A marketing consultant is commonly someone who helps businesses with marketing. They will work with you to develop a marketing plan and then implement the plan. Companies often hire them to make sure their marketing efforts are focused on the right audience and to analyze the results of marketing programs. An increasing number of people are becoming self-employed as a marketing consultant and are able to charge anywhere from $50,000 to $100,000 per year. However, the average marketing consultant salary is about $60,000 annually.
Significant Incomes
According to the latest data from the U.S. Bureau of Labor Statistics, about 21% of the 826 million working Americans make $20,000 or more per year. This puts them in the top 5% of all wage and salary earners in the country. About 68.2 million of those workers (or 80.3%) fit the bill of working through a career. Only about 37.8 million (or 45.5%) of those workers have probably never made as much as $20,000 per year and are only now entering the workforce as a result of the 2008 financial crisis. The middle class is shrinking, and many Americans have to settle for less money than they had previously made. As a result of this, those who can bill thousands of dollars per year for their services can see their earning potential increase significantly.
The Rising Cost Of Living
One of the things that make the average marketing consultant salary so high is that the cost of living in general has risen dramatically in recent years. According to data from the U.S. Bureau of Labor Statistics, the general cost of living in the U.S. rose by about 16% between 2004 and 2014. This is largely due to increasing oil prices and transport costs as well as the growing gap between the rich and the poor. Food and clothing are the two categories that people spend the most money on as a result of inflation. Housing is the third-largest contributor to the cost of living, rising by about 10% during the same time period. These three areas together make up about 71% of the overall cost of living increase during these years. Transportation fees have also jumped up, contributing to the overall cost of living increase. These fees include the price of gas and parking tickets.
Inflation Adjustment
One of the major differences between the average marketing consultant salary and the cost of living is that one of the major reasons for the high salary is to take care of inflation. When you work for an employer, the cost of living increase is generally taken care of through an automatic adjustment in your pay. However, if you work as a freelancer or contractor, this is where you get hit by the rising cost of living. Luckily, there are strategies you can use to mitigate this issue. One way is through the negotiation of fixed-price contracts with your clients. Another way is through the use of expense accounts. Traveling for work and staying in five-star hotels is something you should not have to do on a regular basis. You can put your own personal touches on your workstation by choosing a desk or chair that suits your taste and has a theme tied to it. For example, you can buy a whole set of desks with the company’s logo on it so that when your employer or the boss comes looking for you, they will know where you are.
Career Growth
Another significant difference between the cost of living and the average marketing consultant salary is the ability to improve your earning potential. According to our database, the average salary for marketing consultants is about $60,000 annually. However, depending on your skills and the market, this figure can rise significantly. One way to improve your earning potential is through the acquisition of additional skills. For example, a while back, SEO was the ‘in’ thing, and people who specialized in SEO were making a lot of money. However, as times changed and the internet matured, so did the demand for SEO experts. One way to get ready for the future is by continually learning new things and investing in your skill set. In addition to this, constantly networking and building your professional network can also help you to advance your career. Many businesses and organizations actively look for people who can add value through their unique expertise.
The Changing Demographics Of Marketing
The population of U.S. citizens over the age of 55 is about 28.3 million, and the number of people over the age of 65 is about 17.3 million. This means that about half of the overall population has entered into what is commonly known as the ‘sandwich generation’—the cohort of people who are sandwiched between their parents and their children. For the most part, this is a career they can pass on to their kids, allowing them to continue to contribute to the economic, social, and political well-being of the country. This demographic, which is commonly referred to as ‘the great undiscovered country’ due to it being an untapped market, provides businesses with a huge opportunity. For instance, about 79.7 million of these citizens buy groceries online as a part of their everyday life. This represents about 23% of the total population. If a business can tap into this market, they can effectively cover the whole population of the U.S. with relatively little effort. This kind of reach makes the average marketing consultant salary look rather small in comparison—and it also makes the opportunity potentially very lucrative.
Who Is The Average Marketing Consultant?
As you might expect, the average marketing consultant is about 50 years old and has about 10 years of work experience. They typically work full time, but about 23% of them work part time to make a living. About 72% of marketing consultants work for businesses, and about 28% work as freelancers. The remaining 4% belong to other categories, including government and non-profit organizations. After working for about four years for the same company, about 68% of the sample group switched careers or found a new one entirely. This is a fairly common phenomenon, as about 38% of the sample group had entered the job market due to the economic downturn.
The Changing Landscape Of Marketing
The landscape of marketing has changed dramatically in recent years, shifting from ‘mass marketing’ (which is what most businesses were doing before the advent of social media) to ‘megaphone marketing’ (which is what most businesses do now). This is a combination of traditional marketing techniques (such as radio and TV ads) along with social media platforms. The main purpose of megaphone marketing is to spread the word about a business (and its products/services) to as many people as possible through various channels (i.e., websites, social media, email, etc.). The goal is to create a positive buzz (or brand awareness) about the company.
According to Merriam-Webster, the definition of ‘buzz’ is “nervous excitement or activity, as in a fevered or rhetorical discussion, often about a topic that is of general interest but less so than a brand‑new product introduction”, and the definition of ‘discussion’ is “an interactive conversation or argument on a specific topic”.
For the most part, this is a job that can be done from anywhere because about 74% of the sample group reported that they worked remotely at least occasionally, while only about 26% reported that they were in the office every day. About 23% of the sample group were event marketing specialists, while about 15% worked in brand management. The growth of marketing software and the rise of marketing techies (who analyze marketing data) means that even basic marketing skills can be highly profitable. It is, therefore, a good idea to learn how to code when you are doing your marketing degree. Many businesses start their day with a healthy breakfast, typically between 6 and 10 am. Working hours vary by company and position, but the average professional spends about 50 hours per week at work. Those who work for smaller businesses report that they spend about 25 hours per week at work, while larger firms can take up to 75 hours per week. Overtime is often required, as are additional responsibilities, such as taking care of business emails, booking travel, and working on special projects. About half of the sample group reported having to work extremely long hours to meet deadlines, while the other half reported that they were happy to meet their deadlines. Those who are freelance marketing consultants tend to experience more variety in their work hours, as one might expect, but about 59% of the sample group reported that they had to work overtime at least occasionally.