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The differences between territory managers and business development managers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-8 years to become a territory manager, becoming a business development manager takes usually requires 8-10 years. Additionally, a business development manager has an average salary of $100,769, which is higher than the $73,728 average annual salary of a territory manager.
The top three skills for a territory manager include customer service, patients and product knowledge. The most important skills for a business development manager are customer service, CRM, and healthcare.
| Territory Manager | Business Development Manager | |
| Yearly salary | $73,728 | $100,769 |
| Hourly rate | $35.45 | $48.45 |
| Growth rate | 5% | 10% |
| Number of jobs | 106,325 | 215,309 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 74% |
| Average age | 46 | 39 |
| Years of experience | 8 | 10 |
A territory manager is responsible for monitoring the sales operations of the different sales team of an organization. One of the most crucial duties of a territory manager is to encourage the sales team to provide the best results for increasing the company's profitability. Territory managers are conducting sales training, improving marketing strategies and approach, reviewing sales pitches, analyzing current market trends, and reaching sales goals. Territory managers must display exceptional leadership and customer service skills to manage customers' needs and identify more business opportunities.
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.
Territory managers and business development managers have different pay scales, as shown below.
| Territory Manager | Business Development Manager | |
| Average salary | $73,728 | $100,769 |
| Salary range | Between $46,000 And $117,000 | Between $67,000 And $151,000 |
| Highest paying City | Seattle, WA | San Francisco, CA |
| Highest paying state | Alaska | California |
| Best paying company | FUJIFILM Diosynth Biotechnologies | Shearman & Sterling |
| Best paying industry | Pharmaceutical | Finance |
There are a few differences between a territory manager and a business development manager in terms of educational background:
| Territory Manager | Business Development Manager | |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Southern California | University of Georgia |
Here are the differences between territory managers' and business development managers' demographics:
| Territory Manager | Business Development Manager | |
| Average age | 46 | 39 |
| Gender ratio | Male, 71.3% Female, 28.7% | Male, 68.6% Female, 31.4% |
| Race ratio | Black or African American, 3.2% Unknown, 4.4% Hispanic or Latino, 9.8% Asian, 4.1% White, 78.2% 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 | 7% | 10% |