Earn a High MBA Marketing Salary By Focusing on Retaining Customers
Good news for those seeking an MBA in marketing: according to the National Association of Colleges and Employers, hiring is up by more than 5 percent. While that number may not seem like a staggering figure, in today’s economy it represents a giant leap for the business world as it embraces and seeks to incorporate new graduates.
Additionally, the Bureau of Labor Statistics has identified that among the top criteria that employers are looking for in employees are related experience, creativity, good communication skills, strong computer knowledge and, most prominently, a college degree. With the degree, professionals gain access to high-paying management positions that can eventually lead to even higher figures in terms of a salary for those with an MBA in marketing.
Average MBA Marketing Salary
The value of a degree is proven time and again by surveys conducted by the Bureau of Labor Statistics: furthering education leads directly to better paying positions. Below, find some examples of marketing careers and their media salaries.
Sales Manager: $110,390
Marketing Manager: $108,580
Advertising Manager: $80,220
Market Research Analyst: $61,070
Public Relations Specialist: $51,280
Most entry-level marketing careers require a bachelor’s degree, but to get a better idea of how salary rates can change depending on factors such as level of degree, experience, location and company budget, take a look at what the lower-level salaries are for the exact same marketing positions.
Marketing Manager: $55,270
Sales Manager: $47,010
Advertising Manager: $40,090
Market Research Analyst: $33,770
Public Relations Specialist: $30,140
These figures represent what the bottom 10 percent of professionals in these positions are paid for the same type of work as the middle-range. The difference in pay is substantial. In many cases, professionals could make half what they’d expect. On the other end of the spectrum, the top 10 percent of professionals are earning an even higher salary with their MBA in marketing.
For lower-level positions like Market Research Analyst or Public Relations Specialist, salaries can often reach into six figures with the right background. As for management positions, salaries often reach beyond $150,000. What prospective students should understand from the differences in pay is that an MBA marketing salary is not just higher than an entry-level salary, it also can lead to still higher pay through career advancement that may not have been possible without furthering one’s education.
Grow Your MBA Marketing Salary With the Right Degree Program
One of the best ways to earn higher wages is by gaining the education that a Master’s degree can offer. With advancements in technology, online degrees have become a reliable source for the education that professionals need, without endangering their current employment by necessitating relocation or changing their hours.
Ideally, an online Marketing MBA program, like the one offered by Marylhurst University, should be completed at an accelerated pace. The focus should be on both traditional marketing skills and management skills, so that graduates are equipped for higher-level positions in their field. But there are other important qualities professionals should consider when selecting the right degree program.
As the business world seeks to reassess the groundwork that caused the economic downturn, the first major change is coming through the schools. Look for degree programs that acknowledge the need for change in business and are already introducing core classes that focus on business ethics and sustainable business. The last thing any professional needs is for their education to be irrelevant, so evaluate MBA in marketing programs with the current economy in mind.
How Marketing Saved the Day
Perhaps the greatest responsibility any marketing professional carries is to retain customers, and during this recession the smartest ad campaigns have done just that. Although layoffs and budget cuts affected every industry, those who invested in their marketing programs are reaping the rewards right now. One example is Hyundai. The car company ran a campaign that promised motorists they could return their leased vehicles if they lost their jobs. Hyundai’s sales increased and their brand awareness rose by 25 percent.
As more companies get turned on to this strategy, those who seek a higher MBA marketing salary might see a payoff sooner rather than later. Good business catches on quickly, and every company seems desperate for a golden solution. By learning to conquer the latest in marketing trends online, MBA marketing professionals can position themselves to be the sorts of leaders who can turn around a company’s losses and regain customers. With this strategy in mind, any professional can be prepared to fill bigger shoes in any office and expect a higher MBA marketing salary because of it.