What is the Average VP of Business Development Salary and How to Negotiate Yours

What is the Average VP of Business Development Salary and How to Negotiate Yours

As a Vice President of Business Development, you play a crucial role in helping a company grow its revenue. However, when it comes to determining your salary, there’s no one-size-fits-all approach. Several factors can influence your earning potential, such as the industry you work in, your level of experience, and the size of the company you work for. In this article, we’ll examine more closely the average VP of Business Development salary and how to negotiate yours.

The Average VP of Business Development Salary

According to data from Glassdoor, the national average salary for a Vice President of Business Development is approximately $167,000 per year. However, this figure can vary significantly, depending on several factors.

For example, if you work in the technology industry, your earning potential may be higher than those working in other sectors. Similarly, if you work for a large organization, you may earn more than your peers working for a smaller start-up company.

As you can see, several variables can impact your salary as a VP of Business Development. To help determine a reasonable salary range for your level of experience and industry, you should do your research and look at job opportunities on various job boards.

How to Negotiate Your VP of Business Development Salary

When it comes to negotiating your salary as a VP of Business Development, preparation is key. Before you even step into a negotiation meeting, you should research compensation trends for your position and industry. You can look at the salary data for similar titles and companies on websites like Glassdoor and PayScale.

Here are some tips to keep in mind when negotiating your VP of Business Development salary:

• Highlight your skills and achievements: Make sure to mention your accomplishments and the unique skills you bring to the table. Show how your expertise and experience can benefit the company.
• Be confident but reasonable: When negotiating your salary, be assertive but not overconfident. Be aware of the current market and what the company can afford.
• Be open to other compensation options: If the company cannot provide the salary you’re looking for, consider other perks, such as stock options or a performance-based bonus.
• Negotiate the entire package: Your salary is just one aspect of your compensation. Make sure you also negotiate your benefits, such as healthcare, vacation time, and retirement benefits.

Case Studies: Negotiating a VP of Business Development Salary

To further illustrate how to negotiate your VP of Business Development salary, let’s look at two case studies.

Case Study 1: John Doe has been working as a VP of Business Development for a technology company for five years. He’s looking for a 15% salary increase but is worried about sounding too aggressive.

John scheduled a meeting with his boss and presented a list of his accomplishments over the past year, highlighting how his contributions have impacted the company’s bottom line. He also mentioned the compensation trends for his position and industry.

His boss offered him a 10% salary increase, which was not what John was hoping for. Instead of ending the negotiation there, John proposed an additional performance-based bonus, which his boss agreed to. In the end, John was happy with the outcome and felt he had been fairly compensated for his work.

Case Study 2: Sarah Smith just landed a new VP of Business Development position at a start-up technology company. During the interview process, Sarah was open about her salary expectations, which were significantly higher than the salary being offered.

Sarah knew the company was still in the early stages and could not afford to pay what she was asking for. Instead of walking away, Sarah proposed a salary that was 10% lower than her previous position, but requested more equity in the company.

The company was open to the suggestion, and Sarah’s compensation package included a higher percentage of equity in the company than initially offered.

Conclusion

As a Vice President of Business Development, your salary can vary depending on several factors including industry, experience, and company size. To determine an appropriate salary range for yourself, do your research on job boards. When it comes to negotiating your salary, be prepared, confident, reasonable, and open to other options. Remember, your salary is just one part of your compensation package, so don’t forget to negotiate other benefits.