Shifting Perspectives: Transforming Marketing from Cost to Investment
Despite marketers recognizing their significant business impact, many are hindered by the prevailing view of marketing as a cost rather than a strategic investment.
Marketers believe that despite being crucial for business growth, their profession is often seen as a cost rather than an investment in today's challenging economic climate.
Almost half of marketers (46.5%) feel that their company views marketing primarily as a cost rather than an investment, as revealed by Our Website’s 2024 Career & Salary Survey, which gathered insights from over 3,000 marketers.
This percentage significantly surpasses the 32% of marketers who believe that their company sees marketing as an investment and fully comprehends its value. On the other hand, a disappointing 15.2% of respondents expressed that their business does not understand marketing at all.
The ongoing debate between marketing and business leadership regarding the significance of the function in shaping the company's strategic direction is evident in the data.
This pattern is consistent across businesses of all sizes. In small to medium enterprises (SMEs) with less than 250 employees, 43.9% of respondents view marketing as a cost rather than an investment. Conversely, 35% of respondents believe that marketing is crucial and lies at the core of the company.
In larger businesses, things are a bit different. About half (49.6%) of marketers in corporate settings think that marketing is viewed as a cost to the business, while only about a third (29.5%) see it as an investment.
When it comes to B2B marketers, almost half (49.5%) see their work as a cost to the business, with only a quarter (27.4%) considering it an investment. Alarmingly, 17.1% of these B2B marketers feel that the business doesn't really understand marketing at all.
Our website has covered the significant changes in brand building within B2B marketing in the past decade. However, the Career & Salary Survey data indicates that there is still work needed to alter perceptions regarding the value of marketing.
On the other hand, individuals employed in B2C businesses or a combination of B2B and B2C are more likely to have a positive perspective on their position within the company. About 38.2% of B2C marketers view marketing as a valuable investment fully understood by the company, while this percentage slightly decreases to 32.3% for those in a blend of B2B and B2C roles.
44.4% of B2C marketers see marketing as a cost, with the number rising to 45.2% for B2B and B2C marketers. Only 12.9% of B2C marketers feel that the business fully understands marketing.
Marketing plays a crucial role in navigating businesses through challenging economic times. It is therefore not surprising that 65.1% of marketers believe that their efforts are now making a more significant impact on the organization than in the past.
However, this increased importance isn’t converting into job security, with less than two-fifths of marketers (39.8%) feeling more secure in their job than they did a year ago.
Under and over
According to the Career & Salary Survey, marketing strategy was identified as the most underrated skill in the profession by respondents.
Out of the 3,000 marketers surveyed, over half (53.7%) believe that marketing strategy is undervalued by businesses. This shows the frustration that marketers feel due to the lack of recognition and understanding of the key aspects of their role. Following closely behind were brand management (46.1%) and data analysis (32.7%).
On the other hand, marketers pointed out that social media (22.5%), digital marketing (15.7%), and performance marketing (12.9%) are the most overrated skills.
It is evident that marketing is gaining more influence within companies. However, there seems to be a gap between what marketers perceive as the strengths of their profession and what their employers consider the value of marketing.
Our Website has published a series of exclusive news and features based on the findings of the 2024 Career & Salary Survey. Click here to view everything we’ve published so far.
Editor's P/S:
Marketers are often undervalued and underappreciated, despite their crucial role in driving business growth. According to a recent survey, nearly half of marketers feel that their companies view marketing primarily as a cost rather than an investment. This perception gap reflects a lack of understanding of the true value of marketing in shaping strategic direction and navigating challenging economic times.
Furthermore, marketers believe that key skills like marketing strategy and brand management are underrated, while overvalued skills such as social media and digital marketing receive more attention. This disconnect highlights the need for a shift in mindset among business leaders to recognize the strategic importance of marketing and invest in its capabilities. By embracing the transformative power of marketing and aligning it with overall business objectives, companies can unlock its full potential and achieve greater success in the competitive marketplace.
