A marketing analyst (for example, a market research analyst) helps companies and organizations decide what products and services to sell to which customers and at what price.
They evaluate the performance of competitors and the behavior of customers to perform their duties properly and provide their reports to executives in the form of strategic conclusions.
What are the responsibilities of marketing analysts?
The most important daily tasks of marketing analysts are:
- Gather information about competitors’ tactics, market conditions, and consumer demographic information
- Research on customer feedback, shopping habits, priorities, wants, and needs
- Study and review of competitive prices, sales figures, and marketing, and distribution methods
- Develop and evaluate methods for data collection including surveys, interviews, questionnaires, and surveys
- Data analysis using statistical programs, predictive analysis, and other data-driven tools
- Develop tactics and criteria for evaluating the effectiveness of existing marketing, advertising, and communication programs
- Monitoring and forecasting marketing and sales trends, highlighting innovative opportunities and new advertising
- Transform complex information findings into text, tables, graphs, and data visualizations
- Interact with internal departments to provide clear and transparent reports to customers and management
- Interact with data scientists, statisticians, and other marketing professionals (digital marketing)
Market research analysts are the eyes and ears of organizations and provide valuable psychological insights into consumer behavior.
Their discoveries can have a positive impact on how partners and investors are selected who are willing to work with a production unit or large organization.
Based on what targeted program can you become a market analyst?
The path people take to become an effective marketing analyst varies, but in general, if you follow the following policies, your chances of success are very high.
Study in statistics, computer science, economics, or business management
Currently, the main requirement for a marketing analyst is a bachelor’s degree. Statistics, mathematics, computer science, economics, and business management are important trends, but individuals with specialized degrees in communication, marketing research, and customer psychology are recognized by organizations as market analysts.
Whatever field you choose, make sure it includes courses that teach you quantitative skills.
Because of the big data, employers are looking for people with technical expertise. This means that to qualify for specialized occupations or managerial positions, you may need a master’s degree.
Your choice of master’s degree can be in marketing/business analysis and an MBA with a focus on market analysis or research.
Align your technical and business skills with analytical thinking
The most important technical skills and tools that marketing analysts need are the following:
- Statistical analysis software (eg R, SAS, SPSS, or STATA)
- SQL Databases and Database Query Languages.
- Programming skills (if possible).
- Familiarity with the software and infrastructure implementing polls.
- Familiarity with business intelligence concepts and reporting software (eg Tableau)
- And Familiarity with data mining concepts
- Data visualization
This technical list may change as new tools for data mining are invented every day.
Business Skills for Marketing Analysts
In addition to the technical skills you need to have as a marketing analyst, there is a set of business skills that you need to know exactly to achieve your goals. These skills include the following:
- Solve analytical problems: Accurately process large volumes of complex data and turn them into measurable results.
- Critical thinking: Having an innate curiosity about customers, evaluating all available information for key financial decisions.
- Effective communication: Strong and constructive interaction with clients, interviewees, fellow researchers, clients, and management and delivering results in a language that non-technical audiences can understand.
- Industrial knowledge: Accurate knowledge of business processes that allow you to purposefully collect and analyze data and use it.
Get certifications from marketing analysts
Certifications help you develop your marketing analytics skills. These certificates include the following:
Professional Researcher Certificate (PRC)
Certified by the Insights Association, this certification is designed to promote high standards in marketing research. This certification is not mandatory for most jobs, but it does show employers that you have accurate professional knowledge in your field.
Reputable Market Research Analyst (CMRA)
The CMRA is a certification developed by the International Institute for Market Research and Analysis (IIMRA) and covers information on the basics of market research, project design, market research tools, and data-to-findings.
Readable interview with a successful marketing analyst
Here’s an interview with Eric Brin, digital marketing analyst, consultant, and faculty member of Digital Marketing Analysis at Loyola University in Chicago, about working as a marketing analyst in the real estate industry. Read this interview to find out what skills a successful marketing analyst needs.
Q: What impact do marketing analysts have on the overall success of companies in the real estate industry?
A: Marketing analysts can have a significant impact on the overall success of companies in the real estate industry. A marketing analyst understands a customer’s expectations and uses that understanding to work with the data science team to better develop products, manage campaigns, and advertising and messaging strategies. The more targeted and meaningful these strategies are to consumers, the more companies face increased brand loyalty and customer retention, which results in greater profitability.
Q: What has changed the role of marketing analysts over time, and how do you see their evolution in the future?
A: In the past, people perceived the role of marketing analysts as relatively rigorous analyzes in a marketing business unit. However, I believe that marketing analysts have entered into a multi-purpose plan that has a positive impact on product development and strategic business decisions.
Q: What is the biggest difference between marketing analysts and data scientists, how can the two work together?
A: A marketing analyst plays an important role in improving the performance of the marketing units of an industry or company, by providing analytical and interpretive guidance to help organizations focus on profitable products or services.
In short, a data scientist specializes in inferring business intelligence and analytical perspectives from structural or non-structural (big data) data sources.
With this in mind, a marketing analyst can best work with a data scientist to gain a clear understanding of the business and marketing goals he or she has in mind and then ask specific, precise, and relevant questions for his or her team Submit data mining to align marketing strategies based on the analysis provided by these individuals.
In general, frankness and accuracy lead to more business intelligence and perspectives.
Q: Who are the best market analysts?
A: Thoughtful people who value design. Analysts are naturally, as expected, people who have a great deal of talent for working with numbers and are data-driven and rational.
However, because big data comes from direct, digital, social, and mobile marketing activities and is complex and complex, the design of empirical consumer models and campaigns based on the single insights derived from this big data can be analyzed.
Understands how interpretive guidance from such insights affects the broader goals of the customer experience. Interpreting the visual representation of complex data sets is an art.
Q: What advice do you have for a student preparing for the position of marketing analyst?
A: In addition to taking marketing internships, students must take advanced statistics and information science courses. Business intelligence and big data tools allow you to present perspectives and points of view more simply and accurately.
However, having a basic understanding of statistics and information science enables the student to have a better and more constructive impact on the internship and the careers he/she enters after graduation.
How Much Money Do Marketing Analysts Make?
Marketing analysts work for almost any business, including manufacturers, research and advertising agencies, CEOs’ consultants, and even government agencies. The average salary of market research analysts in 2019 was $ 63,790, according to the US Department of Labor.
Similar jobs Marketing Analyst
Jobs related to the collection and analysis of business data include:
- Poll Researcher
- Data Analyzer
- Business Analyst
- Business Intelligence Analyst
- Management Analyst
After gaining experience as an analyst, you can work in the following senior marketing positions:
- Marketing Manager
- Marketing Manager
- Senior Marketing Manager
The job of a marketing analyst
The Bureau of Labor Statistics predicts that the employment of market analysts will grow by 18% from 2019 to 2029, which is above average for all jobs.
Marketing analysts looking for potential markets are likely to encounter many factors that can affect product demand. Nowadays, analysts consider the pattern of store traffic, mobile shopping habits, and much more.
Fortunately, they have new technologies to help them with their tasks. Today, smart market research analysts can process behavioral data instantaneously, replacing hard and tedious studies with micro-surveys and social auditory analyzes.
Instead of spending long hours on past events, some analysts make predictions through predictive analytics.
Ordinary services have been replaced by automation and market research (DIY) tools.
This replacement has enabled marketing analysts to improve customer engagement and make feedback management more targeted by providing custom solutions.
In general, marketing analysts are improving their technical skills and adapting to new digital realities to succeed in their work.