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The differences between directors of new product development and business development directors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 8-10 years to become both a director of new product development and a business development director. Additionally, a director of new product development has an average salary of $139,162, which is higher than the $117,784 average annual salary of a business development director.
The top three skills for a director of new product development include product development, R and business development. The most important skills for a business development director are healthcare, CRM, and patients.
| Director Of New Product Development | Business Development Director | |
| Yearly salary | $139,162 | $117,784 |
| Hourly rate | $66.90 | $56.63 |
| Growth rate | 10% | 10% |
| Number of jobs | 185,369 | 153,601 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 74% |
| Average age | 39 | 39 |
| Years of experience | 10 | 10 |
A director of new product development spearheads and oversees a company's product development operations, from planning to production. They primarily take the lead in conducting research and analyses, coordinating engineers and other experts, evaluating product development plans and guidelines, and liaising with internal and external parties. They also have the authority to approve projects, make significant decisions, negotiate contracts, select concepts, and monitor all procedures, implementing solutions and strategies to optimize operations. Moreover, a director of new product development empowers employees while enforcing company standards and policies.
A business development director specializes in crafting plans and strategies to develop the relationship between the brand, clients, and other key characters in the industry. It is their responsibility to examine and understand everything about the brand and figure out which areas require improvement or changes. They must also conduct a thorough marketing analysis and remain updated on the latest trends in the market to identify new opportunities that would improve customer satisfaction. Furthermore, they must also communicate with all clients, even appear on public gatherings to strengthen brand awareness.
Directors of new product development and business development directors have different pay scales, as shown below.
| Director Of New Product Development | Business Development Director | |
| Average salary | $139,162 | $117,784 |
| Salary range | Between $94,000 And $204,000 | Between $72,000 And $192,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | Rhode Island | New Mexico |
| Best paying company | DoorDash | alliantgroup |
| Best paying industry | Media | Finance |
There are a few differences between a director of new product development and a business development director in terms of educational background:
| Director Of New Product Development | Business Development Director | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between directors of new product development' and business development directors' demographics:
| Director Of New Product Development | Business Development Director | |
| Average age | 39 | 39 |
| Gender ratio | Male, 77.1% Female, 22.9% | Male, 72.3% Female, 27.7% |
| 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% |