There’s no doubt that there’s increasing pressure on all roles within the marketing team—from the CMO all the way to the front-line folks who are managing the campaigns—to prove marketing’s value within the larger business and draw a direct line between its expenditures and the impact that it has on the bottom line. But are salaries in the marketing department similarly increasing, reflecting marketing’s shift beyond the creative and into the realm of data and revenue? A handful of recently-released salary surveys help give us a clearer picture of how technology is having an impact on marketing jobs and marketing salaries.
How are you doing compared to your peers? What do other people who use Marketo really make? If you’re looking for a bigger salary, what skills should you focus on? And how do things like work/life balance factor in? Let’s find out.
Show Me the Money: The Highest Paid Marketing Jobs
It may not be surprising, but according to ChiefMartech.com and MarketingToday’s survey findings, if it’s big bucks you’re after, you’ll need to head to the top of the org chart. In the US, Senior VP’s total compensation ranges from $260-310K, with Marketing VPs coming in just below that in the total compensation range of $250-297K. Senior Directors reported pulling in between $163-213K while those at the Director level brought in a respectable $121-171K. All of the ranges of total compensation reported included extra compensation like bonuses and equity.
Staffing agency Mondo found similar results for marketers in the corner offices; in its 2018 salary survey, it established that CMOs averaged between $155-247K, MarTech Solutions VPs brought in an average of $140-210K and Digital Marketing VPs earned $137-200K annually. But Mondo saw plenty of opportunity for high salaries for marketers in the cubicles, too. High demand for marketers with specific technical skills is driving up salaries for specific positions, including marketing automation architects ($145-180K), UX specialists/information architects ($110-175K) and Google Analytics experts, who can expect to earn $100-170K.
Martech and Marketo Specifics
But what about people who work with Marketo day in and day out? What do they make? Thanks to Josh Hill over at Marketing Rock Star Guides paying close attention at Marketo’s 2017 Summit, now we know. Specific to the Marketo platform—though likely applicable to other marketing automation platforms—individuals with 1-3 year of experience averaged $50-99K at their entry level jobs. Managers with more than 3 years of experience average salaries around $100K; to get much more over the $100K mark, those managers typically needed more overall experience or some specialized skill other than marketing automation. And of course, marketing automation consultants can and do make more than employees, even when they have less experience. Something to think about if you’ve ever thought about striking out on your own.
Want More Money (for Yourself or Your Business)? Acquire These Skills
There’s no real secret to making more money this year—according to Mondo, it’s as simple as 1, 2, 3. Want to land a bigger salary in 2018? Focus on developing or enhancing your prowess at at least one of these three skills. Want to get better results from your company’s digital marketing efforts in 2018? Ensure your company has people with these skills in place, and hire them if you don’t.
The three skills—Martech & Marketing Automation, UX and Machine Learning—are the most in-demand skill sets needed by companies today. As an individual, the more of those skills you have, the more valuable you are to potential employers. As a business, the more of those skills you have helping you, the greater the chance you’ll make it through another day with your lights on.
Don’t Forget the Intangibles
Being fairly compensated for doing your job is important, but it isn’t the only thing that matters; after all, one can only work so many 100-hour weeks in a row before the money starts to matter less and less! In its 2018 Salary Survey (gated), recruiting firm Highmark Companies reminds orgs to highlight your business’ strong work culture, showing off those things that don’t show up in the numbers but make a difference in the everyday life of the employee.
If you’re a CMO, the intangibles may help recruit top talent or keep your superstars from going elsewhere. Perks like being able to work from home, flexible working hours, all-inclusive events and free lunches can help build camaraderie among your team while keeping your budget under control. And if you’re the young marketing professional looking for your next opportunity, don’t underestimate the value of benefits like these; work/life balance gives you the freedom to make a living and pursue your passions, so make sure you give it the proper weight when you’re making a decision.
And One More Thing
One question we haven’t addressed here—though we will address it in full at a later date—is when it comes to augmenting your team, how do agencies stack up against hiring in-house talent? We’re still gathering the data, but at first glance I’ll let you know that bringing in outside expert resources may be the right fit for many organizations—it isn’t anywhere as expensive as you may anticipate. More on that soon.