There are plenty of good reasons to earn an MBA. From increased earning potential to greater opportunities for advancement, the reasons for enrolling in Business school are as varied as students themselves. In fact, a growing number of business school applicants are seeking degrees to help them start their own businesses, as most MBA programs offer some useful tools for entrepreneurship.
One of those tools is a solid understanding of marketing. Most students finish their MBA programs with both a foundation in the principles of marketing and how to apply them to their own business ideas, but also an arsenal of other skills that support marketing functions. Whether the program is a traditional MBA, or an executive MBA online program geared toward experienced professionals, you can expect to graduate with these skills that support your business marketing efforts.
1. An Understanding of Branding
Building a recognizable brand is a key aspect of any successful business. More than ever before, customers want to know who you are and what you stand for — and that requires more than a catchy slogan and some clever advertising and packaging. Yet MBAs know more than just how to establish a brand. They also know how to protect it, and build brand equity, and are astute at identifying opportunities that align with the brand — as well as the potential threats and challenges to the brand identity. This is thanks in large part to the fact that many MBA programs are focused on preparing students to take on leadership roles in established brands, but the skills and experiences gained in Business school are also applicable to startup enterprises.
2. Accounting and Finance Skills
When it comes to marketing, entrepreneurs tend to develop tunnel vision: They establish a marketing budget, and metrics that appear to define the success or failure of tactics. Instead of focusing on break-even points, ROI, or the overall value of customers and transactions, they focus on metrics like website traffic or the number of requests for information. Because marketing’s purpose is to increase revenue (ideally while reducing costs), it’s important for marketers to understand accounting and finance principles to ensure that money isn’t being wasted on the wrong things.
MBAs have a strong understanding of not only the technical aspects of financial management, but are also better equipped to evaluate ideas and tactics against the “ideal” business — and thus make better marketing decisions.
3. Better Communication Skills
Marketing is, at its most fundamental level, about communication: You are always working to share your message, ideas, and brand. While communication has always been an important skill in business, over the last decade, MBA programs have amped up their focus on developing students’ communication skills to meet growing demand for “soft” skills among managers. Through your business coursework, you’ll improve your ability to share your business’s message.
4. Improved Analytical Skills
Nothing is disrupting business more these days than big data. Marketers must be able to analyze data, identify trends, and draw conclusions — and propose actions — based on the information contained in data. Entrepreneurs must also have these skills; for example, a successful business relies on market research and the ability to identify and analyze target markets, assess demand for a product or service, and pinpoint the pain points and problems that they can solve. Because this skill is so essential to the function of business today, MBAs graduate with extensive knowledge and experience in data analytics.
5. A Strategic Mindset
MBAs — especially entrepreneurs with MBAs — in general, tend to be very creative and willing to take risks. However, at the same time, business success relies on having a plan and being able to pull together all the pieces to sustain growth. MBA programs deal heavily with strategic thinking and strategic planning, and having a defined purpose and goals, as well as a plan for measuring success. In other words, marketing success requires more than a scattershot, “let’s see what sticks” approach, and an MBA provides the skills to develop a strategy correctly.
While it’s certainly possible to market a business without an advanced business degree, the skills and knowledge gained by completing a program can provide an edge that will take your startup to the next level. If you haven’t considered furthering your education, it’s well worth doing so now.