A marketing consultant is hired when a business needs to market its products or services to its target market. Usually, the industry has specific goals they would like to achieve by employing the benefits of the marketing consultant. This can include increase brand awareness among consumers, generating a certain number of leads each month, and so on.
Becoming a marketing consultant can be a very lucrative career path, provided you have the skillset and tenacity to succeed.
How Can You Become A Marketing Consultant?
There are two main ways you can become a marketing consultant. The first of these is through academic knowledge. You can learn about the essential skills needed to be a marketing consultant during your course, and then use that knowledge to build your success later.
Alternatively, you can also use years of expertise within an industry to become a marketing consultant for that industry. Say you worked in product development for a toy company for over a decade. You know how the company thinks, and you understand the toy market as well. In this situation, you are ideally suited to become a marketing consultant for the company.
You don’t necessarily need a degree to become a marketing consultant. However, having one can equip you with various critical thinking skills and knowledge. This can in turn enable you to set yourself apart from your competition.
How Much Does A Marketing Consultant Make?
How much you make as a marketing consultant will depend on various factors. These include whether you’re working as a freelancer, or whether you’re working for a marketing consultancy firm. As a freelancer, what you earn will depend on the number of projects you have and the hours you’ve worked. But as an employee, you can expect to get a fixed salary. In addition to this, many of the top consultancy firms that hire marketing consultants also offer various perks and concessions as well.
Here is how much you can expect to earn as a freelancer, and as an employee at a marketing consultancy firm:
- As A Freelance Marketing Consultant
If you’re working as a freelance marketing consultant, then you’ll be responsible for securing work yourself. You’ll need to actively reach out to clients, generate new leads, and keep the work flow moving.
Freelance marketing consultants work solo, and can’t rely on a team to get work done. This means that they are limited in the number of projects they can complete. It would be best if you considered keeping these in mind when thinking about how much you’ll charge clients. Typically, you can either charge an hourly rate or be paid money on a project by project basis.
Understanding how much you’re charging your clients and why can prevent you from over or undercharging them.
- As an Employee at a Marketing Consultancy Firm
If you’re an employee at a marketing consultancy firm, then you may already have a fixed salary that is given to you on a regular basis. Different consultancy firms offer different rates, and the average money you can earn as a marketing consultant can also vary from state to state. In Sydney NSW, a marketing consultant makes roughly more than $75,000.
They may also be rewarded with bonuses and concessions from their employers. There is also a hierarchy you should be aware of if you’re working at a marketing consultancy firm.
There are generally five levels of people in a marketing consultancy firm. These include various marketing managers, directors of marketing, senior marketing managers, communications marketing manager, and vice president, marketing.
At each stage, a marketing consultant can continue to earn more and more money. Those who have been promoted to fulfil bigger roles and responsibilities, such as a vice president, earn more than marketing managers.
To progress your way up the career ladder of a marketing consultant, you need to start at the base. If you work as a freelancer, however, you can choose the pace at which you go about accomplishing various goals in your career path. But as an employee, you will have to grow professionally over time and with seniority and experience.
Marketing consultants make decent salaries, irrespective of whether they are freelancers or a part of a marketing consultancy firm.
As a marketing consultant, you’re exposed to certain risks, such as being sued by a client. Professional indemnity insurance can protect you against such claims. If you want to learn more about how professional indemnity insurance can help your career as a marketing consultant, then click here.