2020 has seen the development of one of the most unforeseen circumstances in modern memory, with the emergence of the COVID-19 pandemic.
The virus has crippled a host of thriving industries, but how has COVID-19 affected product marketing, and amidst the uncertainty, has this had an impact on how much product marketers are earning?
Not the type to rely on guesswork, we sought answers to the question in our 2020 Product Marketing Salary Survey and to put the impact of COVID-19 Into perspective, here are some of the key findings from our foray into the area.
What is the average product marketing salary?
When we researched the average product marketing salary for our Global Product Marketing Salary Survey 2020, we checked out the responses from PMMs surveyed, and based on feedback received, we found the approximate earnings for a PMM is $111,075, with North American-based PMMs earning top dollar ($131,038).
Product marketing salary by location
Whether you’re an accountant, lawyer, or journalist, geography often plays a part in earning potential, and whilst researching for our report, we found that this was also the case for product marketers.
For example, based on feedback from the PMMs we spoke with, the baseline salary for a product marketer in North America can top $156,392, with PMMs in Asia and the Middle East earning in the region of $124,682 and $112,264, respectively.
On the other hand, product marketers based in Africa and South and Central America earn a significantly lower salary than their peers in the aforementioned regions, with PMMs based in Africa earning a baseline salary of $30,060, while their peers in South and Central America are reimbursed less than any other area, with product marketers earning a baseline salary of $23,910.
“How much will my salary increase in 2020 as a product marketer?”
At the start of the year, many PMMs were curious to see what 2020 had up its sleeve as far as earning potential was concerned, and this was a question many were posing. After all, as we discovered in our State of Product Marketing 2019 report, PMMs were in pretty high demand.
When COVID-19 arrived, many industries were impacted as a result of the global pandemic, with redundancy rates rising, particularly among workers earning a living at companies in industries such as hospitality and retail.
Nonetheless, we compared 2019’s PMM salaries with earnings from 2020, interestingly enough, product marketing salaries bucked the trend in many instances, with PMMs earning more than last year, except Africa, where earnings remained the same, and the Middle East, where the average salary decreased by $5,215.
Did PMMs anticipate a salary reduction due to COVID-19?
With 730,000 jobs lost since the beginning of lockdown in the UK alone, product marketers could be easily forgiven for thinking COVID-19 could well see product marketing jobs take a hit at their respective companies.
We were keen to understand what impact the product marketing community thought COVID-19 would have on their salary expectations and aspirations in 2020 and spoke to the PMM community to put some meat on the bones.
After speaking with 3,000+ product marketing professionals, 38% said they hadn’t altered their expectations and aspirations for 2020, with little change anticipated to their average salary of $118,128.
However, 8% said they had to take a pay cut as a result of the COVID-19 pandemic, with this segment of our sample earning $107,557, on average. To reduce the financial implications of the pandemic, many companies have managed to implement a pay freeze for their employees, and this was the case for 14% of PMMs surveyed as part of the Product Marketing Salary Survey 2020.
Employees work hard to secure a pay rise and the COVID-19 pandemic has come as an untimely blow for those who have invested time and effort in a bid to secure a higher product marketing salary. Almost one-quarter of respondents (23%) said, while they haven’t given up hope of securing the pay rise they crave, they’re less optimistic this will come their way following the development of COVID-19.
That said, given the economic fragility at this current time, having a job to go to in the first place is worthy of a celebration in itself. This motif has been shared by 14% of product marketers we spoke with, who said irrespective of how the current circumstances impact their salary, they’re grateful they still have a job.
Predictions for 2021
2020 has been a crazy year with no end of surprises, yet, amongst the chaos, it is possible to find some degree of normality and adapt to the current circumstances. After all, here at PMA, we’ve managed to struggle through the uncertainty and bring the product marketing community a host of exciting features, including our salary calculator, the perfect tool to help you work out your true worth.
While it’s difficult to foresee what next year may hold, product marketers have already given their 2021 PMM predictions, focusing on what 2021has instore for PMMs in a non-financial sense.
Granted, it’s impossible to predict, but if the 2019-2020 trend continues, 2020-2021 could see many product marketers scaling for success in the coming months, welcoming a prosperous era, and illuminating a dark stage in recent history.
We’d love to hear your product marketing prediction for 2021. Leave your forecast in the comments below. 👇