Businesses depend on advertisements to spread their message and attract customers to purchasing their product or service. Setting up effective promotional campaigns is key for maximizing their brand’s exposure and revenue. That’s precisely where the marketing manager comes in. Marketing managers use their financial expertise to monitor market trends and develop marketing policies for outpacing competitors. Marketing managers play a pivotal role in establishing their organization’s pricing strategy to generate good profit margins without compromising customer satisfaction. In today’s digital age, some marketing managers focus solely on creating promotional buzz on the Internet and social media. Marketing managers manage all stages of product development to ensure the company targets the right audience.
Salary
According to the May 2014 BLS report, the 184,490 marketing managers working in the United States earn a high average yearly salary of $137,400. This could be equated to $66.06 per hour. Marketing managers employed by advertising agencies earn slightly more at $156,790. The highest paid in the profession work for security and commodity exchanges at an average of $213,620 annually.
Beginning Salary
When just starting as a marketing manager, you’ll likely land in the bottom tenth percentile with a decent annual income around $65,980. However, marketing managers with years of experience and upper-level senior responsibilities often bring home upwards of $171,390 each year. In fact, Forbes found that America’s top-earning marketing manager makes $9.7 million.
Key Responsibilities
Marketing managers have the primary responsibility of supervising the creation of various merchandising sales campaigns to sell more products. Typically, marketing managers will oversee:
- marketing
- sales
- advertising
- public relations
- product development staff members to facilitate a smooth campaign
Daily duties can include:
- reviewing marketing plans
- selecting advertising media
- negotiating ad contracts
- evaluating advertisement layouts
- analyzing market research analyses
- crafting appropriate pricing structure
Marketing managers must accurately estimate marketplace demand to balance a product’s strengths and weaknesses for maintaining strong sales. Marketing managers may set up focus groups to test how customers respond to products and whether tweaks need to be made.
Necessary Skills
Being a marketing manager will require that you possess the creative thinking skills to generate promotional campaigns that catch potential customers’ eyes. Marketing managers must be skilled communicators with the interpersonal skills to lead a diverse advertising staff. Good decision-making skills are essential because marketing managers are given the final authority on the organization’s marketing strategies. Analytical and mathematical abilities are important since marketing managers regularly conduct market research to study industry trends. Marketing managers must be detail-oriented with good organizational skills to complete advertising campaigns on time and within budget. Other skills important for ambitious marketing managers are:
- teamwork
- computer
- negotiation
Degree and Education Requirements
Before you can find a job in marketing management, you’ll need to earn at least a four-year baccalaureate degree from an accredited business school. Most aspiring marketing managers will pursue an undergraduate major in:
- marketing
- finance
- business administration
- economics
- mathematics
- or management
For solid career preparation fill up your transcript with electives in:
- consumer behavior
- market research
- sales theory
- communications
- visual arts
- Internet marketing
- statistics
Attending graduate school is becoming increasingly common. Marketing managers will likely advance more quickly with a:
- Master of Marketing Research (MMR)
- Master of Science in Finance (MSF)
- or Master of Business Administration (MBA)
Pros and Cons of the Position
Working as a marketing manager will have its equal balance of rewards and challenges. On the positive side, marketing managers bring home a lucrative six-figure salary that could potentially climb past the million dollar mark for some. Marketing managers work in a comfortable office environment with diverse staff members, which is ideal for extroverts. It’s possible for marketing managers to specialize in virtually any industry from pharmaceuticals to technology.
However, marketing managers have a stressful job with the weight of the company’s sales performance on their shoulders. Most will deal with long hours beyond the traditional 40-hour week and pressure to meet strict campaign deadlines. Job growth is moderate, so marketing managers will face fierce competition with other business school graduates. Marketing managers also may need to invest in an expensive graduate degree to reach their professional goals.
Getting Started
While earning your bachelor’s degree, start building your resume with real-world work experience in the advertising, promotions, and marketing field. Any internship, co-operative, or field consulting experience in an organization’s marketing department will help. You can facilitate promotion by creating your own specialized niche in one of these industries:
- retail
- entertainment
- food service
- healthcare
- hospitality
- technology
Most marketing managers gain at least three to five years of experience as sales representatives or marketing specialists before being promoted. Although it’s not mandatory, going the extra step to receive certification can be advantageous. For instance, the American Marketing Association (AMA) gives out the Professional Certified Marketer (PCM) credential to professionals who pass an exam. You could also be a Certified Marketing Professional through the Direct Marketing Association (DMA).
Future Outlook
As the global economy recovers, organizations will be investing in more promotional campaigns to gain a competitive edge for consumers’ attention. High demand is likely for marketing professionals with knowledge in managing digital media campaigns via the Internet or social media. Job decline is imminent in newspaper publishing and advertising, which will slow employment growth considerably. The BLS has concluded that jobs for marketing managers will grow about as fast as average at 13 percent.
Even though around 22,900 new positions are projected, competition will be heated. Marketing managers can find the best prospects at:
- advertising agencies
- private corporations
- manufacturing firms
- retail trade organizations
- insurance carriers
- financial institutions
Overall, marketing managers are extremely well-paid business leaders who maintain a mid- to upper-level position in supervising the promotion of products and services. Marketing managers benefit from having a finance background to more accurately analyze consumer needs and tailor products accordingly. Being a marketing manager means constantly finding new ways to build brand awareness and customer loyalty. According to the U.S. News and World Report, marketing managers have the #2 best business job in America. If you decide to become a marketing manager, you’ll have the rewarding opportunity to help companies achieve their sales objectives with products that sell quickly off the shelves.
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