In the bustling landscape of modern business, where every click, like, and share is scrutinised under the lens of profit, one crucial aspect often falls into the shadows: marketing strategy.
According to Marketing Week‘s exclusive 2024 Career & Salary Survey, this vital skill is deemed the most underrated by businesses, echoing sentiments from the previous year.
So, let’s delve deeper into the insights gleaned from the survey, shedding light on the frustrations and aspirations of marketers across industries.
The Undervalued Skills
Marketing Strategy: The Unsung Hero
Among the 3,000 marketers surveyed, a resounding 53.7% lamented the undervaluation of marketing strategy by their employers.
This sentiment transcends the boundaries of B2B, B2C, and hybrid business models, indicating a widespread disconnect between marketers and their organisational counterparts.
Despite being the cornerstone of effective marketing campaigns, strategy often languishes in the shadows of short-term tactics.
Marketers emphasise that strategy involves more than just planning the next campaign; it’s about aligning marketing efforts with overarching business goals, understanding target audiences on a deeper level, and anticipating market shifts.
Without a robust strategy, marketing initiatives risk becoming disjointed and reactionary, failing to drive long-term growth and profitability.
Brand Management: Nurturing the Identity
Close on the heels of marketing strategy is brand management, with 46.1% of marketers expressing dismay at its undervaluation. In an era where brand loyalty can make or break businesses, the neglect of this skill poses significant risks.
Effective brand management entails more than just designing eye-catching logos or crafting catchy slogans. It’s about cultivating a brand identity that resonates with consumers, maintaining consistency across all touchpoints, and fostering meaningful connections.
Therefore, whether in B2B, B2C, or hybrid setups, maintaining brand integrity remains a persistent challenge.
Data Analysis: The Key to Informed Decisions
In an age dominated by data, it’s surprising that 32.7% of marketers find their analytical skills undervalued. From consumer insights to market trends, data analysis empowers marketers to make informed decisions.
Yet, this critical skill often struggles for recognition within organisational hierarchies. Marketers emphasise the importance of not just collecting data but also interpreting it effectively, extracting actionable insights, and using them to drive strategic decision-making.
Without robust data analysis capabilities, businesses risk operating in the dark, making decisions based on hunches rather than evidence.
Consistency Amidst Change
The survey reveals a striking consistency in the perceived undervaluation of these core skills, persisting unchanged from the previous year.
Whether in large corporations or small and medium enterprises (SMEs), marketing strategy, brand management, and data analysis remain the unsung heroes of the marketing world.
Across different business models, from B2B to B2C and hybrid approaches, the challenges remain consistent. Marketing strategy, brand management, and data analysis are the pillars upon which successful marketing initiatives are built.
Ignoring or undervaluing these skills not only hampers short-term performance but also jeopardises long-term competitiveness in an increasingly crowded marketplace.
Improving the Recognition of Core Marketing Skills
To bridge the gap between marketers’ expertise and businesses’ recognition thereof, organisations must begin to undertake some helpful proactive measures.
Firstly, fostering a culture of collaboration and open communication is paramount. By involving marketers in strategic discussions and decision-making processes, businesses can leverage their insights to develop more effective marketing strategies.
Secondly, investing in continuous education and training programs enables marketers to stay abreast of emerging trends and technologies, enhancing their skill sets and value proposition.
Additionally, establishing clear performance metrics and KPIs aligned with marketing objectives allows businesses to quantify the impact of marketing efforts and appreciate the contributions of their marketing teams.
Also, fostering a culture of experimentation and innovation encourages marketers to explore new ideas and approaches, driving creativity and agility within the organisation.
Ultimately, by recognising the intrinsic value of marketing strategy, brand management, and data analysis, businesses can unlock the full potential of their marketing teams and drive sustainable growth within the ever-evolving marketplace.
Conclusion
As the curtains draw on the findings of the 2024 Career & Salary Survey, one resounding message emerges: businesses must reassess their appreciation of fundamental marketing skills.
The undervaluation of marketing strategy, brand management, and data analysis not only undermines the effectiveness of marketing efforts but also stifles the growth potential of organisations. It’s time for businesses to recognise these skills as the bedrock of sustainable success in the always adapting landscape of modern marketing.
Only by investing in these core competencies can businesses hope to navigate the complexities of the digital age and emerge stronger, more resilient, and more competitive in the marketplace.
