Sales and marketing departments are crucial to any business. If you have ever wanted to buy, consume, or use a certain product, that is due to the marketing and sales teams.
Without a team to promote the service or good a business has to offer, the business struggles to survive. However, not all sales jobs are created equal. Positioning yourself in the right industry can make a big difference in your financial gains, namely commission percentages and base pay rates.
One common thread running through all of the industries listed below is their recent innovations in technology and commitment to improving the client experience. If you are looking to make a career change, you should choose an industry with steady growth and upward mobility. Review the sections below for a list of the top industries for sales, based on data from the Bureau of Labor Statistics, and economic forecasting.
The Real Estate Industry
The Bureau of Labor Statistics projects that in the next five years, the employment growth in this industry will grow by 5 percent. Firstly, it is important to understand the difference between a real estate agent and a broker. Real estate brokers are licensed to manage their own business in addition to working with clients to find homes. Real estate agents sell, rent, or buy properties for clients but cannot run their own practice. Both roles require an in-depth knowledge of the current housing market in the area.
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Real estate agents must have extensive knowledge on the area in which their client is looking and evaluate the best option, while taking the client’s budget into account. Real estate agents generate a list of available homes and will negotiate pricing with sellers. With more people becoming eligible to buy homes, there is an increase in demand for real estate agents. The national salary range for a real estate agent is between $43,880 and $57,134 per year. However, this can vary greatly depending on the location. The best paying cities for this role include Green River, WY where agents can make up to $116,755 and Danville, CA where reported incomes go up to $115,386.
The Insurance Industry
An insurance agent’s job entails selling insurance. This can include auto, home, life and/or health. Your role as an agent would involve handling policies for property, employee or employer coverage and/or product coverage. Every state requires agents to obtain a licensure to sell insurance. The requirements may vary depending on the area you specialize in and the state in which you reside.
One of the most important aspects of the job is sales commissions, which often constitute a big percentage of your income. A role as an insurance agent involved pursuing sales leads and talking to customers over the phone. It is only when you become a commercial agent that you work in the field with customers. Many agents work for independently owned agencies and sell insurance for various companies while a small portion is self-employed. However, the majority of agents work directly with insurance providers. The Bureau of Labor Statistics projects that in the next five years, there will be a 6 percent growth within the insurance industry. The salary range is between $24,000 and $145,000 per year, and the national average is more than $69,800.
The Marketing Industry
A marketing manager develops the best methods to sell a product or service to consumers. Responsibilities include building campaign strategies, setting budgets, and tracking results from marketing efforts. In this role, you will often find yourself collaborating with the sales team and planning promotional events.
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Marketing managers also work closely with individual clients to understand what product or service they intend to sell. Once they know what the client wants and the audience they are targeting, it is the marketer’s job to develop effective campaigns to attract consumers and increase sales. The Bureau of Labor Statistics estimates a 10 percent employment growth for marketing managers in the next five years. Salaries for this role range from $100,000 to $192,000 per year.
The Technology Industry
Technology innovations have produced amazing developments in everyday products, many of which require good marketing and sales representatives to manage it. Reports indicate sales jobs in technology garner high employee satisfaction, above-average pay and career opportunities. Some of the driving factors behind the rapid expansion of the industry are cybersecurity, predictive analytics and cloud products. The Bureau of Labor Statistics estimated a 15 percent growth in the next five years.
The Health Care Industry
In recent years, new drugs and health care technology hit the markets to improve consumers’ quality of life. With that comes a bigger demand for sales and marketing professionals. Pharmaceutical companies continue to research the world’s most threatening diseases and conditions in order to create new treatments. The Bureau of Labor Statistics estimated a 13 percent growth in the next five years.
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Another large sub-set in the health care industry is medical devices. As people continue to live longer, there has been a sharp rise in the production and sale of medical equipment for consumers, hospitals and medical practices.
The Financial Technology Industry
Financial technology, commonly known as FinTech, refers to the back-end computer systems that are the driving force of the financial industry. This technology oversees mobile banking and fraud prevention software, online trading platforms, mobile payments and even trading software on Wall Street. Checkbooks and ATMs are beginning to digitize, and physical banking slips soon becoming relics of the past. As more people turn to banking online, the industry is expected to see an exponential growth in the financial technology industry.
Reports indicate the financial technology industry is one of the most rapidly growing industries from the past two years. The industry is expected to grow nearly 6 percent over the next decade including the required sales force to present new products to potential investors, stockholders and ultimately, consumers.
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