The Average 160over90 Business Development Manager Salary in 2021
As companies continue to grow and expand, business development managers have become crucial members of their staff. These professionals are responsible for enhancing their company’s market position and financial growth. Since their roles and responsibilities vary depending on the company, the salary range for business development managers is also broad. However, it is essential to understand how much a business development manager typically earns in 2021 to determine whether the salary package you’re being offered is reasonable.
What is Business Development?
Business development involves the process of creating, nurturing, and sustaining relationships with new and existing clients, implementing new tactics and strategies, and identifying opportunities for growth in revenues and sales. In most cases, business development managers are responsible for representing their company in front of new clients, creating sales pitches, and finding new ways to expand their business portfolio.
Salary Range for a Business Development Manager
As mentioned earlier, the salary of a business development manager varies depending on several factors such as the industry, location, years of experience, company size, and education level. According to Glassdoor, the average annual salary for a business development manager is around $78,000 per year. However, some business development managers can earn as low as $38,000 annually, while others who have more experience or work at larger enterprises can make upwards of $150,000 per year.
Industry-wise Salary Comparison
Different industries offer a unique salary range for business development managers. Some industries pay higher salaries than others, depending on the level of complexity of the business. According to Payscale, the following industries pay the highest salaries for business development managers in the US:
– Information Technology (IT): $90,000 per year
– Financial Services: $87,000 per year
– Biotech and Pharmaceuticals: $85,000 per year
– Oil, Gas, and Energy: $83,000 per year
– Telecommunications: $80,000 per year
On the other hand, industries like Retail or Consumer Goods tend to pay lower salaries to their business development managers, such as around $65,000 per year.
Factors Influencing Salary
Several factors affect the earning potential of a business development manager, such as:
– Company Size: Small organizations tend to pay less than larger companies.
– Experience and Education: Professionals with more experience and higher degrees tend to receive higher salaries.
– Location: Some cities and states pay higher salaries than others.
– Performance Bonus and Commission: In some organizations, business development managers are entitled to performance bonuses or commission packages, which can significantly increase their earnings.
Conclusion
In conclusion, the salary range for a business development manager in 2021 varies considerably depending on industry, location, years of experience, education, and size of the enterprise. However, Glassdoor’s average annual salary of $78,000 per year should give you a general ballpark idea of what to expect. Ensure that you do your research and negotiate your offer to receive a fair salary based on your qualifications and the industry standard.
