USA based PMMs are the highest-paid but does that tell the full story?

Welcome to Product Marketing Press-our weekly newsletter here on LinkedIn. Here we’ll unpack the stories behind our reports and share lessons from across our network of industry leaders.?

Instant and on-demand access to these reports, templates, and over 250 hours of content from our world-class events is available exclusively to our members here atProduct Marketing Alliance.?

If you’re looking to take your career as a PMM to the next level, we’ve got you covered. And the best part - you can get a little taster of our membership for free.

So, start your freemium ride and find out what all the fuss is about first-hand.

How do global product marketing salaries compare?

Our recent Product Marketing Salary Survey uncovered some interesting trends across the world. But this week we wanted to dive deeper into the US side of these reports and try to understand if these product marketers are really satisfied with their salaries.?

Location is an important factor in determining how much money you stand to earn as a PMM. In 2020, there was a disparity of $132,482 between the earnings of PMMs working in the most lucrative region (North America) and the least lucrative region (South & Central America). This year, North America still has the highest average salary ($137,569), but Asia is statistically the least well-paid region, with an average salary of $49,461, before tax.

Earning potential can vary significantly depending on which state a PMM is plying their trade in.

We segmented the results by US state and listed them in ascending order based on the highest average baseline salaries. California is in the top spot with $169,224, perhaps unsurprisingly so, given its blossoming product marketing population.

The numbers look good but are US-based product marketers satisfied with their salary?

We went and asked the million-dollar question: are product marketers happy with how much they’re earning??

Added to that, if they could change anything about how they’re compensated by their company, what would they like to see introduced?

When we asked PMMs to rate their salary satisfaction on a scale of 0-10, 0 being extremely unhappy, and 10 being elated, the average rating amongst product marketers was 7.2, a slight increase from 2020’s average score of 6.8.

Interestingly, this score is only a fraction higher than the global average of 6.9 despite the higher average salary.?

However, this year’s salary satisfaction rating wasn’t a disastrous score, and indicates improvements have prompted PMMs to view their salaries more favorably since the last report was published in 2020.

Nonetheless, there’s always some improvements that can be made to make workers happier. Instead of speculating, we asked them what changes they’d like to see in their compensation package, salary increase aside.

Here’s a sample:?

“It’d be appreciated if my employer would pay for a gym membership of my preference.”

“I’d like more control over my bonus structure.”

“I think bonuses should align with company growth.”

“I’d like more paid parental leave, with flexibility to take it when I want.”

“Guaranteed bonus amounts would be awesome.”

“Reimbursement for tuition would allow me to develop my knowledge and offer more to the company.”

“Bigger performance based bonuses and/or more time off.”

“I’d like to see cash bonuses, consistent stock allowances, or pay increase conversations taking place more frequently.”

“In my offer of employment, I got a stock grant for the vests over four years; I’d love yearly stock bonuses.”

“Clearer bonus structure and education budget so I can take courses and get certifications to develop my prospects.”

“I’d like better insurance benefits and considerations for non-parents. The majority of benefits and programs are parent-focused but because I'm not a parent, I don't qualify but I don't get anything else.”

Career aspirations and stability

Staff turnover is inevitable for any company, but we wanted to know what proportion of our respondents were actively seeking a new role. Additionally, we were keen to see whether a correlation could be established between the number of people looking for a new position and their annual salary.

Over half of the respondents (54.5%) said they weren’t looking for a new job. There were 9.5% of PMMs keeping their eyes peeled for a new role, a 6.5% reduction from last year when 16% indicated they were unhappy with their current circumstances and wanted to move on.

Does salary influence career aspirations?

When we asked participants about their career aspirations in greater detail, most of the respondents (45.2%) said they wanted to remain in their current role but progress within the product marketing department.

Just over a quarter (27.5%) said they wanted to stay and keep their existing role, which didn’t come as a surprise when we found their average baseline salary was $160,916 - higher than any other group.

A small minority of people we spoke with (1.3%) said they wanted to stay at the company but move into a different department entirely, again, not a great surprise considering they occupied the lowest paying roles with an average baseline salary of $113,783.

This year’s findings paint an encouraging picture when compared to 2020’s results. Fewer PMMs are keen to transition into another department (-2.7%), while there’s an increased desire amongst PMMs to enhance their credentials and ascend the career ladder (+5.2%).

Salary and career decisions

“Never go into business to make money. If that’s the motive, you’re better off doing nothing.” ??- Sir Richard Branson

The words of serial entrepreneur Sir Richard Branson will resonate with a proportion of PMMs who aren’t motivated by financial gain, but rather the camaraderie with peers, the mental stimulation of the work itself, and so forth.

Conversely, some employees work with one eye firmly fixed on their monthly pay cheque.

We asked participants the role salary plays when it comes to making professional career choices and based on the feedback we received, work culture was considered to be the thing people prized the most:?

• 48.8% said salary is secondary to work culture
• 27.9% said salary is secondary to work opportunities
• 29.6% said salary is secondary to industry and the product
• 25.6% said salary was the first thing they looked for

NB: Respondents could select more than one answer for this question.

Do product marketers feel valued?

When we asked respondents if they feel their salary truly reflects the overall value they bring to the table, 65.5% said they do feel their salaries are reflective of their importance, while 34.5% indicated that they didn’t feel they were being compensated adequately, given the role they play in their company’s respective successes.?

Despite the majority indicating they felt as though their salaries reflected their value to their company, Erik Mansur, VP of Product Marketing at Crayon, wasn’t fully satisfied with the statistics:

“While it’s great to see that nearly two-thirds of PMMs think their salary reflects their value, what’s more troubling is there are one-third that still don’t.?

“While perceptions of the product marketing discipline are growing and evolving, this statistic could be reflective of the fact that some companies—both large and small — still don’t really understand the job function, and think of their PMMs as catch-all individual contributors.?

“This is where PMA can truly help: by providing clearer definitions as to the roles and responsibilities of a product marketer — and as a result, more clearly elucidating the value of those individuals’ contributions—the more you’ll see PMMs believing that they’re being compensated appropriately for the work that they’re doing.”

What did we learn from the survey as a whole?

There were takeaways from this updated salary survey that didn’t come as much of a surprise.

For instance, given California is rapidly establishing itself a hub for some of the most respected PMMs on the planet, it wasn’t surprising to see salaries in this neck of the woods were higher than any other US city ($169,224).

The report has highlighted areas for improvement, and while PMMs were satisfied (if not elated with their earnings), there’s a clamor for improved bonuses, while males continue to earn more than females, a finding we’re sure will generate further debate. Perhaps employers reading this write-up will take note and introduce some internal changes moving forward.

Salaries aside, the fact that more people have expressed a desire to grow in their roles (+5.2%) is a testament to the industry and companies willingness to adapt during an unprecedented period of change and we’re already excited to see what 2022 has to offer.

Want to read the full 2021 Product Marketing Salary Survey? Follow this link to get the report tailored to your region.?

Salary calculator

Once you’ve compared your salary with US based product marketers, compare your earning potential on a global scale, with our Salary Calculator.

Click the below, unlock a wealth of information, and understand your true worth.

• https://productmarketingalliance.com/salarycalculator/

Subscribe to Product Marketing Press for more…?

While you’re at it, why don’t you check out our PMA Insider Membership??

It’s free to join and you will be the first to receive our tips, tricks, and tactics as they are released.?

Not to mention a small sampling of the members-only templates and on-demand content that our Pro and Exec members get.?

Who doesn’t love freebies?

Sign up here