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The differences between new business development and business development executives can be seen in a few details. Each job has different responsibilities and duties. It typically takes 8-10 years to become both a new business development and a business development executive. Additionally, a business development executive has an average salary of $97,871, 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 executive are business development, digital transformation, and customer service.
| New Business Development | Business Development Executive | |
| Yearly salary | $84,261 | $97,871 |
| Hourly rate | $40.51 | $47.05 |
| Growth rate | 10% | 10% |
| Number of jobs | 197,789 | 189,950 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 75% |
| Average age | 39 | 39 |
| Years of experience | 10 | 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.
A business development executive serves as a senior manager who drives company sales. Business development executives convince existing clients to buy more offerings and also source new clients. The focus of their job is on lead generation, prospect management, and customer acquisition. They collaborate with management in terms of sales objectives, planning, and prediction. The skills necessary for this job include customer service and relations, time management, strong written communication, and sales process experience.
New business development and business development executives have different pay scales, as shown below.
| New Business Development | Business Development Executive | |
| Average salary | $84,261 | $97,871 |
| Salary range | Between $57,000 And $122,000 | Between $64,000 And $149,000 |
| Highest paying City | San Francisco, CA | Phoenix, AZ |
| Highest paying state | New Jersey | Arizona |
| Best paying company | Citi | Clifford Chance |
| Best paying industry | Technology | Pharmaceutical |
There are a few differences between a new business development and a business development executive in terms of educational background:
| New Business Development | Business Development Executive | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 75% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between new business development' and business development executives' demographics:
| New Business Development | Business Development Executive | |
| Average age | 39 | 39 |
| Gender ratio | Male, 63.2% Female, 36.8% | Male, 63.8% Female, 36.2% |
| 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% |