Have you ever felt like marketing is often seen more as a wallet-drainer than a treasure chest for your business? You’re not alone. A revealing survey by Marketing Week in 2024, involving over 3,000 marketers, has shed some light on this age-old dilemma.

Almost half of the marketers surveyed (46.5%, to be exact) echoed the sentiment that their role is understood by their companies but, alas, mainly viewed as a cost. This insight contrasts with the 32% who believe their work is recognized as an investment, fully appreciated by their organizations. And let’s not forget the 15.2% of respondents feeling invisible, with their marketing efforts seemingly misunderstood or overlooked entirely.

This ongoing tug-of-war between marketing’s strategic value and its perception as a mere expense is a story as old as time, affecting businesses big and small. For instance, in SMEs, 43.9% see marketing as a cost, while in larger corporations, this sentiment jumps to 49.6%. And in the B2B world? A staggering 49.5% feel their marketing efforts are viewed more as a necessary evil than a growth engine, with only 27.4% feeling valued as strategic investors.

Despite these challenges, hope shines brighter for those in B2C, where 38.2% of marketers feel their work is fully understood and appreciated as a key investment. This positive outlook slightly diminishes in environments that mix B2B and B2C, but the spirit remains uplifted.

The narrative doesn’t end there, though. With the economic climate putting businesses through the wringer, a whopping 65.1% of marketers believe their impact is growing within their organizations. Yet, this increased influence doesn’t necessarily translate to job security, leaving only 39.8% feeling more secure in their positions compared to the year prior.

When diving deeper, the survey unveils a striking truth: the most underrated skill in the marketing world is strategy, with 53.7% of marketers wishing for more recognition of their strategic acumen. This desire for appreciation extends to brand management and data analysis, highlighting a gap between marketers’ self-perception and the value seen by businesses.

Interestingly, the survey suggests a shift in skillset valuation, with social media, digital marketing, and performance marketing being tagged as the most overrated skills by some marketers.