For any company surviving in the cutthroat market is not an easy task. A careful analysis of the market is imperative. This is what paves the way for new product launches, future ideas, and promotions. The success or failure of a company is dependent on how they utilize the market research data.
Market analysts have their roles quite cut out. They have to interpret the target markets along with researching the competitor’s strategies. It is their inputs that prove fruitful in setting up a product and service base in the market. Marketing analysts may study marketing strategies and campaigns and make recommendations based on data. Let us read on further to know what a market analyst job entitles, and what qualifications are required.
What is a Marketing Analyst?
A market analyst helps the company first identify the target audience for their product or service. Apart from that, their responsibilities include determining the market trends. These trends are then compared with the customer’s shopping behavior. With the help of such in-depth research, companies optimize products and choose advertising channels and price points.
Market analysts study relevant market data. Then they go on to make predictions about the targets, their most viewed advertising channels, and suitable price. All this information is based on market conditions.
What Does a Marketing Analyst Do?
Ultimately every company needs a Market analyst to get a deep understanding of the market they are operating in. This makes a marketing analyst career quite well-reputed. Some common job duties that a market analyst conducts are:
· Gather data from a variety of sources like surveys, other websites, and studies conducted
· Sorting the marketing data to make it simple to analyze
· Running various research tests to trace out findings that are useful
· Operating marketing tools to analyze data for the best marketing results
· Using SQL to query databases and make recommendations
· Defining target Audience and Consumer behavior
· Reporting on the performance of the marketing strategies used and their effectiveness
· Communicating the tests and results with the other teams.
· Collaborating with marketing and sales departments for marketing plan
· Setting the base for the marketing campaign
Example of a Marketing Analyst Job Description Sample:
How to Become a Marketing Analyst: Step-By-Step Guide
Becoming a market analyst requires a lot of technical expertise. Before anything, it is essential to understand the basic marketing analyst job duties and requirements. Learn about future career prospects. Have a look at how you should start your process of becoming a marketing analyst.
The job of a senior marketing analyst involves dealing with large amounts of data. A degree in any quantitative field, such as Mathematics, statistics, or data science, could prove helpful. Yet even a degree in marketing and business could be valuable as they provide basic business acumen. By pursuing a bachelor’s degree in any of the above streams, you can open your career for high growth. A degree in psychology is also fruitful as it gives a fair idea of consumer behavior.
Certifications in digital marketing, content marketing, or marketing management boost the efficacy of your degree. These new marketing certifications would help people demonstrate skills like marketing analytics, email, and social media marketing. Depending on your schedule and preferences you can also opt for online or offline specialized courses. Some other certifications that could help are:
Internship For the Initial Experience
In order to understand if you are apt for this job, you can choose any internship in the market analyst field. This paves the way for your career as you get hands-on experience on the job. Plus, if you perform well as a marketing analyst trainee, you can soon move to a full-fledged position.
The internship is also critical to gauge the scope of growth further. Since the marketing analyst is a professional, his responsibilities are very detailed; you must get a fair idea before pursuing it seriously.
Networking is the first baby step you take toward building any career. The more people you meet, the higher are chances of getting better job interviews. Some places where you should start are:
· LinkedIn- The biggest professional network LinkedIn is vital when it comes to reaching out. You can meet local industry professionals and gain marketing insights.
· Online communities- The following are online communities where you could meet professionals who conduct market research:
1. Growth hackers
3. Growth Blazers
4. Warrior Forum
Apply to Companies
You have done all your homework in business and marketing. It is time to reap the fruits of the efforts. Start by applying for marketing analyst positions at related companies. Research the credentials of each company before you consider them. This information would prove helpful during your interview for the marketing data analyst job posting.
Your resume is what makes you different from the other candidates. Change it according to the market specifications and highlight your master’s degree if any. A carefully crafted resume gets more responses than regular ones. Know the art of making it unique and adding skills that make it relevant to the job.
Common Job Titles For a Market Analyst Position
Marketing analysts find a variety of opportunities that they can tap on. They may move into larger companies or settle for one particular niche. Whatever the choices they make, the pay raise is considerable enough to make it a viable change. Standard job titles seen in the marketing analyst field are:
Marketing analyst can change their field to become digital analysts. Their job focuses more on tracking the performance of advertising and digital marketing campaigns. Before making the shift, the market analyst must learn about digital marketing and advertising.
Moving on, market analysts could opt for positions like Digital marketers, digital strategists, etc. The profile is similar in using data to analyze a company’s choices. However, the overall jobs and responsibilities would focus on advertising, budgets of ad campaigns, etc. Digital marketers and strategists would get a better payout than a marketing analyst.
Apart from this, another career move is suggested in the search engine and algorithm area. Here you can opt for positions like Search Manager, Web optimization specialist, paid search manager, Social media strategist, etc.
For higher prospects, you could require a master’s degree in business analytics or in business. With an advanced degree, you can qualify for higher technical and management jobs. Such courses are done after your bachelor’s. Even if you have not done a bachelor’s in digital marketing analytics, you can pursue a master’s degree and proceed ahead in your career.
Scope of Promotion
Once you enter the field, the prospects of further progress multiply. Some possible promotions are senior marketing analyst, marketing manager, and director of marketing. Further analysts with high expertise can become chief marketing officers.
However, this growth is if you stay in the job. You can also advance with the experience earned and open your own firm. This offers more growth and the potential to earn much faster than the average.
Top Skills Needed to Become a Marketing Analyst
For a successful marketing analyst job, an understanding of hard and soft skills is needed.
Some hard skills that analysts may have to be adept at are:
· Statistical Analysis and technical skills
· An ability to use databases and query languages
· Experience with web analytics platforms for interpreting data
· Knowledge of various methods of data collection
· Data visualization and analytical skills
· Knowing how to test campaigns and efforts for successful marketing activities
Apart from that, there are some technical skills that they may have a base in for digital marketing:
· Search engine optimization and marketing
· Email marketing
· Pay-per-click advertising
· Tools like Moz and Ahrefs
· Usage of Tableau and Excel
· Knowledge of SQL, R, SAS, and Python
Soft skills marketing analysts use are:
· Communication and presentation skills
· Critical thinking and a high level of perception
· Attention to the minutest detail while handling duties and responsibilities
· High level of accuracy in work
Average Salary of a Marketing Analyst
A marketing analyst’s job is rather detailed and crucial for any organization. You can expect to earn a decent amount as an average salary if you opt for this career. According to studies, the median salary for any market analyst remains around $63920. This is as per the Bureau of labor statistics 2021 data. The future career opportunity is high, and the pay rises accordingly.
Analysts with less than one year of experience draw a salary of $70,229, whereas the senior ones earn above $87,000 as per Indeed.
A market analyst has a carefully carved-out career path ahead. With the requisite experienced marketing skills, he can hope to achieve success within a few years. Not only that, the transition to opening your own firm is simple too. However, the job of a market analyst requires a lot of hard work and expertise in multiple fields.
Experience in marketing might get you the intended breakthrough. Yet success in the field comes to those who apply the important skills learned deftly. Marketing agencies need successful marketing analysts as they help in shaping the future of product development.
Once you enter the field as a digital marketing analyst, there will be no looking back. With appropriate training as a market research analyst, the future career path remains clear. In the future, data analytics is one field that will never lose its charm. By making this your choice, market analysts must open themselves to a strong career in digital marketing ahead.