When you think of marketing, what are the first words that come to mind? Perhaps products, advertisements, and social media marketing? If that’s your answer, then you are right. But if your answer was different, that might also be right because marketing entails more than just products and advertisements.

Marketing is one of the core business functions and should contribute 25-30% of revenue to the company. Even more so, marketing is one of the foundations that leads to business growth and expansion. It not only yields a quantifiable measure like revenue but also contributes to the company’s brand image, CRM, and awareness for securing future customers.

But is it important to earn a formal bachelor’s or master’s degree in marketing? Let’s find out why pursuing a marketing degree is your best bet to securing a stable and lucrative career in 2023:

Reasons to Earn a Marketing Degree in 2023

In this digital age, marketing is one of the most critical components to keep the company at par with the shifting marketing trends. But there is more than one way to contribute to a business’s success. So, why earn a degree in marketing in 2023? Here are the top 5 reasons to do so:

1. Gain Essential Business Insights

The basis of marketing is gaining an understanding of the consumer – their behavior, buying habits, online purchase habits, changing needs, etc. When you enroll in an advanced program like a marketing BA program, you learn about the art of persuasion from the best practitioners and teachers. As a result, you deepen your knowledge of consumer psychology with real-life examples and case studies to understand the consumer’s mind.

Once you know what goes on in the mind of the consumer when they are making a purchase decision, you can develop marketing strategies that:

• Tap into the hidden pain points of the customer.
• Persuade customers to take a certain action.
• Allow businesses to benefit from customer actions.

Not only is it intriguing to learn about the factors that contribute to a customer’s journey, but it is also crucial. When you implement these learnings in real life, you can devise marketing strategies and gimmicks that align with transforming consumer behavior. Additionally, by monitoring the ever-changing dynamics and consumer behaviors, you can ensure to offer products and services that meet varying needs.

2. Entrepreneurs Need Marketing Skills

If you have several creative ideas that you would like to bring to life, you will need marketing knowledge to understand the consumer and make viable business decisions.

When starting a business, you must first understand the industry, the competitors, and the consumers. You need to assess what the competitors offer, their brand voice and the consumer’s pain points they don’t address. Once you thoroughly understand these, you can develop an offering the consumer cannot resist.

If you don’t have marketing knowledge, you wouldn’t know how to make your place in the industry and are likely to become one of the 20% of businesses that fail during the first two years. Another shocking statistic shows why marketing is important even for entrepreneurs who have established their businesses. According to the BLS, 45% of new businesses fail during their first five years of operation. The percentage increases to 65% failing during the first ten years.

These statistics show that many businesses fail to reach the five-year mark without the right planning, flexibility, and funding. While marketing is important for setting the foundation of the business and determining the brand voice, it is also crucial for entrepreneurs to cater to the changing needs of consumers.

3. Improves Communication Skills

Entrepreneurs need a marketing degree to “market” their ideas to people who can fund their business ideas.

When a person pursues a marketing degree, they learn the art of negotiation and polish their presentation skills. Because of these skills, they also improve their communication skills to become relevant for any role. During an interview, people with marketing degrees can communicate how they can be valuable to the company and ‘market’ themselves as the right fit for the role’s needs.

Likewise, communication skills are crucial to cementing positive public relations and boosting organizational reputation.

4. Variety of Marketing Specializations Available

During the degree, you learn the gist of every type of marketing. You can choose which one to work on when entering the practical world.

Here are some of the marketing specializations that students can opt for:

• •  Social Media Marketing

Social media marketing might be your calling if you are active on social media. You can apply your marketing knowledge to develop social media marketing campaigns and make decisions by studying social media insights.

• • Email Marketing

Email marketing is a traditional way to reach customers, but still applicable. You can become a copywriter to write powerful words that influence consumers.

• • Offline Marketing

If you’re more interested in traditional offline marketing, like billboards, television advertisements, and product placements, go for the offline marketing domain.

After completing a marketing degree, you can work in marketing departments or become an invaluable asset for agencies that handle marketing for various business clients.

5. Marketing Jobs are Diverse and Well-Paid

Although marketing jobs attract individuals with a creative mindset, the high earnings also attract various individuals. Here are the salaries of common marketing roles taken from Indeed:

• Digital Marketing Manager – 62,742 USD/ year
• Social Media Manager – 57,049 USD/ year
• SEO Manager – 74,159 USD/ year
• Content Marketing Manager – 67,984 USD/ year
• Brand Marketing Manager – 78,830 USD/ year

Because marketing is one of the core functions of a business, marketing managers can climb up the corporate ladder to eventually become CMOs (chief marketing officers) or even CEOs.

Final Words

Marketing is a field that prepares individuals not just for securing marketing roles but also developing skills like negotiation and communication. Marketers are in high demand worldwide, given their vast skill set and transforming roles. Marketing is a promising field that offers lucrative and high returns on upskilling investments. So, get your marketing degree and reap the