Regional Business Development Manager Salary
Slightly less than three-fifths of Regional Business Development Managers in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $51K to $140K per year, and the average comes out to $81K annually. Total cash compensation to Regional Business Development Managers approaches anywhere from $51K on the lower end to $140K on the higher end; in exceptional cases, this can include more than $30K from bonuses and upwards of $5K from profit sharing. Location is the biggest factor affecting pay for this group, followed by experience level. The majority of workers are highly satisfied with their job. Medical benefits are awarded to most, and a strong majority earn dental coverage. The majority of Regional Business Development Managers (62 percent) survey respondents are male. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
Job Description for Regional Business Development Manager
Regional business development managers conduct analyses of past, present, and future performance to create projections, planning, and growth models. Regional business development manager are often responsible for seeking potential business opportunities, which requires a good eye for detail, analysis, and judgment. The manager may also supervise, or interact with, teams in their organization such as marketing, research and development, and advertising.Read More...
Regional business development managers must have a thorough knowledge of their business and field. This job is primarily based in an office setting, although travel is often required to meet with clients and potential clients. Analytical ability is a must, both for the task of identifying new business opportunities and for presenting such opportunities to upper management. As this involves making pitches to management and to prospective clients, effective oral and written communication skills are essential
A bachelor's degree is frequently preferred for this position, with exceptions made for applicants with significant previous experience relevant to the position. In many cases, the regional business development manager must look for ongoing opportunities for continuing education.
Regional Business Development Manager Tasks
- Monitor, track, and report on competitive intelligence and market trends and outlook.
- Identify priorities for product development and work with internal teams to align those products with existing capabilities.
- Communicate with clients to identify unmet needs, analyze services and improve outcomes.
- Supervise a team to expand revenue and reach while maintaining current business offerings.
- Collaborate internally and externally to meet demonstrated long- and short-term market needs.
Common Career Paths for Regional Business Development Manager
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Popular Skills for Regional Business Development Manager
Survey results suggest that Regional Business Development Managers use a fairly large toolkit of professional skills. Most notably, facility with Strategic Planning, Strategic Sales, and New Business Development are correlated to pay that is significantly above average, leading to increases of 28 percent, 12 percent, and 6 percent, respectively. Skills that pay less than market rate include Operations Management and Strategic Marketing. Most people skilled in Business Development are similarly competent in Sales.
Pay by Experience Level for Regional Business Development Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Regional Business Development Managers generally obtain higher compensation for more plentiful past experience. Average salaries for inexperienced employees average out to around $70K, but folks who have five to 10 years of experience earn a higher median of $84K. Professionals who spend a good 10 to 20 years in the workforce haul in an average of $102K. 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 $108K.
Pay Difference by Location
Philadelphia is home to an above-average pay rate for Regional Business Development Managers, 37 percent higher than the national average. Regional Business Development Managers can also look forward to large paychecks in cities like St. Louis (+31 percent), Chicago (+22 percent), Houston (+17 percent), and Dallas (+15 percent). The smallest paychecks in the market, 20 percent south of the national average, can be found in Boston. Employers also pay below the national average in Seattle (9 percent lower) and New York (8 percent lower).