The Ultimate Guide to Business Development Manager Salaries: How Much Does a Business Development Manager Make?
As the demand for Business Development Managers (BDM) continues to grow in the corporate world, so does their salary. In today’s era, companies are willing to pay top dollar for a skilled and experienced BDM to join their team.
In this ultimate guide, we take a look at the typical salary range a Business Development Manager can expect, factors affecting their salary, and how to increase their earning potential.
What is a Business Development Manager?
Before we dive into the salary analysis, let’s briefly discuss what a Business Development Manager does. A Business Development Manager is responsible for identifying new business opportunities, developing strategies to win new business, and building long-term relationships with clients.
Typical Salary Range
According to Payscale, the average salary for a Business Development Manager in the United States is $72,715 per year. The salary range typically falls between $50,949 and $101,516 per year, depending on factors such as industry, company size, location, and experience level.
Factors Affecting Salary
Experience:
As with any profession, experience plays a significant role in determining a BDM’s salary. Entry-level BDMs can expect to earn around $55,000 per year, while senior-level professionals with over 20 years of experience can earn upwards of $135,000 annually.
Industry:
The industry a BDM works in also affects their salary. For instance, BDMs in the tech industry tend to earn more than those in the healthcare industry.
Company Size:
The size of the company a BDM works for can also influence their salary. Larger companies typically pay more than small and mid-sized companies.
Location:
Salaries vary widely depending on the geographic location of a BDM. For example, BDMs in San Francisco typically earn more than those in Dallas.
How to Increase Your Earning Potential
Obtain a higher degree:
To increase earning potential, a BDM can obtain a higher degree such as an MBA. Higher education often leads to higher pay.
Expand your skillset:
Adding skills like digital marketing, data analysis, and negotiation to one’s skillset can broaden the opportunities available and increase earning potential.
Network:
Networking with other BDMs in the industry provides more opportunities for career advancement and salary increases.
Conclusion
A Business Development Manager’s salary range falls between $50,949 and $101,516 per year. Experience level, industry, company size, and location all play a significant role in determining a BDM’s salary. Professionals looking to increase their earning potential can obtain higher degrees, expand their skillset, and network extensively.
If you’re looking for a challenging yet rewarding career in business development, explore the opportunities available in different industries and regions while keeping in mind the potential salary and benefits.
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