What Does a Market Development Manager Do?
Find out what a market development manager does, how to get this job, and what it takes to succeed as a market development manager.
Market development managers are responsible for developing and executing marketing strategies for their company’s products or services. They commonly work with a team of marketers, salespeople, designers, engineers, etc., to develop new ways to sell their product or service.
Market development managers may also be tasked with overseeing the implementation of these strategies. This might include managing third-party vendors, coordinating with outside agencies, or even directly interacting with customers.
Market Development Manager Job Duties
A market development manager typically has a wide range of responsibilities, which can include:
- Developing marketing strategies for new markets based on research about consumer preferences and buying habits
- Creating promotional materials such as brochures and advertisements to promote products or services
- Developing and implementing advertising campaigns to promote products or services in target markets
- Coordinating with other departments to ensure that advertising is properly implemented
- Keeping track of results from advertising campaigns to determine which approaches are most effective
- Managing the implementation of all marketing campaigns, including identifying target markets and designing advertisements for print and electronic media
- Developing and implementing long-term strategies for increasing market share, based on demographic research and competitor analysis
- Preparing reports detailing the success of marketing campaigns, including sales figures and customer feedback
- Recruiting, hiring, training, and managing advertising agency staff who create advertisements
Market Development Manager Salary & Outlook
Market development managers’ salaries vary depending on their level of education, years of experience, and the size and industry of the company. They may also earn additional compensation in the form of commissions and bonuses.
- Median Annual Salary: $86,500 ($41.59/hour)
- Top 10% Annual Salary: $173,000 ($83.17/hour)
The employment of market development managers is expected to grow faster than average over the next decade.
Demand for marketing services will continue to increase as firms seek to reach new markets and gain a competitive advantage. Marketers will be needed to help companies tailor their products and services to appeal to specific groups of customers.
Related: Market Development Manager Interview Questions and Answers
Market Development Manager Job Requirements
A market development manager typically needs the following qualifications:
Education: Market development managers are typically required to have a bachelor’s degree in marketing, business or a related field. Some employers prefer candidates who have a master’s degree in marketing or business administration. Relevant coursework includes marketing research, statistics, economics, business law and business communication.
Training & Experience: Market development managers typically receive on-the-job training in their role. This training may include learning about the company’s products and services, the company’s marketing strategies and the role’s specific responsibilities. Training may also include learning about the company’s computer systems and software.
Market development managers can also receive training through internships and entry-level roles. During an internship, students can learn about the marketing industry and the responsibilities of a market development manager. Entry-level roles can provide market development managers with experience in marketing, sales and business development.
Certifications & Licenses: Certifications enable professionals to improve their skills and demonstrate their qualifications to prospective employers. Market development managers can earn certifications to gain more theoretical knowledge of their responsibilities, test their skills and further advance their career.
Market Development Manager Skills
Market development managers need the following skills in order to be successful:
Marketing skills: Market development managers use marketing skills to develop strategies for promoting products and services. They may create advertisements, design marketing campaigns and develop sales strategies. They may also analyze the success of marketing campaigns and make adjustments to improve results.
Communication skills: As a market development manager, you may be required to communicate with clients, colleagues and other stakeholders. Effective communication can help you convey your ideas and ensure that your message is understood. You may also need to communicate complex information in a way that is easy to understand.
Business development skills: Business development skills are the ability to create and maintain relationships with potential clients and customers. This can include identifying potential clients, researching their needs and creating a strategy to meet those needs. It also includes maintaining those relationships through regular communication.
Strategic planning skills: Market development managers use strategic planning skills to develop and implement marketing campaigns. They use strategic planning skills to create goals, develop action plans and evaluate the success of their marketing efforts. Strategic planning skills are also important for market development managers when they create budgets for marketing campaigns.
Financial acumen: Financial acumen is the ability to understand and interpret financial data. As a market development manager, you may be responsible for managing budgets and forecasting revenue. Having strong financial acumen can help you make informed decisions about your company’s finances.
Market Development Manager Work Environment
Market development managers work in a variety of settings, including offices, laboratories, and manufacturing and production facilities. They may also travel to attend conferences, meet with clients, or conduct research. Market development managers typically work a standard 40-hour week, although they may occasionally work overtime to meet deadlines or attend evening or weekend meetings. The work can be stressful at times, as market development managers must juggle multiple projects and deadlines. However, most market development managers find their work to be challenging and stimulating and enjoy the opportunity to work with a variety of people.
Market Development Manager Trends
Here are three trends influencing how market development managers work. Market development managers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.
The Need for More Technical Talent
The need for more technical talent is a trend that is being felt across all industries, as businesses are increasingly relying on technology to run their operations. This has led to an increased demand for professionals with expertise in areas such as software development and data analytics.
As the need for more technical talent grows, so too will the demand for professionals who can help businesses utilize these technologies effectively. This means that market development managers will need to be well-versed in these areas in order to be successful.
More Focus on Digital Marketing
As digital marketing becomes more important, businesses are beginning to focus more on hiring professionals who can help them succeed in this area. This is because digital marketing offers many benefits, such as the ability to reach a large audience quickly and easily.
Market development managers who are able to understand and implement digital marketing strategies will be in high demand in the years to come. They will need to be able to not only create effective campaigns, but also manage the day-to-day tasks of running a digital marketing team.
A Greater Emphasis on Branding
Branding is becoming an increasingly important part of business strategy, as companies are realizing the importance of creating a unique identity that sets them apart from their competitors.
As branding becomes more important, market development managers will need to be able to create and execute campaigns that resonate with customers. This requires a deep understanding of what makes people tick and how to connect with them on a emotional level.
How to Become a Market Development Manager
Market development managers are responsible for developing and executing marketing plans that will help their company reach its goals. This can include creating new products, finding new customers, or increasing sales.
To be successful in this role, you need to have a strong understanding of the market and how your company fits into it. You also need to be able to think creatively about ways to grow your business. And finally, you need to be able to work well with people at all levels of the organization.
Advancement Prospects
The best way to advance your career as a market development manager is to produce results. Your success in developing new markets and generating sales will be the best way to demonstrate your value to your company and to advance your career. You may also advance your career by taking on additional responsibilities, such as managing a team of market development managers or taking on a larger territory. In some cases, market development managers may also advance their careers by moving into other marketing roles, such as product marketing or brand management.
Market Development Manager Job Description Example
At [CompanyX], we’re looking for a market development manager who will be responsible for developing and executing strategies to increase market share and grow our business. The ideal candidate will have experience in market analysis, product development, and marketing. They will be able to identify market trends and develop plans to capitalize on them. They will also be responsible for managing a team of market development specialists. The goal of this position is to increase market share and grow the business.
Duties & Responsibilities
- Develop and execute market development plans to support the growth of assigned products/services in existing and new markets
- Research and analyze customer needs, trends, and competition to identify market opportunities
- Develop strategies to penetrate new markets and grow share in existing markets
- Work with cross-functional teams to develop go-to-market plans and launch new products/services
- Manage budgets and track progress against objectives for assigned programs
- Monitor and report on program results and ROI, making recommendations for improvements
- Stay up-to-date on industry trends and developments to identify new opportunities
- Build and maintain relationships with key customers, partners, and influencers
- Conduct market analysis to identify potential target markets and segments
- Plan and execute trade show and event participation
- Develop and implement marketing communications plans
- Write and edit marketing collateral
Required Skills and Qualifications
- Bachelor’s degree in marketing, business, or related field
- 7-10 years of experience in marketing, market research, business development, or related area
- Proven track record of success in developing and executing marketing plans that drive revenue growth
- Experience managing budgets and P&L responsibility
- Strong analytical skills and experience using data to inform marketing decisions
- Excellent communication, presentation, and project management skills
Preferred Skills and Qualifications
- MBA or other advanced degree
- Experience in the software industry
- Experience working with global teams
- Fluency in more than one language
- Experience with marketing automation tools