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Marketing Roles - What Companies Look For in MBA Candidates
Marketing is one of those functions, that if done
successfully, requires a little bit of everything. In other words, it is highly
cross-functional and requires a lot of different skills. In Kathryn Ullrich’s Book, Getting to the Top, Strategies for Career Success, she states that close
to a third of CEOs have a sales/marketing background, which also turns out to
be the biggest bucket for CEO background functions.
Being somewhat new to business, this was something I did not
know before or during my MBA at Duke. I think my biggest misconception back
then, which many other non-MBAs also had, was that marketing equated to advertising – the kind that went on cereal boxes at the supermarket.
Advertising, while a tactic that results from the
development of marketing strategy, is only a very small portion of a marketer’s
role, and probably the one that is the least impactful from a value-add
perspective.
Where marketers add more value is in developing the strategy
of a brand and deciding how to position it in the marketplace. This is the
strategic side – after this marketers rely on leadership and operational skills
to align teams and ultimately execute the plan. As you may imagine, the newer
the brand, and the more brands that compete in a market segment, the bigger the
challenge to marketers. Here's my experience taking the Marketing Strategy course at Duke Fuqua.
Here’s what hiring managers and commercial leaders look for
in MBA candidates recruiting for marketing roles. Before you read on, here's a backgrounder on commercial/marketing roles in the pharma industry.
Strategic thinking
MBA candidates should position themselves (if not already by
their company) as future senior leaders. Strong executional skills, while
critical to success, are considered basic and don't differentiate
MBAs from each other or from non-MBA employees. Furthermore, the ones with the
best executional skills are often not MBAs, but those that have stayed at the
junior level for many years – even decades – in the company or industry.
The ability to “get” strategy and understand how it applies
to tactics is thus a key trait to have. It’s actually quite hard to build
alignment among multiple teams in a matrix environment without a strong understanding of strategy. In addition, strategic skills are ultimately what
senior marketers rely on when making decisions ahead of market changes or when
trying to innovate and defeat the competition.
Therefore, MBAs should
demonstrate their ability to think strategically early on in their careers, and
continue to strengthen this skill as they build additional expertise in the
respective industries they are in.
Analytical skills
Analytical skills are what makes strategic thinking possible
in today’s business environment. Business for virtually every industry is
evolving so quickly that assumptions are changing every few months, making
anecdotal evidence less of a factor in marketing decision making.
Don’t get me
wrong – qualitative evidence from years of experience is still important – it’s
just that empirical, objective evidence is much less costly to obtain nowadays. In addition, the evolution of market trends is accelerating to the point that
subjective experience may not be enough to build confidence behind a marketing decision.
The challenge for most hiring managers in marketing is that
folks in functions that build strong analytical skills often lack the other
traits that make someone a great marketer, such as strategic thinking
(discussed earlier) or leadership potential (discussed next). On the flip side,
people with great leadership or customer-facing communication skills may not be
great analytically.
If you don’t have great analytical skills, learn how to work
closely with those that do in your company. This is also what John Beeson
recommends in his book, the Unwritten Rules, the 6 Skills You Need to Get
Promoted to the Executive Level (to be reviewed soon). In addition, identify opportunities to work
cross functionally with market research, competitive intelligence or other
groups that focus on generating insights from data.
Leadership potential
As many folks who know me in real life and who read my blog
may already know – leadership is my most favorite topic to discuss. This is
demonstrated early on in a marketing career by how you manage teams of external
vendor and agencies, your relationship with others in your matrix teams, and how
you perform in large, multi-team meetings.
Virtually all marketing tactics (advertisements, brochures,
etc) are actually built by agencies – this creates a great opportunity for
those who are new to marketing to demonstrate their ability to lead. If you’re
transitioning into marketing, this is an important transferable skill to show
that you have had success with in a previous role.
Marketing also requires a lot of collaboration with other teams, such as finance, operations, analytics, and other industry-specific
functions. However, marketers are usually the ones accountable for business
performance (as in senior marketers own the profit-and-loss of a brand), and
thus naturally assume a leadership role among peers and is ultimately
responsible for holding everyone accountable.
It is therefore important to
demonstrate, first, a desire to lead – and secondly – the potential to do so
effectively.
Summary
Hopefully this post creates a clear picture of what hiring
managers look for in potential candidates for marketing.
Look, there are so many
traits there that out there that can make someone successful, and everyone has
their own individual styles. However, I see the above three skills as the most
fundamental building blocks of a marketing career.
Read this post if you're interested in a commercial/marketing career in the pharmaceutical industry.
Read this post if you're interested in a commercial/marketing career in the pharmaceutical industry.
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ReplyDeleteIn the hierarchy of the business food chain, sales and marketing should not be seen as rivals or equals, but counterparts. One truly cannot exist without the other, but their skill sets are not the same - especially today, where advances in technology require the modern marketer to have a very specific, honed, and competitive set of skills that most sales people simply do not need to have.Socialener
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