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The differences between business development managers and product managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 8-10 years to become both a business development manager and a product manager. Additionally, a product manager has an average salary of $111,729, which is higher than the $100,769 average annual salary of a business development manager.
The top three skills for a business development manager include customer service, CRM and healthcare. The most important skills for a product manager are product management, QA, and product strategy.
| Business Development Manager | Product Manager | |
| Yearly salary | $100,769 | $111,729 |
| Hourly rate | $48.45 | $53.72 |
| Growth rate | 10% | 10% |
| Number of jobs | 215,309 | 125,678 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 72% |
| Average age | 39 | 39 |
| Years of experience | 10 | 10 |
A business development manager's duties include identifying business opportunities, developing effective models and strategies to improve business performance, searching for potential clients to generate income and attract partnerships. A business development manager must have extensive knowledge of the market trends and adjust strategies as needed to meet the needs of the client. Excellent communication, decision-making, critical thinking, and leadership skills are just some of the key factors that business development managers should possess to communicate and negotiate with the clients.
A product manager is responsible for ensuring product development, providing the best marketing strategies, and effectively handling the sales and marketing team. Product managers' duties include monitoring the market trends and conditions, identifying business opportunities and plan initiatives, and collaborating the product launch process with the appropriate departments. A product manager is also responsible for generating ideas on improving product features, determining timetables and reasonable pricing, and analyzing product sales. A product manager must have excellent strategic and decision-making skills to contribute to its growth and profitability.
Business development managers and product managers have different pay scales, as shown below.
| Business Development Manager | Product Manager | |
| Average salary | $100,769 | $111,729 |
| Salary range | Between $67,000 And $151,000 | Between $81,000 And $152,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | California |
| Best paying company | Shearman & Sterling | Meta |
| Best paying industry | Finance | Retail |
There are a few differences between a business development manager and a product manager in terms of educational background:
| Business Development Manager | Product Manager | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between business development managers' and product managers' demographics:
| Business Development Manager | Product Manager | |
| Average age | 39 | 39 |
| Gender ratio | Male, 68.6% Female, 31.4% | Male, 65.3% Female, 34.7% |
| Race ratio | Black or African American, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% | Black or African American, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 10% |