A market development manager is just one of the many positions within every organization engaged in ensuring stable business growth. Yet, the role market development managers perform in their companies is hard to undervalue. One way to understand this role completely is to read a comprehensive market development manager job description that explains the key responsibilities and requirements applicable to this position.
But, if you are looking to land a market development manager job yourself, the information you want to study concerning this position should go far beyond the basic demands and duties. And we are here to help you out with this!
In this article, the experts from Belkins B2B lead generation company are going to clarify to you the following questions:
- Who is a market development manager?
- What responsibilities are included in market development manager jobs?
- What qualifications and education does one need to land this job?
- What key skills and personal traits are employers looking for in candidates for such jobs?
- What salaries are typical for such jobs?
For everyone interested in market development careers, this article will offer you a sneak peek into this job and help you figure out whether it’s right for you, as well as help you understand how to jump-start your career in this field with ease.
Who Is a Market Development Manager?
A market development manager is another sales position that can be found in nearly every company. In a nutshell, employees in such roles are busy seeking new business opportunities and customers for their companies.
As a rule, market development managers don’t focus on all types of sales in their work. Instead, they are often assigned either to a specific industry or region or to a specific product type.
Market Development Manager Job Duties
The duties inherent in this role are pretty vast. First and foremost, people in this position are responsible for identifying new promising markets, as well as researching and analyzing them. This function is critical for business development and growth, as it allows a company to scale by entering new markets. Another area of focus for such specialists covers customer relationships.
They are responsible for developing new sales opportunities that can help their employers acquire new leads that can later transform into buying customers who will help the company achieve the revenue goals set in its business plan.
Apart from being able to identify opportunities for profitable growth, people in this role also have to know how to capture these opportunities. Thus, some of their additional responsibilities can include:
- Creatingmarketing materials;
- Managing stock and inventory;
- Taking customers’ orders;
- Developing a strong presentation (pitch) that boosts sales.
These are some of the most basic and common duties that can be present in market development manager jobs. Of course, depending on the particular sector, industry, and other unique features of a particular company, the range of responsibilities can be slightly different.
Market Development Manager Job: Education and Qualification Requirements
In case you are hoping to land this job yourself, the chances are that one of the biggest questions facing you right now is — what do you need to start a career?
Just like any other job, this one has a standard set of requirements that employers are looking for in candidates. Of course, one of the key requirements is a relevant education. So, what exactly will you need to demonstrate to get hired?
As a rule, companies are looking for experts with at least a Bachelor’s degree. Of course, higher-level positions may require a higher degree. But, most job descriptions state a presence of a BA as the core requirement.
What majors will work, you may wonder? Since the work of market development managers is tightly connected with marketing and sales, you can land this job holding a BA degree (or higher) in business administration, marketing, or any other related field.
What about additional qualifications? Unless you are going for an internship or an entry-level job, you will be expected to have at least a few years of experience in the market or strategic development, marketing, or sales. Often, an employer may look for someone who possesses experience in their particular industry or who is familiar with their target audience. The experience level required for each particular role may differ depending on the job’s level.
Some other qualifications may include strong sales, negotiation, marketing, and interpersonal skills. In the following section of this article, we are going to take a close look at each specific skill required for this job.
Market Development Manager Jobs Key Skills and Personality Traits
Now that you know what employees in this role are responsible for, it is natural to wonder what specific skills and personal traits you need to demonstrate in order to land a job like this. So, let’s take a moment to figure this out.
First and foremost, a good professional has to possess strong market development skills. This basically means having the needed knowledge and proficiency in developing and implementing winning strategies for expanding new market divisions for existing products or services. Simply put, you need to have the ability to generate new business in your company’s targeted market segments.
Another core skill is business development. In a nutshell, possessing it means being able to come up with ideas, initiatives, or solutions meant to help the business work better. This can involve the improvement of marketing, sales, products and services development, supply chain management, and other functions within your firm.
One of the ultimate tasks of people in this role involves ensuring that their firm attains its revenue goals. Therefore, if you want to land a job like this, you want to demonstrate your ability to meet these goals yourself and help the rest of your team members create a smooth lead flow and ensure that existing accounts also generate sales.
Being able to support new and existing customers is also crucial for this job. Therefore, every applicant for this position should possess strong customer service skills. This implies being able to communicate with clients, answering their questions, helping solve their problems, etc. All in all, it means creating excellent customer experiences for both new leads and existing customers, too, so that they stay happy and always come back to you.
Careful market research is crucial for the effective creation and implementation of your company’s lead generation initiatives. And it is also crucial for successful entrance into new market verticals. In essence, market research is used to identify the needs and expectations of your potential customers in order to help your firm tailor its sales pitch and marketing materials to meet those needs.
These are some of the very basic abilities you will need for a job in market development. Apart from them, there is also a wide range of additional abilities and proficiencies that you may want to acquire. These include excellent knowledge of marketing and business operations, the ability to acquire new customers, and basic understanding of demand generation.
Apart from the skills we mentioned above, every good specialist should also possess a number of personal qualities to perform well in the workplace.
So, what are these qualities?
First of all, you will need excellent communication skills (both verbal and written) and teamwork. Specialists in this role often have to communicate with customers and partners, provide customersupport, and also collaborate with other team members to reach set strategic development, marketing, and sales goals. Thus, strong communication is a must-have.
Also, specialists in such roles need to possess strong critical thinking, problem-solving, and decision-making abilities. These abilities are crucial for creating and implementing effective marketing development strategies.
Apart from this, just like every other manager, you will need to be a strong leader in order to be able to lead and manage your team effectively. This should involve being able to set goals, lead and supervise a team of professionals, and ensure that every link in the team works as expected.
Lastly, people looking to land a job in market development should be able to operate as individual entities without additional supervision. Therefore, possessing solid time management and organizational skills is also important.
Market Development Manager’s Salary
Lastly, one more thing you might be interested in before applying for market development manager jobs is — how much do these jobs pay?
Of course, as it is in every industry and role, the salary for this job varies significantly from one employer to another. There are several factors that can affect the salary:
- Job level;
- Candidate’s experience and qualifications;
- Size of the company.
According to industry reports, the highest salaries for this position can be found at Johnson & Johnson, Accenture, and Medtronic. These companies offer their market development specialists a salary of $140K-$144K per year. However, that’s not the industry’s average.
According to Zip Recruiter, the average salary among market development specialists is $58,786. That’s how much the majority of specialists in this field can make per year.
25% of industry specialists make $40,000 a year. Most often, those whose salaries are below the field’s average are either taking entry-level positions or working in small firms. Other 75% make nearly $71,500 a year, whereas industry top earners’ salaries can reach $94,500.
In order to land a job with solid pay, job seekers should perform thorough competitive research. Take your time to research every company of your interest and compare it with its competitors. But, salary shouldn’t be the only thing you focus on. Apart from this, you should be looking for companies with smooth operations and good corporate cultures. At the same time, you want to ensure that the offered work conditions correspond to your needs and expectations. Finally, job seekers who are planning to develop their careers in this field in the long-term perspective should also consider the career advancement opportunities offered by each particular firm.
The Bottom Line
Jobs in the market development sector are gaining momentum. These days, most companies across all industry verticals are hiring such experts in order to ensure their brands’ scalability and help their products reach new markets with ease.
Due to the high demand for such professionals, mastering this profession can be very beneficial for your future career. And now, you know which way to go to jump-start your career in market development.
After reading this article, you should have a clear idea of what this job is all about, what duties it includes, as well as what education, proficiency, and qualities you need to possess in order to get hired. Now, you are all equipped for success. So, start acting!