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 MarTech salaries similarly increasing, reflecting marketing’s shift beyond the creative and into the realm of data and revenue? A handful of salary surveys help give us a clearer picture of how technology is having an impact on marketing jobs and marketing compensation.
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 MarTech 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 compensation ranges from $202-224K, with Marketing VPs coming in just below, with a compensation range of $152-178K. Senior Directors reported pulling in between $184-215K while those at the Director level brought in a respectable $112-138K. All of the ranges reported are salary and compensation, including extra spiffs, like bonuses and equity. And the not-so-great news: salaries shifted slightly lower in 2019 vs. 2018, with 54% of those surveyed reporting a base salary of less than $100K, compared to 51% in 2018.
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.
Want More Money? 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? Focus on developing or enhancing your prowess in at least one of these three skills: MarTech & Marketing Automation, UX, and Machine Learning. These skills are hot topics, and 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.
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
When it comes to augmenting your team, how do agencies stack up against hiring in-house talent? I’m glad you asked— bringing in outside expert resources expands your capacity immediately, and it isn’t anywhere as expensive as you may anticipate. Check out this post comparing the cost of hiring more staff vs. hiring a marketing operations agency.