A marketing manager comes up with pricing strategies so that the company will be able to maximize profits. You’ll join the rest of the marketing team in doing research to determine the demand for the company’s offers.
You may also play a role in advertising the company’s products. For example, you’ll help select the outlets where your promotional efforts are going to have the most impact. You may opt to go for television, online or print advertisements and put up billboard ads to increase product visibility. You will also be instrumental in making the company’s brand known through various initiatives.
These can include organizing contests, conducting email and social media campaigns, arranging for product placements in television shows or films and getting well-known public figures to endorse your product.
As a marketing manager, you need to be creative and imaginative. The company will look to you for new ways to increase its bottom line so you should know how to think outside the box so that its products can be promoted more effectively. Since you will be collaborating with other managers and leading the members of your staff, you need to have excellent communication skills.
You must not only know how to speak well but you should be able to persuade your audience to listen to you. When it comes to talking with the public, your primary goal should be to convince them to buy the product or service you are offering.
Because this is a managerial position, you need to possess good decision-making skills. Your staff members will be giving forth ideas as to how to promote the brand but deciding which one is the best after all factors have been considered will be your job. You should also be analytical and highly adaptable to change since the world of business can be very uncertain.
Why Become A Marketing Manager
A marketing manager is a position to strive towards because it’s a role that allows you to play a direct role in improving the financial performance of the company. You’ll be integral in coming up with programs that will improve its profits and in so doing, you’ll be playing a hand in its growth, which will hopefully translate to better pay and improved working conditions for all employees.
There is a sense of satisfaction that can be felt each time your marketing strategy will work or a marketing activity produces tangible results, such as an increase in the firm’s profits.
As far as compensation is concerned, marketing managers are also paid well for their efforts so it’s definitely a position that’s worth getting promoted to. Moreover, you’ll also be collaborating closely with the firm’s top level executives inasmuch as your role puts you in a position to directly affect revenues. The chances of getting promoted to higher positions is also greater for as long as you do your well and come up with brilliant ideas to promote the company’s products and build its brand.
Marketing Manager Work Environment
Marketing managers work in many different industries. Data from the US Bureau of Labor Statistics revealed that in 2012, an estimated 19 percent of marketing managers were employed by companies operating in the professional, scientific and technical services industries while 16 percent were engaged in the management of companies and enterprises.
The manufacturing industry hired 12 percent of marketing managers and so did the finance and insurance industries. Around nine percent were in wholesale trade. Majority of marketing managers work fulltime, with some of them logging over 40 hours a week.
It’s a huge responsibility to think of ways to increase a company’s profits so the work is particularly demanding. The stress level goes up a notch especially when the company is trying to beat deadlines or is finding ways to address poor performance.
Marketing Manager Salary
Getting a job as a marketing manager is for those who can hack the fast-paced corporate world. These managers are responsible for sales and pricing strategies that would increase the company’s bottom line. Although the job is stressful, demanding and often requires working more than 40 hours a week, the pay is also quite lucrative, with marketing managers receiving six-figure incomes annually on the average.
Many marketing managers are promoted to the position from the ranks so those who hold marketing and sales positions should endeavor to do their job well so they can get promoted to this position in the future.
Average Marketing Manager Annual Salary
The average annual salary for marketing managers is $145,620 a year. Salaries start at $68,490 a year and go up to $208,000 a year.
Average Marketing Manager Hourly Wage
The average hourly wage for a marketing manager is $70.01. Hourly wages are between $32.93 and $100 an hour.
Stats were based out of 218,970 employed marketing managers in the United States.
Highest Paying States For Marketing Managers
1.New York$92.45 / hr$192,290 / yr
2.New Jersey$85.13 / hr$177,070 / yr
3.Delaware$81.55 / hr$169,610 / yr
4.Virginia$80.53 / hr$167,490 / yr
5.California$79.04 / hr$164,410 / yr
Top Paying Cities For Marketing Managers
1.Battle Creek, MI$93.97 / hr$195,450 / yr
2.New York, NY$93.94 / hr$195,390 / yr
3.San Jose, CA$93.76 / hr$195,030 / yr
4.Newark, NJ$91.54 / hr$190,390 / yr
5.Boulder, CO$89.28 / hr$185,690 / yr
Data provided by the Bureau of Labor Statistics (BLS).
Marketing Manager Career Outlook
The employment rate of marketing managers is expected to grow 13 percent in the ten-year period covering 2012 to 2022. This is as fast as the average for all job types. Thus, from the 180,500 employed in 2012, the number will increase to 203,400 in 2022. Their expertise will continue to be needed as companies ramp up their marketing efforts to look for new customers and promote their products in new places.
Compared to advertising and promotions managers, marketing managers hold relatively stable jobs. The reason for this is that the marketing department is a key player in helping a company achieve its financial targets. Thus, when the company needs to downsize due to financial difficulties, marketing managers are more likely to be retained than other kinds of managers.
Marketing Manager Degree
An entry point in a career as a marketing manager is a bachelor’s degree. Majors that would best prepare aspiring managers include management, business law, finance, economics, statistics, computer science and mathematics.
While it may seem that a computer science degree is far off grid for this career, it’s actually essential in this day and age when the Internet has become a very useful tool for brand building and marketing. Most programs also require students to finish an internship which give them a hands-on experience in the field.
It’s important to understand that marketing managers don’t usually get hired right out of college. They first start out as sales representatives, product specialists, promotions specialists or hold other positions in marketing and sales. Good performance and hard work are factors in their promotion towards becoming marketing managers.