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The differences between market development specialists and business development specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a market development specialist has an average salary of $58,991, which is higher than the $57,410 average annual salary of a business development specialist.
The top three skills for a market development specialist include market development, healthcare and heart failure. The most important skills for a business development specialist are work ethic, CRM, and customer service.
| Market Development Specialist | Business Development Specialist | |
| Yearly salary | $58,991 | $57,410 |
| Hourly rate | $28.36 | $27.60 |
| Growth rate | 19% | 10% |
| Number of jobs | 82,421 | 182,116 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 73% |
| Average age | 37 | 44 |
| Years of experience | 6 | - |
A market development specialist works on different marketing programs and projects to secure sales and premium goals. They develop and execute training strategies and programs, perform market research and analyses to find business opportunities, study the consumers and competitors, and create sales pitches ideal for field operations. They may also reach out directly to clients by calls, emails, or appointments, offer products and services, and establish positive relationships through efficient services. Additionally, a market development specialist oversees every marketing project's progress, producing reports for managers regularly.
A business development specialist is an expert who determines opportunities for marketing strategy optimization and business growth. The specialists perform business process and financial analysis, effective network creation, and business plan implementation. Being a good business development specialist requires knowledge and experience in managing a business. The skillset for the position includes a strong command in English, information technology, attention to detail, and written and verbal communication.
Market development specialists and business development specialists have different pay scales, as shown below.
| Market Development Specialist | Business Development Specialist | |
| Average salary | $58,991 | $57,410 |
| Salary range | Between $39,000 And $87,000 | Between $38,000 And $85,000 |
| Highest paying City | Wilmington, DE | Jersey City, NJ |
| Highest paying state | Delaware | Wisconsin |
| Best paying company | Amazon | Corsair |
| Best paying industry | Finance | Finance |
There are a few differences between a market development specialist and a business development specialist in terms of educational background:
| Market Development Specialist | Business Development Specialist | |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Western Carolina University |
Here are the differences between market development specialists' and business development specialists' demographics:
| Market Development Specialist | Business Development Specialist | |
| Average age | 37 | 44 |
| Gender ratio | Male, 59.6% Female, 40.4% | Male, 50.7% Female, 49.3% |
| Race ratio | Black or African American, 5.2% Unknown, 5.0% Hispanic or Latino, 12.4% Asian, 9.6% White, 67.6% American Indian and Alaska Native, 0.1% | Black or African American, 6.4% Unknown, 4.6% Hispanic or Latino, 9.4% Asian, 8.8% White, 70.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 10% | 11% |