28 Nov How Much Does a Marketing Manager Get Paid – Complete Explanation

Marketing managers play a significant role in planning and executing marketing strategies that drive growth, increase brand visibility, and maximize organizational profit. They conduct market research, set marketing budgets, and track the marketing campaign’s effectiveness. Due to their role in the brand’s visibility and growth, marketing managers are very much in demand. If you are considering a career in this challenging yet lucrative field, this article will explain how much a marketing manager gets paid.

How Much Does a Marketing Manager Get Paid

According to the statistics published by the Bureau of Labor Statistics (BLS), marketing managers make an average salary of $140,040 in the US with a median hourly rate of $67.33. The lowest 10% make about $76,790 per annum, and the highest 25% earn more than $198,530 per annum. The salary can vary based on location, academic qualification and certifications, experience level, industry, and company size. It can vary further if you work remotely, part-time, or as a freelancer.

Factors Influencing a Marketing Manager’s Salary

The following factors influence the salary of a marketing manager.

Experience

The years of experience a marketing manager has amassed directly affect their salary. An entry-level marketing manager makes less than someone who has worked for five or more years in the same field. The more seasoned a manager is, the more value they add to the company, which translates to a better pay package.

If you are trying to climb the corporate ladder as a marketing manager, experience is a huge plus. Employers value those candidates with long tenures at a simple company. It positions you for better pay, promotion, and job title.

Education

A marketing manager’s education level can significantly impact their earning potential. Those with only a high school diploma or associate’s degree typically qualify for entry-level marketing jobs with salaries in the lower range. A bachelor’s degree opens up more advanced marketing manager roles with a higher average salary. Those with a master’s degree in marketing, MBA, or other business-related advanced degrees tend to command the highest marketing manager salaries.

You can also obtain industry-standard certification such as Professional Certified Marketer (PCM) or Certified Blockchain & Digital Marketing Professional, which increases your value and earning potential.

Industry Type

The type of company and sector is pivotal in determining a marketing manager’s salary potential. It can fluctuate dramatically based on what industry they work in. For example, marketing managers in the oil industry earn a lucrative salary that exceeds $250,000. These professionals working in the non-scheduled air transportation industry can earn a mean salary of $233,020, and inland water transportation earns $219,480. It is a niche industry looking for managers with specific qualifications.

Those working in the banking and finance industries enjoy high salaries and benefits. These industries involve promoting critical services related to money and investment. Other high-paying sectors are technology and software development companies, business and management consulting firms, and retail and hospitality management.

Size of the Company

The size of a company or organization can significantly impact a marketing manager’s salary. Generally, larger corporations offer higher compensation for marketing managers than smaller businesses.

For example, marketing managers earn lucrative salaries, perks, and benefits at Fortune 500 consumer product companies or multinational conglomerates with over $1 billion in annual revenues. These larger companies have expansive marketing budgets, brand reach across regions or countries, complex product lines, and marketing operations. It requires more skilled and experienced marketing managers.

Mid-size, established corporations and companies with approximately 100-1000 employees look for marketing managers with proven experience and skill sets and pay them accordingly. Early-career marketing managers make an excellent entry-level salary at small businesses with less than 100 employees. It can be an excellent place to learn the intricacies of this field and earn valuable experience.

Location

The salary of a marketing manager varies according to the company’s geographic location. Employers consider the cost of living, conducting business, and demography to determine the salary. According to recent salary data from the Bureau of Labor Statistics, marketing managers in New York State enjoy the highest average salaries at $190,230 per year. Other areas with high prevailing salaries for marketing managers are California, New Jersey, Colorado, and Delaware. These states are home to major metropolitan cities and headquarters of large companies, tech startups, and other significant sources of commerce. There is a huge competition to attract top marketing talents in such locations that contribute to higher pay.

On the other hand, marketing managers in more rural and sparsely populated parts have a lower average salary. Some states in the South and Midwest, such as North Dakota, Louisiana, and New Mexico, have a mean salary ranging from $80,950 to $126,040. You should factor in location when seeking a career as a marketing manager.

How to Increase Your Earning Potential as a Marketing Manager

Here are some steps to boost your earning potential.

Pursue Additional Education and Certifications

Invest in yourself with additional education and certifications to grow in this field. Remember that while a bachelor’s degree is adequate for entry-level marketing positions, furthering your education can lead to higher salaries. You can earn advanced degrees while employed using tools such as remote learning or joining evening classes for professionals. Aim for a higher degree than you currently have to grow in this industry.

Prominent certifications from industry-recognized organizations carry significant weight with recruiters. You can get certifications such as Professional Certified Marketer in Digital Marketing, Marketing Management, and Content Marketing by AMA, Google Data Analytics Professional Certificate by Google, Six Sigma Black Belt, and many others.  Investing in continued education conveys that you are actively working to improve your skill set.

Gain In-demand Technical and Non-Technical Skills

Marketing is increasingly digital and data-driven. Technical abilities give you a definite edge in this field. Proficiency in digital analytics tools, Customer Relation Management (CRM) platforms, automation software, email campaign management, and social media advertising are all extremely lucrative and in-demand marketing skills. Obtain technical skills such as Pardot, Marketo, Salesforce Marketing Cloud, etc. The more adept you become with digital marketing and analytics, the more organizations will compete for your technical expertise, offering you attractive salaries and benefits.

It is a highly coveted skill if you have a command over languages other than English. As a marketing manager, you might have to interact and conduct business with executives all around the globe. Therefore, learning popular languages such as Chinese, Hindi, Spanish, Japanese, French, or Arabic can help you land a lucrative position in a major global corporation. Your ability to converse in different languages can help you connect with potential customers and clients across various markets.

Network

You can build a strong network by attending industry events, speaking at conferences, and connecting with key figures in your target field. It builds valuable relationships in your industry and helps you build personal branding. As marketing executives switch between firms or get promoted, they are far more likely to reach out to candidates they know and trust. By maintaining relations in the industry and building your network, you can move to a higher salary bracket.

The career opportunities for skilled marketing managers remain bright in the years ahead. There is an increased demand for professional marketing managers in different industries. You can significantly boost your earning potential in this lucrative field with the right qualifications and technical skill set.

If you are looking for a career as a marketing manager, reach out to us. We are ready to match you with potential employers who are a suitable match according to your qualifications and values.