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The differences between business product managers and business development 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 product manager and a business development manager. Additionally, a business product manager has an average salary of $123,607, which is higher than the $100,769 average annual salary of a business development manager.
The top three skills for a business product manager include product management, project management and market research. The most important skills for a business development manager are customer service, CRM, and healthcare.
| Business Product Manager | Business Development Manager | |
| Yearly salary | $123,607 | $100,769 |
| Hourly rate | $59.43 | $48.45 |
| Growth rate | 10% | 10% |
| Number of jobs | 189,393 | 215,309 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 74% |
| Average age | 39 | 39 |
| Years of experience | 10 | 10 |
A business product manager is primarily in charge of overseeing a company's product and service development procedures, ensuring quality and marketability. Their responsibilities typically revolve around gathering and analyzing data to understand and identify product requirements, coordinating with the engineering and quality control teams, determining the marketing opportunities, managing the roadmaps, and developing strategies to meet the consumers' needs. Furthermore, as a business product manager, it is essential to lead and encourage the workforce to reach goals, all while implementing the company's policies and regulations.
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.
Business product managers and business development managers have different pay scales, as shown below.
| Business Product Manager | Business Development Manager | |
| Average salary | $123,607 | $100,769 |
| Salary range | Between $88,000 And $173,000 | Between $67,000 And $151,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | California |
| Best paying company | Meta | Shearman & Sterling |
| Best paying industry | - | Finance |
There are a few differences between a business product manager and a business development manager in terms of educational background:
| Business Product Manager | Business Development Manager | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between business product managers' and business development managers' demographics:
| Business Product Manager | Business Development Manager | |
| Average age | 39 | 39 |
| Gender ratio | Male, 64.1% Female, 35.9% | Male, 68.6% Female, 31.4% |
| 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% |