B2B marketers are better paid and happier than they were a year ago. This is the finding of a new B2B marketing salary survey by website B2B Marketing, which polled 485 B2B marketers in May and June 2018.
We look beneath the headline numbers to see what the survey tells us about B2B salaries and practices.
Salaries are on the up
While the 2017 survey painted a rather gloomy picture, with B2B marketing salaries reporting falls, the 2018 findings are more positive. Average annual salaries have risen 12%, and stand at £52,080. In London, salaries have jumped 14% to £62,835.
65% of respondents have received a pay rise in the last 12 months.
Tackling the gender pay gap
There appears to be some gender inequality, with the average male salary £60,935 against an average female salary of £46,204. Almost half of the women who responded to the survey would be likely or vey likely to leave their role if their employer’s gender pay gap was above average.
This pay gap is most pronounced at senior levels – at senior management levels, there is a difference of over £8,000. Conversely, though, at board level it reduces again, boosted by a larger number of well-paid senior female executive respondents to the 2018 survey.
Support for female marketers wishing to progress to these senior levels is lacking in many cases – just 36% of firms offer mentoring to female staff, with less than a quarter (23%) offering mentoring opportunities and just 11% offering retraining.
Agency marketers receive higher salaries
In the last 12 months, salaries paid by agencies have overtaken those for in-house marketers. Again, though, the gender pay gap in evident here; men at agencies reported a huge 50% pay increase in the last year, while women’s salaries fell by 0.2%.
The agency market is reported to be particularly strong; average headcount at agencies has grown from 75 to 80, with agencies’ annual gross income rising by 14%. This strength is perceived as being responsible for the (male) salary increases.
Most senior roles see the biggest salary increases
Those in the most senior roles have enjoyed the biggest rises in salary over the last year. Pay for the average CMO went up a whopping £25,000 in 2017-18. Lower down the organisation, it’s not such a healthy picture. Heads of marketing report that their salaries have actually fallen by almost £5,000 since 2016.
London still the place to be for biggest salaries
Not really news, but salaries in the capital continue to outstrip those elsewhere in the country. The average salary in London is a fifth higher than those elsewhere. Competition for talent and a concentration of qualified marketers continue to drive higher pay packets in London than in other regions.
In 2018, client-side roles in London pay an average of £62,835, as we have mentioned. In Northern Ireland, this drops to just £28,500 (although of course this may in part reflect a relative lack of senior-level respondents from this region). The next lowest salaries are reported in the West Midlands (£36,669) and East Midlands (£36,778).
A concentration of industries that pay higher salaries help to fuel this London-centric high pay culture. Financial services, for instance, with high numbers of firms based in the City, is the second highest-paid sector, after IT and telecoms.
Marketing salaries vary by specialism
When explored by areas of expertise, the survey shows some interesting variances. Those specialising in account-based marketing (ABM) report average salaries of £72,333. Copywriters, on the other hand, earn £26,873 on average.
B2B marketers increasingly satisfied with their roles
One thing that stands out from the survey findings is that B2B marketers are more satisfied with their jobs than they were a year ago. Three-quarters reported that they are satisfied or very satisfied with their roles, up by two-thirds on this time last year.
Respondents were also asked about the factors that contribute to job satisfaction. Salary was number one, followed by career progression, content of the work they do and their location/commute.
The ever-changing world of marketing
The full survey findings make interesting reading, and can be downloaded here. To read more about the changing landscape for the marketing managers, you can download a copy of our free whitepaper, The changing role of the financial services marketing manager. It looks at your evolving challenges and strategies you can use to tackle them. You can get your copy here.
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