Business

Business Development Manager Salary

The average business development manager’s gross salary in the United States is $140, 391 which is equivalent to the hourly rate of $67. Additionally, with an average bonus of $10,936. Well, it typically ranges between $113,626 and $150,607. A business development manager’s salary range can vary widely depending on various factors that we will discuss in detail in this article.

The salary of a business development manager varies widely depending on various factors, including education, certifications, additional skills, expertise, and years of experience in certain professions. All these mentioned factors will help you to determine your exact pay target.

According to salary survey data collected from employers and anonymous employees in the United States, an entry-level business development manager with 1 to 3 years of experience earns an average salary of $96,976. And a senior-level business development manager with eight-plus years of experience earns approximately $174,958.

Salary of a business development manager

In some reports, the median salary is $105,000, whereas the middle 57 percent of business development managers make between $105,000 and $171,000. However, the top 86% make around $306,000.

The estimated salary potential in the future based on compensation data:

How much does a business development manager make in Tech?

The average Business development manager in the United States typically makes $116,273. In addition, the average bonus could be $20,839, which represents 18 percent of their salary. According to 76% of people, they receive a bonus each year. Mostly, business development managers make the most earnings in Seattle, approximately $136,497, a total compensation 17 percent greater than the United States average.

What is a business development manager?

The business development manager informs others about company products and services. They also act as the point of contact for new clients and specific existing clients. The business development manager creates job listings while adding value to your business.

Business development managers play a crucial role in the success of an organisation, as they are professional enough to generate new sales leads, negotiate client pricing, forecast sales revenue, and help organisations maximise their profits.

Additionally, they can evaluate current sales performance and identify ways that any organisation can expand and grow. The business development manager is the right career choice for goal-oriented, self-motivated, and commission-driven people. People who seek a career in business development should work on building knowledge and skills to be successful.

What do business development managers do?

The work of business development managers may vary by industry, but day-to-day tasks are almost the same, and some of the tasks are here:

  • Setting goals and developing plans for business and revenue growth
  • Researching, planning, and implementing new target market initiatives
  • Research prospective accounts in target markets
  • Pursue leads and move them through the sales cycle
  • Developing quotes and proposals while dealing with the prospective clients
  • Setting goals for business development while making developing strategies
  • Training of business development staff
  • Attending conferences, conventions, client meetings, and industry events

Business development managers work in industries

  • Software and Hardware
  • Cybersecurity
  • Staffing
  • Healthcare
  • Financial services
  • E-commerce

Oil and gas business development manager’s salary

The average oil and gas business development manager in the United States makes $185,000. However, they make the most in Houston, averaging total compensation 0% greater than the US average.

The average salaries of oil and gas business development managers in the United States range from $148,000 to $ 222,000, with a median salary of $185,000. The middle 67% of oil and gas business development managers make $185,000, whereas the top-tier 67% make $222,000.

As an oil and gas business development manager, how much tax will you pay?

For any individual who is a filer and an oil and gas business development manager, an estimated average federal tax in 2018 is 32%. After deducting the federal tax rate of 32% has been taken out, their take-home pay is $144,111 per year, whereas each paycheck is approximately $6,005.

Quality of life for oil and gas business development manager

As estimated, take-home pay is $12,009 per month, and the median 2BR apartment rental price is $2,506 per month. Therefore, an oil and gas business development manager would pay 20.87% of the rent from their monthly take–home salary.

Business development manager’s job description

The business development manager manages a lot of things, including daily execution of business development strategy, plans to drive sales, increase revenue, expansion of markets, and accomplishment of final objectives. In addition, business development managers are responsible for managing expectations and developing business solutions for their organisations.

They create effective business plans to generate more revenue, increase brand loyalty, and improve customer satisfaction. Their primary duties include brainstorming with other business development staff that will help define the project’s scope while reviewing requirements and approving timeframes.

They also work with other company managers to deal with the progress of the business development program. Business development managers must have strong leadership skills to motivate staff members to come up with innovative solutions regarding development issues.

Additionally, they coach the team to do best practices and effective tactics for the various prospects, like searching for new markets, partners, channels, and customers. It’s their task to establish a team that targets specifically and measures the achievement of objectives.

Help vigilantly to develop and use contacts and relationships within the industry, business environment, and customer base to understand the competition, pricing, and product demand change to respond accordingly.

Typically, business development managers require a bachelor’s degree and suggest new product offerings or improvements to sales or marketing efforts. Administer or negotiate new business proposals and prepare contracts. They have to report to a director.

The business development manager manages subordinate staff to perform their day-to-day tasks best. Ensures that specific department goals are met and adhering to approved budgets.

Full authority for personnel actions, and the primary duties include managing client accounts and executing sales objectives. Work in an office environment, write reports, review business processes, and communicate appropriately with staff. Have proficiency in modifying spreadsheets and know well the usage of a word processor to create proposals.

To become a business development manager, one needs five years of experience in the related area and 1-3 years of supervisory experience. Those who have extensive knowledge of the function and department processes will be privileged.

Proficient with office applications to modify spreadsheets while using a word processor to create proposals. The complete research to evaluate products and competitors identification, understanding of statistics to reach company goals.

Nevertheless, a bachelor’s degree in business management, administration, or any related field is needed to get this job. Experience in a specific field, especially in a business development managing capacity, can help. Moreover, business and leadership certification is a great initiative.

To sum it up, a business development manager aids in analysing, planning, developing, and researching the organisation’s objectives and making strategic plans to achieve business opportunities, growth, and financial profitability.

Develop plans to achieve growth and financial profitability through mergers or acquisitions. Contributes to the development and research of building on company strengths while identifying new markets and business opportunities. Help increase market share and obtain a competitive position in the industry.

What are a business development manager’s essential requirements, responsibilities, and skills?

A business development manager works well in strategic planning and sales management and comes up with innovative prospects to help grow an organisation. They are often the first point of contact for a new potential client if they need to seek specific information on the products and services of the company.

Business Development Managers (BDMs) are key go-to-market (GTM) team members. They are responsible for building sales leads lists and pitching prospects to build the company’s client list. Senior Business Development manager uses many business skills, including strategic planning and project management with successful negotiation.

Tasks and responsibilities

The role of a business development manager varies depending on the company and the industry, whereas your tasks may include altogether:

  • Identifying opportunities in target markets to enhance the products and services of a particular organisation.
  • Generating leads from prospective clients, networking with other organisations, and building well at trade shows.
  • They are working on spontaneous development and nurturing relationships with key customers.
  • Keep up with the latest industry developments and keep a vigilant eye on the market positioning of corporate competitors.
  • They assess client needs and the company’s ability to cope with them.
  • Follow up on new leads and referrals.
  • Status reports on goals
  • Have the capacity to use customer relationship management (CRM) software, including Salesforce, to manage interactions
  • Finding and developing new markets while improving sales
  • Research organisations and individuals to find new opportunities.
  • Training personnel and helping team members to develop their skills
  • Following industry trends locally and internationally.
  • Negotiating, drafting, and reviewing contracts
  • A drive to seek new business
  • Good IT skills
  • Initiative and good decision-making skills
  • Strong organisational skills
  • Strategic and analytical thinking skills
  • Ability to write reports
  • Forecasting sales targets and growth projections
  • Market opportunities through meetings and networking other channels
  • Meet existing and potential clients
  • Preparing sales presentations and participating in sales meetings
  • Producing reports for management
  • Training business developers and sales colleagues

Fundamental skills

Inspirational business development managers need a variety of hard and soft skills, which may include:

Communication skills

BDMs must be able to communicate with clients of all backgrounds and educational levels. Well-developed written and verbal communication skills are must-haves for professionals in this field.

Organisational skills

Professionals must be comfortable dealing with numerous clients, site meetings, and deadlines. Highly organised individuals are best equipped to manage entire parts of the job and keep clients’ proposals and other related tasks on track.

Time-management skills

Business development managers must have the ability to understand how to prioritise their time. Additionally, they must be comfortable managing the calendar and adjusting their schedule as needed.

Technical and computer skills

Most organisations use a sales content management system (CMS) to track leads and client calls in the sales cycle. Furthermore, business development managers have basic technical and computer skills.

Drive and self-motivation

The most successful business development managers are goal-oriented and commission driven. At the same time, professionals have the drive and motivation that will make them successful.

Senior business development manager salary

Successful business development managers move into more senior business development and sales management roles. The estimated salary for a senior business development manager could be $172,942 per annum in the United States, with an average salary of $98,450 per year. In addition, a senior business development manager’s salary may include a cash bonus, tips, commission, and profit sharing.

Top paying industries in the United States

For a senior business development manager, the top-paying industries may include the following companies:

Industry Total pay Total pay insight
Information Technology $255,978 10% higher than other industries
Pharmaceutical & Biotechnology $252,398 9% higher than other industries
Financial Services $235,645 2% higher than other industries
Aerospace & Defense $226,837 2% lower than other industries
Management & Consulting $220,552 5% lower than other industries

Jobs in the business department are in increased demand and require workers with at least a bachelor’s degree and moderate to advanced technical skills. Businesses give job seekers with little experience in the relevant field a chance to remain competitive. Whereas, for specific evolving requirements, they will consider the higher degree or industry-specific certificates.

Who can pursue a business development manager?

A career as a business development manager is best for outgoing people who have a deep interest in sales strategies, are social enough, and enjoy working with people. A good business development manager accepts the challenge of prospecting and rejection gracefully. They enjoy teamwork and put effort into building and executing a business growth strategy.

Cost of living in the United States

One can calculate the cost of living by accumulating the cost of food, transportation, health services, utilities, rent, taxes, and miscellaneous expenses. It varies from state to state and city to city, whereas the United States of America consists of 50 states and a federal district. It is the world’s third-largest country by both land and total area.

Lowest cost of living Highest cost of living
Lumberton, Texas American Canyon, California
Sterling, Colorado Reading, Massachusetts
Minong, Wisconsin Palo Alto, California
Yazoo City, Mississippi Watertown, Massachusetts
Grand Island, Nebraska Oakton, Virginia
Monticello, Kentucky Cardiff-By-The-Sea, California

How to become a business development manager?

To become a business development manager, one must follow certain things:

Foundational education

Mostly, business development managers have bachelor’s degrees least in that related field, whereas some have master’s degrees. A business degree provides foundational knowledge of decision-making, data analysis, innovation, and entrepreneurship.

A business degree will also help in communication, marketing, and psychology and introduce some important concepts related to the people element of business development.

One can complete a bachelor’s degree in business, economics, marketing, commerce, or a related field, which takes almost three years of full-time study. If you want a course with a shorter duration, consider a VET qualification such as a Diploma of Business.

Some construction companies run graduate schemes to gain some necessary work experience that will help them become business development managers after their studies.

Acquire relevant experience

It always adds up if you have experience with the selling process, such as an entry-level sales associate may be responsible for guiding customers through their purchase decision to the sale. However, as an outside sales representative, you could reach out to prospects and demonstrate products while securing new customer accounts.

One must acquire strategic planning, business management, and fruitful negotiation expertise. Never turn your hands-on experience and adopt contemporary approaches with advanced sales concepts. One must take innovative courses; even specialization will help you win sales pitches.

Gain experience in sales, marketing, or customer services, and build a proven track record of hitting sales targets or quotas. The relevant experience will be advantageous when you apply for the position of business development manager.

One can apply to begin their career as an assistant or trainee within any company. As you obtain the specific experience, you might offer training to help you progress in this role.

Technical skills

Developing technical skills is essential as they can lead to success as one can learn project management, navigate Microsoft, and conduct search engine research. Try to learn the latest trends in business for secure information systems and robust use of data to guide decisions.

Specialised training in cybersecurity and data analysis will help you obtain a situation as a business development manager. Moreover, mastering customer relationship management software will help acquire the BDM position in more significant and well-known organisations. As being skillful in this field, you learn how to manage teams, develop sales pipelines, and close deals effectively.

Up-to-date resume

Experience, skills, and education will enhance your faculty, so learn and enhance your faculty. Update your resume continuously, and keep an eye on the positions by your listed companies. Highlight the qualifications that match your job requirements and feature them properly when putting your resume. Describe your achievements and good skills by using active verbs.

Skills usually employers looking for

  • B2B sales
  • Communication skills
  • Commercial acumen
  • Negotiation
  • Customer service
  • Autonomy
  • Results focused
  • Time management
  • Self-motivation
  • Microsoft Office

Find your required business development manager position

With the right qualifications and an updated resume, begin applying for the business development manager job you are interested in. Keep an eye on your desired jobs, exciting projects, tasks, and essential companies which contain such jobs.

Any individual must explore the proper routes to become a business development manager. However, some options have specific qualification requirements, and many employers are interested in enthusiastic people, willing to learn and follow instructions.

Take out some time to improve your interviewing skills and work on answering practical behavioral questions. Prepare yourself for insightful questions to make the best decision of your life regarding your career.

For salary, your location, experience level, and company size can significantly impact you. Dig deeper to find information such as salary features, website, filter your location, and years of experience that align with the market.

Business development manager salary NYC

It is always a most asked question; therefore, we will guide you here that the average Business Development Manager salary in New York is almost $203,106, but the range typically falls between $181,249 and $228,305. However, the salary range depends on various important factors.

Moreover, 60 percent of business development managers in the United States think their salaries are enough for the cost of living in their area.

Benefits for business development managers

  • Health insurance
  • Life insurance
  • Cell phone reimbursement
  • Company car
  • Computer assistance
  • Dental Insurance
  • Disability insurance
  • Employee assistance program
  • Employee discount
  • Health saving account
  • Flexible schedule
  • Flexible spending account
  • Mileage reimbursement
  • Paid time off
  • Opportunities for advancement
  • Paid training
  • Parental leave
  • Pet insurance
  • Profit sharing
  • Professional development assistance
  • Referral program
  • Stock options
  • Retirement plan
  • Travel reimbursement
  • Tuition reimbursement
  • Vision insurance
  • Work-from-home facility

How much tax will a business development manager pay?

For an individual filer in the tax bracket, there would be an estimated average federal tax in 2018 of 24%. After taking out the 24% of federal tax, business development managers can take home pay of $94,078 per year, whereas each paycheck is equaling approximately $3,920.

Conclusion

Business development managers are responsible for driving business growth within any organisation. Aspiring business development managers may develop a network of contacts to attract new clients and research new market opportunities and growth projects while making sales projections and revenue. So it is a general question: what is the business development manager’s salary?

Besides the benefits of personal and professional growth, a business development career will help you to achieve your financial goals, especially in the United States, where an entry-level business development manager’s salary is around $45,650 per year.

The business development manager is indeed an essential role in any organisation as it is a function that contributes to the revenue growth of the company. Additionally, it is a complex function to which companies are willing to pay for this position eagerly.