Brilliant Insights on Business Development Manager Salary
May 26, 2022
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The role of a business development manager in companies is crucial for them to grow. Yet, what is the average business development manager salary? What do they do on a daily basis? What are their responsibilities and tasks?
In this article, we explore the figure of the business development manager in more detail.
What does a business development manager do?
The main aim of a business development manager is to improve a company and generate new revenue. To increase the profit, new business opportunities need to be identified.
The best way to find new business opportunities is to explore new markets, partnerships, services, growth areas, trends, customers and products. This is all part of a business development manager’s job.
Sometimes it is necessary to identify new approaches to reach existing markets. It is important to carefully position the company in the most relevant markets.
According to the nature of the industry, this process could be addressed in different ways. Networking events represent a good solution to looking for new contacts. They could be online or face to face. Another method is cold calling potential customers.
The business development manager’s work is set on three main levels:
- Finding the right opportunities and implementing them;
- Developing relationships with customers and partners;
- Thinking and working strategically.
A business development manager could be employed in almost every sort of business, from finance to IT.
They might operate across different businesses as well, aimed especially at B2B and B2C. Business development managers could either be in charge of a team or work alone.
Is business development the same as marketing and sales?
There could be some confusion when talking about the difference between sales and marketing. It is easy to get the two mistaken or not be able to distinguish them.
And what is the position of business development within this framework?
Let’s look at what defines and qualifies sales and marketing. And then, what distinguishes them from business development.
if you want to read more about business development you can read our article about the ultimate tips you want to know.
Marketing is concerned with attracting a target audience and thus potential customers. Its main aim is to arouse interest in the company and its products or services.
An appropriate amount of time is thus committed to creating campaigns and to building the company’s identity.
Marketing is thus aimed at drawing attention and it is not directly interested in selling products or services.
It is more focused on the target audience: identifying the (potential) consumers and knowing who they are and what they want. For this reason, it is important to place oneself from the customer’s perspective.
If you don’t have a marketing team, you can read our list of the top exciting marketing agencies in the UK.
Sales, on the other hand, concerns selling the products or services that your company offers. Sales usually have a direct relationship with (potential) clients and their work consists in convincing them to invest in their company.
Sales management differs from business development and marketing.
Sales and marketing are two distinctive dimensions, yet it is important to keep them aligned. They could be seen as separate but complementary aspects of a company.
Indeed, they both aimed at generating new revenue. Companies appear to be more successful when sales and marketing collaborate and coordinate with one another.
Business development vs marketing vs sales
You might already have guessed that the three of them are related to one another. Companies rely on information from all of them in order to have a complete picture. They all work together with the same intention of developing business.
However, there are some differences in objective:
- Business development is aimed at building a network of partnerships and long term relationships with other businesses;
- Marketing is concerned with customers’ loyalty and is more headed to future plans and the next step;
- Sales’ role is anchored to customers’ immediate needs and closing deals.
Each of them follows its plan in order to achieve its own goal. Yet, it is beneficial for the company to make them collaborate. In this way, everyone can benefit from the work of others.
For instance, they can all work together on a business plan.
What are related job titles for a business development manager?
In business development, there are different positions. There is a list of other related job titles:
- Business development representative
- Business development executive
- Business development specialist
- Vice president of business development
- Director of business development
How much is the average business development manager salary?
At this point, you might wonder how much the average salary is. Salaries can be affected by different factors. They could the region or the level of seniority.
In the USA, the average salary for business development managers is around $130,000 per year. It usually falls between $108,000 and $153,000.
In Australia, the salary for a business development manager is around $97,750.
What salaries can you expect in London and the UK?
In the UK the salaries vary according to the area and to the seniority of the employee as well.
The average salary in the United Kingdom is around £37,000.
This is usually higher in London and in the South East. A business development manager in London can earn up to £42,000 per year.
It is relevant to mention bonuses as well since sometimes they can be as high as the annual salary.
What is the salary by experience level for business development managers?
A junior manager can expect to earn between £22,000 and £25,000. After several years of experience, the salary grows.
At middle management, it is expected to be between £30,000 and £60,000 per year.
A senior salary might go up even more and reach £80,000.
Another significant factor that affects the salary might be the sector. For this reason, the salary can vary so much.
Top companies and opportunities for business development managers
To be a good or even a great business development manager some skills are required.
You need to take initiative and be able to work in a team. As we said, it is important to collaborate with other departments such as sales and marketing.
Negotiating and communication skills are great assets as well. You need to have a flexible approach and to be able to analyse sales figures.
Does it sound like you? Then you should check the following opportunities. You might find what you are looking for.
Salary: £60,000 per year
Location(s): London, Carlisle, Hull, Sheffield, Nottingham, Slough, Croydon, Greater London
Peninsula provides employment law, HR and Health and Safety services. It is based in the UK and Ireland and it supports over 30,000 small businesses.
It is a global leader in HR consultancy and software. It was founded in 1983 and counts over 100,000 clients worldwide.
Salary: from £35,000 to £50,000 per year
Location(s): Leeds, Sheffield, Manchester, Wetherby, Bristol, Chesterfield, Birmingham, Huddersfield, Bury and Essex
Crossley Scott is a global executive recruitment organisation. They support both their clients and candidates.
They have three different positions: PPE and workwear, technical products and technical products and coatings. The range of salary depends on the location and position.
Salary: from £45,000 to £47,000 per year
ATA Recruitment provides high-quality technical recruitment solutions to the manufacturing and engineering fields. It has more than 50 years of experience in supporting businesses across the UK and Europe.
Salary: from $52,000 to $128,000 per year
Location(s): New York, San Francisco and Denver
Slack was founded in 2014 and it provides a place for teamwork to communicate easily and fast. You can keep in contact in private chats or through channels.
They have four different positions and the range of salary depends on location and position.
Salary: from $50,000 to $55,000 per year
Location(s): Minneapolis, Charlotte, Atlanta, Gainesville, Fort Myers and remote
Waitr is a food ordering and delivery company. It was founded in 2008.
Five of the positions are remote and the salary does not change.
How CONNECTS can help you
Now that you know everything about business development, check your next steps.
Online platforms can help you implement your business development strategy and grow your business.
Indeed, it is a great way to discover business opportunities that you might not have come across otherwise. Whether that be because of your location, the industry you operate in or whatever reason.
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Join CONNECTS and discover a world of new opportunities you can trust. The platform is a Business a Chamber Directory. It is a good solution for Chambers of Commerce, SMEs and start-ups.
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