Business development managers are among the most important professionals in an enterprise. They manage teams, deal with clients, and focus on increasing the company’s revenue. This is the primary reason why their demand is evergreen.
However, how much does a business development manager make in India?
Read on to find out the answer to this question as we’ll discuss the average business development manager salary in India, the factors affecting it, and how you can get the highest pay.
What is the Average Business Development Manager Salary in India?
The average business development manager salary in India is INR 5.97 lakh per annum, including bonuses, shared profits, and commission. The pay for this role ranges from INR 2.64 lakh per annum to INR 20 lakh per annum.
However, you should keep in mind that your pay in this field depends on multiple factors such as your experience, skills, and location.
The demand for business development managers is significantly high as it is a pivotal role in any organization. Companies require business development managers to handle multiple areas of their operations.
It is worth noting that with more experience and expertise, you can get promoted to significantly more lucrative and senior roles such as regional sales manager, senior business development manager, or marketing manager.
What Does a Business Development Manager Do?
A business development manager is responsible for developing business solutions and managing expectations for their organizations. Their primary duty is to achieve the revenue goals set for their organization. Business development managers are also responsible for maintaining good relationships with existing clients for proper client retention.
Maintaining good relationships as a business development manager is necessary for getting new sales through references and referrals. Apart from maintaining client relationships, they are in charge of making business plans to increase brand loyalty and enhance customer satisfaction.
They work with business development executives to brainstorm ideas, approve timeframes, define project scopes, and review requirements. Business development managers work with other business managers to handle overall progress in business development. They must find and develop referral sources for their organization to create successful referring relationships. Business development managers have to constantly identify and generate new prospects by implementing various sales strategies.
No business can grow without getting more customers. That’s why business development managers are responsible for handling client accounts and executing sales goals. To help them achieve their sales goals, they have teams of business development executives. This role requires a combination of strong leadership and management skills as they have to lead their teams and work with other business managers to achieve their organization’s goals.
Having strong interpersonal skills is also vital for this job because they have to manage client relationships to generate referral-based sales. Business development managers must be proficient at research too as they have to find new sales prospects constantly in the target markets. Moreover, while they must concentrate on nurturing existing client relationships, they must also stay on the lookout for new growth prospects and opportunities to enter new markets.
Business development managers usually have to travel frequently for client meetings and to keep in touch with different sales teams. However, your work environment would depend heavily on your employer.
Factors Affecting the Average Business Development Manager Salary in India
While the average salary of a business development manager in India is INR 5.97 lakh, you should keep in mind that there are a lot of factors involved in this. A business development manager’s salary depends on primarily their experience, skills, location, and company.
Knowing how these factors affect your business development manager salary will help you figure out how much you can expect to earn in this profession. It would also help you realise how you can increase your pay in this field. Let’s discuss each one of these factors in detail and understand how they impact your salary:
The most influential factor in determining how much you can earn as a business development manager is the amount of professional experience you have. Professionals with low or negligible experience earn significantly less than those with substantial experience.
An entry-level business development manager earns around 41% less than the median salary whereas a mid-career business development manager makes 17% higher than the same. Similarly, an early-career professional in this field earns 24% less than the median while a late-career one earns 66% more than the average.
A business development manager with less than a year’s experience earns INR 3.51 lakh per annum on average. Those with one to four years of experience earn INR 4.5 lakh per annum while those with five to nine years of experience get INR 7 lakh per annum on average.
On the other hand, business development managers with 10 to 19 years get INR 9.92 lakh per annum and those with more than 20 years of experience earn INR 11 lakh per annum on average.
Another influential factor affecting your pay as a business development manager is your expertise. Having certain skills can enhance your pay substantially in this field. Keeping up to date with the recent industry trends and knowing what skills are in demand can help you get a high salary easily.
The most lucrative skills you can have as a business development manager is Data Analysis as it offers 201% higher than the average pay. Another skill that would ensure you get a high salary is Product Management which offers 177% higher than the average salary.
Business development managers with Business Intelligence skills reported earning 168% more than the average while those with the Financial Modelling skill earn 121% more than the average.
Other notable skills that offer above-average pay are:
- Business Management (94% higher than the average)
- Consulting Management (63% higher than the average)
- Presentations (57% higher than the average)
- Contract Negotiation (51% higher than the average)
- Email Marketing (42% higher than the average)
- New Markets (39% higher than the average)
While the skills we mentioned above offer amazing pay, the most in-demand skills for business development managers are Account Management, New Business Development, Sales, Customer Relationship Management (CRM).
Some cities in India offer higher than average salaries to business development managers while some offer less than the average pay. That’s why you should know which category your city falls into. That would help you make smarter career decisions.
Business development managers in Mumbai earn the highest salaries in India as their average pay is 18% higher than the national median. Pune also offers 18% higher pay than the national median. Other cities that offer higher than national average salaries are Bangalore (16% higher), New Delhi (8% higher) and Chennai (3% higher).
Conversely, some cities offer less than the national average pay. These include Kolkata (27% less than the national average), Delhi (13% less than the national average), and Hyderabad (5% less than the national average).
Different companies offer different salaries and benefits to business development managers. Thus, you should know which companies offer the best salaries so you can plan your career accordingly. However, keep in mind that the offered pay isn’t the only factor you should consider while looking at a potential employer. You should consider the work culture, benefits, and the work environment along with the offered salary.
The offered pay for a business development manager is the highest at Amazon as the average pay for these professionals there is INR 19.7 lakh per annum. Another prominent employer that offers lucrative pay is OYO Rooms who offer an average salary of INR 8 lakh per annum to business development managers.
How to Earn the Top Business Development Manager Salary in India?
You might have very little control over the location of your operation and your employer, but you certainly have a lot of control over the number of skills you have. Hence if you want to get the top salary in this profession and advance your career quickly, the best way to do so is through learning the most in-demand skills.
By learning the in-demand skills, you can keep up with the industry’s trends and stay on top of your game. Companies are always on the lookout for skilled professionals, so having the required skills will make you a preferred candidate in large corporations that offer lucrative salaries.
However, a business development manager is a leadership role and requires one to learn multiple skills. The best way to learn all of those skills is through a course. A course gives you a structured learning curriculum along with guidance and mentorship so you can learn the required concepts quickly and efficiently.
At upGrad, we offer multiple management courses that can make you a top contender for the top business development management roles:
1. Post Graduate Diploma in Management
We offer this 2-year program with the Birla Institute of Management Technology, one of the top B-schools in India. This program teaches you some of the most important skills for business development managers including Marketing Management, Supply Chain Management, Financial Management, Strategic Management, etc.
You will need a valid bachelor’s degree to be eligible for this program. This program offers more than 2000 hours of content and 50+ live sessions in the first year alone. In the second year, you can choose from three specialisations: Business Management, Banking Insurance and Finance Service, and Information Technology.
2. PG Program in Management
This is an 11-month program we offer with IMT Ghaziabad. Some of the prominent skills and subjects you will learn in this course are Teamwork, Business Growth Strategies, Adaptability to change, Strategic Thinking and Planning, Project Management, and many others.
You must have a bachelor’s degree with a minimum of 50% marks to be eligible for this program. You will get 320+ hours of study material, 20+ live sessions, and 10+ assignments and case studies in this course.
The average business development manager salary in India is certainly impressive. It shows just how much demand there is for such professionals.
If you’re interested in pursuing a career in business development management, we recommend taking one of the courses we discussed above. They will impart you with the necessary to kickstart a career in business development and management.
Due to lockdowns across India, multiple universities and b-schools are now offering their MBA programs online. You can consider some of these world-class MBA programs offered by top Business schools. upGrad can help you apply for an MBA from Liverpool Business School with a specialization in marketing or other domains. This course offers you a dual alumni status, an MBA graduate from Liverpool Business School.
Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.
What kind of salaries can one expect as a Business Development Manager?
A Business Development Manager focuses on growing the company’s business. Active presence is required in every industry throughout the year. This makes the role extremely important as it leads to immense potential. Average salary of a Business Development Manager is around INR 50,000 per month amounting to INR 600,000 per year. However, there is huge potential for this to grow as you can potentially earn a decent bonus in a good year. A Business Development Manager’s salary can further increase with additional skills, more certifications, good references, and healthy work performance.
What is the highest salary for a Business Development Manager?
A Business Development Manager’s salary can go as high as INR 20 lakhs per year or even higher. Salaries for Business Development Managers can certainly be influenced by factors like the number of years spent in the profession and the educational background. However, when you scale up your company’s business on a job in reality, then that directly spikes up your bonus or incentive. As a Business Development Manager, your earnings have two compositions – salary and bonus. So the rise in the salary range depends on your performance.
What is the work experience and education required to be a Business Development Manager?
Work experience of two years for this role is helpful since you need to understand and add value. The role involves understanding the business in-depth and taking it to a higher level. This requires work experience as working on the job gives you a deeper understanding of how a business functions. Also, a Business Development Manager should have obtained education in business, marketing, advertising, or a related field to obtain this position. Education in the right field coupled with a decent work experience can lead to a healthy salary and a strong standing in the company.