How Much Does a Marketing Manager Earn Yearly?
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A marketing manager is responsible for managing teams of marketers as well as finding opportunities to create new products or push advertising of existing products or services. While we think of managers as primarily managing teams of people, marketing managers spend most of their time analyzing trends and meeting with other managers within a company. They often meet with top executives since marketing is closely tied to the revenue a company generates.
Marketing managers are well versed in a number of technical disciplines including economics and statistics, and tend to have many years of experience in the field of marketing.
A marketing manager stays busy with a number of important tasks, especially within large corporations. They deal with people directly but also spend time independently carrying out tasks.
Past and future market trends dictate how consumers have reacted or will react to products or services. Marketing managers need a strong economic background to understand trends in sales, past advertisement success, and consumer preferences.
Marketing managers will examine trends within their own company, but often look to competing firms to gather more data. For example, products within the food industry often follow market trends like being gluten-free or naturally sourced. Marketing managers within competing companies have noticed consumers have responded well to these new products and have moved forward with creating and advertising similar products.
As revenue from products and services is what keeps companies and corporations in business, marketing managers often meet with top executives within a business. They report market trends and how a product or service is performing. They may pitch ideas, particularly when market trends suggest a major shift in a company’s product line.
Related to market trends, specific brands and products need to be examined to determine how well a product is performing in the market. A positive audit may mean marketing managers can shift their focus elsewhere, whereas clear dives in consumer purchases indicates a product (or an entire company) needs to be rebranded. A successful marketing manager can help pull a company out of nose dive, particularly if it is having difficulties keeping up with everchanging trends.
Marketing managers oversee individuals within a company who work in sales, marketing, and advertising. They do not always have their own team they are directly responsible for but will rather co-manage these teams and request tasks from them as needed.
If a new product needs to be developed, their teams can help brainstorm ideas, create mock-up advertisements, and gather data on similar products. Marketing managers can often go to product developers with rough ideas and coordinate with them to move in a new direction.
A new or revamped product or company direction cannot be put into motion without some idea of how it will perform in the market. Shareholders and executives look to marketing managers to understand future market trends and sales data. Marketing managers need to present pricing strategies to support any risk they may take, particularly if a product is highly innovative.
Marketing managers can oversee data collection regarding consumer interest in a product or service. They need to have an understanding of various data collection methods in order to advise staff on how to collect data. These may include focus groups with a small number of consumers, surveys, telephone interviews, product tests/samples, and observations.
Marketing managers are also responsible for understanding which segments of a population they should be targeting. For example, a mobile windshield replacement company has understood, through consumer surveys, that working families are most interested in their service. This has allowed the company to shift their advertisements to busy moms, as well as offer location tracking so consumers can save time by knowing how close the service truck is.
There are numerous sub-divisions of careers where a marketing manager may utilize their skills and training. Many are similar to one another but require specialized skills in one or more domains.
Product marketing managers deal with physical or virtual products that need to be marketed and evaluated. These are the most common types of marketing managers. Depending on who their target consumers are, their job duties may change slightly. For instance, their consumers may be the public, industry, the government, or other businesses. Needs or wants from consumers can change quickly, so product marketing managers must be skilled at interpreting future market trends.
These types of marketing managers focus exclusively on the digital side of a company, which may encompass an entire company’s business. For instance, marketing managers that work for Google and Amazon are almost all digital marketing managers, as the majority of business is conducted through online means.
In understanding consumer trends, these marketing managers look to social media trends, online shopping trends, and the digital consumer market as a whole. When working with an advertising team, they will lend their expertise to help focus online advertising.
Sports marketing managers are like product marketing managers, although their specific product is a sports team or player. A professional sports team may have a number of sports marketing managers that focus on different tasks such as events, products sold in stores, and entertainment.
Popular players often have marketing managers who are responsible for curating and promoting memorabilia and a player’s image. Even non-professional teams that are in minor leagues or divisions often need sports marketing managers to promote the team and sustain local support.
An international (or global) marketing manager is responsible for a brand’s image or product’s market in international markets. Oftentimes a product or service cannot be directly implemented into a foreign country without some sort of modification.
International marketing managers need to understand how phrasing may need to be changed, as well as be sensitive to cultural differences. International marketing managers may need to travel in order to evaluate a product or service’s effectiveness in another country and meet with local representatives.
With the increase in social media and portable technologies, many companies have been able to create immense profits from creating digital content rather than a product or service. These companies have been successful as they draw people’s attention and are then able to promote products or allow advertisers to use their platform.
The most successful companies have utilized content marketing managers to focus the scope of content and drive the content towards those most interested. Before the digital age, these types of marketing mangers worked (and still work) for newspapers and magazine companies.
Sales managers and marketing managers have very similar job duties, although there are some key differences. Marketing managers are often most interested in future product trends within a company and are always looking out for what a consumer will want next. They deal more directly with pricing and projected future demand and report this information to higher ups in the company.
Sales managers typically manage existing products and try to promote them as much as possible, without much concern for the future of the product. They may manage teams that answer and evaluate consumer feedback. Sales managers often work with what they have while marketing managers are able to create new directions for a company. They may work together and oversee task groups within the company.
Depending on what type of career a marketing manager would want to pursue, they can work in a variety of areas. The majority of marketing managers work for companies focusing on professional, technical, and scientific services. This may include medical services, construction, or any number of companies that market directly to other companies.
Marketing managers may also work for insurance or financial agencies, manufacturing, and companies that manage other companies. These marketing managers often work from an office at the company but may also travel for work when needed, particularly when working with international firms.
A very few marketing managers work independently; however, this number may be increasing. The demand for social media marketing managers is increasing, however many content creators do not need to employ these individuals fulltime. The nature of this type of job can also allow these managers to work from home if needed.
Marketing or business administration degrees give future marketing managers a girth of helpful knowledge. While this list covers a lot of what can be learned, it is not a complete list.
At very minimum, marketing managers will need to obtain a degree from a four-year university. A bachelor’s degree in marketing or business administration is often sought, which will take four to five years to complete.
For the marketing degree, students will take marketing courses such as consumer behavior and marketing strategy. Related courses can include financial planning, managerial development, business ethics, and various other courses through the business and management departments. A degree in business administration will cover other topics like business management and operations.
Although marketing managers who started working in the field years ago often only have a Bachelor’s degree, many businesses require a Master’s degree before hiring new employees. A Master’s in business administration (MBA) is the most common degree obtained, with many offering the option to focus in the field of marketing. The Master’s degree will give students a more in-depth learning experience compared to the Bachelor’s degree, although courses will be similar. Importantly, a Master’s program can help students cultivate and expand their business networks, which is often key to landing a good job.
After acquiring a good education, students will not be able to obtain a marketing management position directly out of college. Nearly all students will first find a job in the marketing department and after several years of experience, can look to move up within the company to a management position. A student’s educational experience will prime them for this entry position, while on the job training will demonstrate they can handle becoming a marketing manager.
Marketing and business degrees are commonly sought online. These programs allow students the flexibility of completing the degree on their own time, particularly when they are busy with a career or family. These degrees are offered through numerous accredited online schools.
One caveat of the online marketing degree is the lack of a social network that will be created. Many students in a business program find that learning to network and creating networks with other students, professors, and professionals help their career immensely.
A helpful option for some individuals is to first seek a Bachelor’s degree in-person through a four-year university, enter the job field, and then either while employed or after seeking a break, gain a Master’s degree online. This way, the company may pay for a student’s degree if they plan to move up the ranks through the company, and students can use their on the job knowledge to excel at this program.
Marketing managers use a number of tools to increase their job performance. The majority of tools used are those which help marketing managers on their personal computers to carry out job duties.
Formal presentations are often given to a variety of audiences within a company, including top executives and the marketing team. PowerPoint is a common type of presentation software.
Marketing managers often have to juggle numerous projects and multiple tasks within these projects. Software like Microsoft Project can help properly manage tasks.
Mostly used for online advertising, packages like Google AdWords are used to display advertisements through different online search platforms and websites.
Programs like SAS or SPSS can be useful tools when analyzing how consumers respond to product surveys.
A number of financial software packages can assist marketing managers in creating pricing strategies when it comes to estimating product performance in the market place.
In understanding market trends, marketing managers need to understand as much as they can about competing industries as well as consumer trends. They may need to search through a number of websites and social media trends to supplement their knowledge of the market.
Marketing managers with certain personality traits and skills will excel in this position. However, many hard and soft skills will be developed through educational programs as well as through job training.
Becoming a marketing manager takes hard work and dedication, however individuals in this career have access to a number of benefits. Some benefits are exclusive to certain sub-types of marketing manager positions, while others can be gained by anyone in the career.
Overall, the job outlook for marketing managers is positive according to the Bureau of Labor Statistics. Compared to the overall projected job increase of 7% in the next decade, marketing management positions are expected to increase 10%. This is also better than managers in advertisements and promotions as a whole, with only a 5% increase expected.
This positive outlook is actually dependent on the industry marketing managers work in. Those who work for magazines and newspapers will need to shift their skills to online work if they wish to stay employed. Those working in sports marketing management will find that very few new positions open up and they are highly competitive.
However, companies will always need assistance in staying ahead of marketing trends, rebranding products, and managing marketing and sales teams. Advertising and product sales are easier now through online means. In a healthy economy, more products are bought, new businesses are created, and products and services are continually promoted.
These individuals often work in a team to gather data regarding consumer preferences on products and services. They are often overseen by the marketing manager who will utilize their findings in reports. Market research analysts are well versed in understanding market trends, collecting and analyzing statistical data, and writing and presenting reports.
These managers often work with marketing managers to promote new and existing products. They may plan promotional campaigns, work to design and purchase advertising space, and meet with clients. These individuals often work for advertising firms that seek contracts with established product and service businesses.
Management analysts are responsible for working with companies to ensure different levels of management are working effectively. They are often called in when a company is facing difficulties with internal management structures. They may meet with managers to learn of areas for improvement and roll out educational plans or suggest new methods of working.
Financial managers are well versed in past and project financial trends within a company. Marketing managers will work closely with financial managers when creating a new direction for the company or figuring out a new product. Financial managers can inform the company of when risk taking is appropriate or how a product or service is affecting the company’s financial standing.