still paying below the median are employers in Miami and San Diego (19 percent lower and 5 percent lower, respectively).
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