VP of Marketing: Salary and Job Description VP of Marketing: Salary and Job Description VP of Marketing: Salary and Job Description
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In today’s competitive business landscape, a solid marketing strategy is essential for any company hoping to succeed. Many companies rely on senior marketing leadership to create and oversee marketing efforts to keep the business on course. According to the 2021 edition of The CMO Survey, senior marketing leaders drive 73% of digital marketing transformations in large corporations; for companies making under a billion in revenue, marketing leaders drive an even higher 86%.
At the executive level, a VP of marketing plays a critical role in guiding a company’s marketing strategy — ensuring that it remains aligned with the overall business objectives and is appropriately budgeted. A VP of marketing position often comes with a lucrative salary but frequently requires extensive experience and education. Those who wish to pursue a VP of marketing career should consider the benefits of an advanced degree with a marketing concentration to prepare them for this leadership role.
VP of Marketing Job Description
Marketing is a key feature for any company looking to thrive in the modern business climate, which makes a solid marketing strategy essential for achieving growth and profitability. Many businesses place a high value on their marketing VPs since it’s their responsibility to guide marketing strategy to drive revenue growth.
As a senior-level executive, the VP of marketing oversees the development and implementation of marketing plans that align with the company’s overall business objectives. Their role is a combination of project and human resource management. They’re responsible for creating marketing goals for their company, delegating work, and collaborating closely with lower-level marketing directors and managers, social media managers, and graphic designers to develop strategies to meet goals.
To be successful in this role, a VP of marketing should have strong business acumen and the ability to interpret and analyze data. They should be able to understand market trends and identify areas for growth opportunities. Additionally, a VP of marketing should possess excellent interpersonal communication skills since they work collaboratively with other executive team members and marketing staff.
In addition to guiding the company’s overall marketing strategy, the VP of marketing is responsible for evaluating the success of individual marketing initiatives. They are also responsible for analyzing data and drawing insights that inform future marketing strategies.
How to Become a VP of Marketing
Individuals who strive to become vice presidents of marketing often begin their careers in marketing coordinator or marketing specialist positions. From there, they can work their way up to becoming marketing managers or directors of marketing. These roles provide valuable experience in managing marketing campaigns, working with cross-functional teams, and developing marketing strategies.
While there are several paths to becoming a VP of marketing, a Master of Business Administration (MBA) degree can benefit those seeking an executive-level position, as most companies will look for the most experienced, knowledgeable, and qualified candidates. A 2022 Graduate Management Admission Council (GMAC) survey showed that 90% of corporate recruiters were confident that MBA graduates would succeed in business, indicating an MBA can be an excellent way to climb the ranks into a VP of marketing position.
Maryville University’s online Master of Business Administration with a concentration in Marketing is one option that can equip students with the knowledge and skills they need to thrive in business. The program features an MBA curriculum covering in-demand business competencies such as customer behavior, social networking, and branding. These courses help teach the internal and external factors that can affect customer decisions, which is beneficial knowledge for working in a marketing-related C-suite career.
As an online program, Maryville University’s MBA allows students to learn at their own pace and continue building up important business experience. Students can grow their careers while they receive a beneficial education.
VP of Marketing Salary
According to 2023 data from Payscale, the median annual salary for a VP of marketing is about $152,000. However, it’s important to note that the size of the company and the geographic location can significantly impact this salary. For example, a VP of marketing salary at a large corporation in a central metropolitan area may be significantly more than a small business in a rural area.
In addition to these factors, an individual’s experience level can influence their salary, as those with many years of marketing and management experience can often negotiate a higher salary due to the knowledge and value they bring to a company. Many companies thrive or fail based on their marketing strategies’ efficacy, so industry experience can impact how much a company is willing to offer a candidate.
Earning an advanced degree — such as an MBA — can also help individuals increase their salary potential in the marketing field. According to the 2022 GMAC survey, MBA graduates receive the highest median salary of any degree options surveyed. These results indicate that an MBA can be an excellent way to increase a potential salary immediately after graduating.
Begin Your Journey to Becoming a VP of Marketing
Many individuals who aspire for an executive role, such as VP of marketing, spend years building up experience and business acumen to qualify for the role. Earning an advanced degree is often required to show companies that one knows how to perform the vital marketing duties that will make the business successful.
With a flexible schedule and multiple starting points throughout the year, there’s always a good time to start pursuing an advanced education that will prepare you to tackle your executive ambitions. Take the next step in your career journey towards becoming a VP of marketing with Maryville University.