Are you searching for a salary for your chief marketing officer (CMO)?
According to the 2017 State of Marketing Report by HubSpot, CMOs are not only essential to the success of their enterprise, but they can also significantly boost revenue.
Despite their critical role in all marketing efforts, it is imperative that CEOs understand the financial impact of their team’s activities.
In order to accurately assess the cost of your chief marketing officer, let us take a look at the median pay for this position.
The Importance of a Chief Marketing Officer
It can be difficult to imagine your typical business without a chief marketing officer (CMO). This position is vitally important in the development and operation of any enterprise; without it, the success of such operations could prove challenging.
The CMO is vested with immense responsibility for overseeing all aspects of a company’s marketing strategies, from developing new initiatives to maintaining existing programs. They are responsible for keeping tabs on social media strategies and adverts as well as assessing customer information and preferences. Needless to say, this person must possess an eye for detail – which can make their job quite demanding!
For many companies, marketing can be a costly undertaking. The CMO teams up with IT departments and personnel alike in order to come up with cost-effective solutions that satisfy both parties’ needs. Ultimately, their efforts help minimize expenses while maximizing returns on investment.
What Does the Job of CMO entail?
The chief marketing officer’s primary function is to oversee a firm’s communication efforts and strategy. They steer the ship by creating an effective, cohesive brand identity for the business with all its diverse facets.
The chief marketing officer is responsible for creating the overarching vision and strategic framework for your organization. They craft long-term plans for growth and are instrumental in maintaining consistent branding across all mediums – from print to digital content and social media profiles.
Additionally, this role entails overseeing marketing campaigns for products as well as services within their field or industry. All of these tasks require careful supervision and deliberation before undertaking any activity with regards to marketing!
How Do CEO’s Perceive the Role of CMO?
Despite the lofty title of chief marketing officer, their primary responsibilities are not as expansive as they may seem at first glance. Rather than shepherding an entire marketing department and directing its activities, they typically oversee only one or two areas such as crafting a strategy or launching a new product—keeping their focus on the most important aspects of their role.
Indeed, research conducted by Adecco Staffing illustrates that CEOs believe in delegating responsibilities to the CMO – with over 50% claiming it is crucial to ensure success. Moreover, more than half consider it essential that specialists provide accurate and timely data for decision making.
Despite this apparent disinterest in overseeing all facets of advertising, there is no denying that CEOs remain invested in their brand’s initiatives. 79% described themselves as avid consumers of marketing-related content online; and nearly 40% said they read business press articles daily!
What Do Companies Look for in a CMO?
The top three most important qualities that companies desire in a CMO are relevant experience, interpersonal skills and demonstrated business acumen. If a candidate has none of these characteristics, they may be certified but still lacking in practical know-how required to effectively lead their organization’s marketing efforts.
An ideal candidate should embody the following qualifications:
Flexibility is paramount in an ideal Chief Marketing Officer. With all things considered, one’s individual career path may change over time – or even within an enterprise – which necessitates adaptability. Moreover, as technologies evolve and new media outlets emerge with every passing day; staying abreast of trends can be quite challenging! In any case, it is essential that these individuals possess both aptitude and propensity for evolving along with them – lest they become obsolete by leaving behind any memories from their past endeavors.
Ultimately, flexibility is the ultimate requirement for a chief marketing officer (CMO). This position demands an adaptable mindset—one that is open about his or her potential future trajectory and willing to consider different possibilities and opportunities.
What Are the Best Paying Jobs for a CMO?
According to a recent analysis conducted by PayScale, the chief marketing officer is among the most in-demand positions of all time. That being said, what are the highest paying jobs?
The role of a CMO brings together the expertise of diverse experts across departments, sectors and geographies, offering ample opportunities for career growth. To optimize upon your chances of success, consider carefully which industries have shown higher levels of investment in this area and where salary expectations are highest.
Here are five top-paying jobs for someone with a solid understanding of marketing:
Numerate data analysts can expect an average annual salary of $109,000 (median salary of $100K), while research scientists along with software engineers are likewise valued at $107K ($94K respectively). Social media managers will see an average pay rate of $97K while those working within sales and customer support teams earn a pay rate of $90K on average – each offer comparable wages relative to other careers boasting similar responsibilities! When compared with its counterparts worldwide, U.S. professionals experience a comparatively high compensation rate in their respective fields; however this is not necessarily indicative of opportunities available in other countries as well – moreover one must also take into account factors such as cost of living and labor laws
What Is One Tool That All CMOs Should Have access to?
With so many tasks at hand and a multitude of tools at their disposal, it can be overwhelming for any aspiring marketing chief to know what exactly they require. It is inevitable that some will lag behind or fall short – this underscores the importance of having access to the right resources!
To ensure that you never leave your team scrambling with mismanaged data, make sure you have an in-depth knowledge of your analytics suite. For example, if you are employing HubSpot CRM – chances are you will want to master its functionality in order to effectively plan campaigns and monitor progress.
As you can see, the average chief marketing officer (CMO) salary is quite elevated.
If you’d like to learn more about how to maximize your CMO’s potential, consider taking a look at some of our informative articles such as:
How to Attract the Best Chief Marketing Officer You Can Afford [Infographic]