Understanding the Average Business Development Manager Salary in 2021
If you are exploring a career in business development, it’s essential to understand what compensation you can expect to receive. In this article, we will delve into the average business development manager salary in 2021. We will explore what factors influence this number and what you can do to increase your earning potential.
What is Business Development?
Business development is an essential function of any organization. Business development professionals are responsible for identifying and pursuing opportunities that lead to growth and profitability. They are instrumental in building long-term relationships with customers and partners and helping companies expand their market share.
What Factors influence the Business Development Manager Salary?
The business development manager’s salary can vary depending on several factors, such as job experience, industry, location, and company size. The more experience a business development manager has, the higher the salary they can command. The industry can also play a significant role, with some industries paying better than others. Furthermore, larger companies tend to pay higher salaries due to their deeper pockets and the importance of the function to their overall growth strategy.
Location can also impact the salary, with higher cost of living cities typically offering higher wages. According to the Bureau of Labor Statistics, business development managers in San Francisco and New York earn over $150,000 annually compared to the national average of $125,000.
What is the Average Business Development Manager Salary?
According to Glassdoor, the national average business development manager salary in the US is $89,250. However, this can vary greatly depending on the factors mentioned above. In addition, Glassdoor reports that the highest-paying companies for business development managers are in the technology industry, with Facebook, Amazon, and Apple leading the way.
How Can You Increase Your Earning Potential as a Business Development Manager?
If you’re looking to increase your earning potential as a business development manager, there are several strategies you can consider. One approach is to continue your education and gain more specialized skills that make you more valuable to potential employers. A master’s degree in business administration (MBA) is an excellent option for business development professionals looking to advance their careers and increase their earning potential.
Networking is also crucial in business development, and cultivating relationships with industry peers and key stakeholders can lead to opportunities down the line. Furthermore, honing your negotiation skills and building strong relationships with clients can help you close more deals, which can lead to higher salaries and bonuses.
In conclusion, business development is a dynamic and exciting field with great earning potential. While the average business development manager salary in 2021 is $89,250, several factors influence this number. Business development professionals who continuously develop their skills, network, and build strong relationships will have the best shot at maximizing their earning potential.
