Marketing is one of the most fulfilling careers today. Other than interacting with customers and helping them overcome their day-to-day challenges, marketers are at the heart of a company’s success. As a marketer, your role is to grow the company’s portfolio, market share, revenue base and ensure a high customer retention rate. As a marketer, what are you looking for in an employer? Job security, stable income, unlimited career growth opportunities, or an opportunity to sharpen your skills and make the best of your career. According to a study by Salary scale, these are the best industries for marketers, which offer the above opportunities and many others.
1) Consumer non-durables industry
- Dealing with products with close substitutes
- Handling customers with diverse tastes and preference
Consumer goods companies are forced to invest heavily in marketing to create awareness, remind customers, build strong brand visibility, and increase customer retention. As a marketer, these goals allow you to sharpen your marketing skills and customer service skills as you interact daily with customers. According to Glassdoor, the average entry salary for a marketer in the consumer goods industry is $42,000, higher than the national average of $26,000 in some sectors.
Besides the salary, most consumer goods industries have a clear career path for marketers. Thus, as a marketer, joining the consumer goods industry gives you a great start to your career. This part begins with an account executive, team leader, marketing manager, marketing director, VP of marketing, and ultimately the company CEO.
The primary business rule is that you must walk a thousand miles in your customer’s shoes to understand their problems. What is a better way of walking this journey than being a marketer? Warren Buffet and Mark Cuban are examples of billionaire businessmen who started as marketers in this industry.
2) Financial Services industry
Highly homogenous products characterize the financial services industry. The loan portfolio, application process, and debt management process are likely to be similar at Standard Bank and Barclays. Financial services, including banks, insurances companies, investment banks, Venture capital, and financial consultancy, are some of the types of businesses in the financial services industry. The only thing that separates these financial services is their customer service, which is why the demand for marketers is high in this industry. According to Bureau for Labor Statistics, 7% of the working population in the US is employed in financial services either directly or indirectly.
With an average entry-level salary of $ 88,774, this is one of the well-paid industries in the country. Further, besides the salary, the marketers in this field enjoy a range of allowances, including per diem, marketing allowance, fuel allowance, housing allowance, and medical cover. Being the primary source of business income, most marketers’ budgets are not subjected to taxation since this is deemed an allowable business expense.
Besides the salary and allowance, the financial services industry offers a clear career path for markets. In most cases, one would begin as a direct sales representative, the relationship officer, branch manager, regional manager, head of business, and finally, the CEO. In the financial sector, promotions are strictly pegged on performance; thus, if you set your mind and put in the work, you can quickly rise through the ranks from intern to CEO in a decade or two. Skills like direct selling, customer retention, lead generation, converting leads to clients, and handling objections are highly required in this field. If you can master these skills, you can work in any industry in the world.
3) Consumer service industry
The consumer service industry refers to many businesses, including travel, restaurant, e-commerce, professional services, clubs, transport, information technology, travel, among others. Some of the challenges encountered in the marketing consumer service industry include:
- Perishability: The products are highly perishable, and any delays in getting the products to customers result in delays, for example, the airline business.
- Intangibility: The products or services are not tangible; thus, one can only sell the experience or imagination.
- Most businesses in the consumer goods industry offer similar products. Thus, customer service is the only way to differentiate.
As a marketer, you are tasked with reminding a customer why they should choose you the first time and keep choosing your brand. With these challenges, marketers have an excellent opportunity to put their skills to use in the consumer services industry. The average entry-level salary for marketers in consumer goods is $ 51,000, double the national entry-level average wage in the country. Further, being the most significant industry globally, the consumer services industry gives marketers unlimited growth opportunities in one sector or across diverse sectors.
4) Technology industry
The technology industry is the most evolving industry. The technology industry, including software, biotechnology, and tech, has some of the most significant marketing expenditures in the world. With combined spending amounting to 9.7 % of total revenue, the technology industry has proven a top industry for marketers to seek employment. Further, it is estimated that jobs in the technology industry are expected to grow by 5.1% in the next five years as technology adoption continues to expand.
There is a new technique, methodology, innovation, or product every day. These innovations require marketers to teach customers, offer product demonstrations, and understand why the current solution is better than the existing one. Thus, as a marketer, you must be passionate about innovation and excellent customer service to succeed in this industry. The average entry-level salary for a marketer in the technology industry is $ 70,000, implying a great start to your career.