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The differences between new business development and business development consultants can be seen in a few details. Each job has different responsibilities and duties. Additionally, a business development consultant has an average salary of $85,153, which is higher than the $84,261 average annual salary of a new business development.
The top three skills for a new business development include senior level management, business development and CRM. The most important skills for a business development consultant are healthcare, CRM, and cloud.
| New Business Development | Business Development Consultant | |
| Yearly salary | $84,261 | $85,153 |
| Hourly rate | $40.51 | $40.94 |
| Growth rate | 10% | 6% |
| Number of jobs | 197,789 | 168,111 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 72% |
| Average age | 39 | 44 |
| Years of experience | 10 | - |
New business development focuses on new business opportunities and new product innovation, including product design, business model design, and marketing. This includes a wide scope of responsibilities that includes marketing planning, strategic partnerships, and increased profitability. It is the responsibility of new business development agents to be aware of new market opportunities, possibilities for expansion, competitor product developments, and the company's current sources of revenue. This job can be summarized as the source of ideas, initiatives, and activities aimed in the direction of making a business better.
The role of business consultants is to provide an analysis of a company on its business practices and make recommendations for long-term goals. This role is also connected with various duties and responsibilities, including reviewing the company's financial statements, engaging in research on how to improve the company's offers, and developing new business models. Also, business consultants are responsible for negotiating contracts as needed, initiating plans and strategies to minimize company losses and drive profits. They may also function as the company's representative in promotional events and trade associations.
New business development and business development consultants have different pay scales, as shown below.
| New Business Development | Business Development Consultant | |
| Average salary | $84,261 | $85,153 |
| Salary range | Between $57,000 And $122,000 | Between $52,000 And $137,000 |
| Highest paying City | San Francisco, CA | Minneapolis, MN |
| Highest paying state | New Jersey | Pennsylvania |
| Best paying company | Citi | Veeva Systems |
| Best paying industry | Technology | Media |
There are a few differences between a new business development and a business development consultant in terms of educational background:
| New Business Development | Business Development Consultant | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Western Carolina University |
Here are the differences between new business development' and business development consultants' demographics:
| New Business Development | Business Development Consultant | |
| Average age | 39 | 44 |
| Gender ratio | Male, 63.2% Female, 36.8% | Male, 64.1% Female, 35.9% |
| 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, 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% |