The role performed by Marketing Analysts is considered one of the most demanding in the Marketing field. These professionals thoroughly examine any relevant information that may help the company make informed decisions on market tactics; in other words, they act as “analytics translators” who determine what products should be sold and what would be the most profitable way to do it.
Marketing Analysts focus on reducing the risks related to a marketing initiative or project. In this regard, these practitioners track campaigns and segment the customer base, as well as identify market trends and monitor competitors. Likewise, they consider aspects such as response rates, return on investment (ROI), and consumer dropout rates.
Marketing Analysts usually work for Marketing firms and business associations or any other organization that performs marketing activities. They can also be self-employed, in which case they usually work as freelance consultants.
Here’s a non-exhaustive list of common tasks Marketing Analysts are required to complete.
- Gathering information and examining buying trends to develop successful marketing plans:
- Monitoring the competitors’ marketing activities and outcomes;
- analyzing competitive market strategies by examining the trends, markets, and products they have in common;
- communicating with customers, competitors, professional organizations, and suppliers in order to get information on the industry’s trends;
- compiling customers’ references and feedback;
- using marketing analytics techniques to gather social media, web analytics, and rankings data;
- segmenting the target audience and determining the appropriate markets to be approached; and
- providing assistance to the Sales team by compiling all details for upcoming brands, products, or services.
- Preparing detailed reports on sales volume, customer experience, market trends, and competitors’ outcomes:
- Preparing monthly, quarterly, and annual reports on all of the aforementioned activities and their results;
- collecting business intelligence data from industry reports or purchased sources to delimit trends and to measure the impact of competitors’ marketing activities;
- compiling and analyzing information on sales, market trends, forecasts, and account analyses;
- assessing and reporting on investment return and key performance metrics; and
- making recommendations on the most profitable design, promotion, and distribution approach for existing and upcoming products or services.
- Delimiting the target audience to which products or services will be sold:
- Designing questionnaires and implementing surveys to identify the target audience;
- developing pricing strategies that comply with the company’s goals and customer satisfaction in order to ensure competitiveness; and
- managing distribution channels for products that correspond to the targeted audience’s particularities.
- Identifying competitors and potential markets (e.g. wholesalers, retailers, government, and the general public):
- Monitoring trends to identify how the product, brand, or service should be modified or replaced; and
- teaming with different areas with the aim of developing strategies to attract new consumers.
- Providing recommendations for future tactics, seeking to increase sales volume:
- Presenting detailed marketing strategies to Marketing Managers and other departments.
- Researching, gathering, and analyzing business data for Marketing Managers and Coordinators to review.
- Using intelligence tools to monitor current customers and to identify new ones.
- Updating business intelligence tools or methods.
- Designing and carrying out social, economic, and marketing surveys, as well as demographic studies to define target markets and their buying habits and preferences, as well as to determine existing and future trends.
- Conducting comparative research on marketing strategies.
- Reviewing marketing initiatives to provide advice on procedures and requirements.
- Preparing reports on market trends, consumer habits, and outcomes.
The average Marketing Analyst salary is $54,679 per year or $28 per hour. This is around 1.7 times more than the Median wage of the country. Entry level positions start at $38,000 while most experienced workers make up to $77,000. These results are based on 53 salaries extracted from job descriptions.
- Outstanding insight and analytical thinking:
- Effectively reading and interpreting information, numerical, and statistical data, drawing logical inferences and providing reasonable recommendations; and
- being able to anticipate and adapt to customers’ needs in a proactive and strategic manner.
- Strong organizational and time management skills:
- Having strong multitasking skills; being able to work independently and as part of a team in a dynamic, fast-paced environment;
- being versatile, flexible, and willing to work within constantly changing priorities; and:
- being able to prioritize tasks and responsibilities accordingly.
- Administrative skills:
- Demonstrated computer proficiency in Microsoft Office Suite, including the ability to develop and use formulas; and
- having experience in creating graphics, flow charts, and projections in order to generate statistics.
- Strong attention to detail:
- Efficiently and accurately reviewing and summarizing marketing data; and
- staying focused during highly repetitive tasks.
Aside from the aforementioned skills, Marketing Analysts are required to have an excellent knowledge of statistics, mathematics, and analytics. Likewise, having a demonstrated aptitude for data interpretation is a must, since these practitioners have to be capable of determining which numbers are significant for a marketing campaign.
Most Marketing Analysts are required to have worked at least 2 years in Marketing or in a related area and to have completed a bachelor’s degree in Mathematics, Social Sciences, Statistics, Marketing, Accounting, Business Administration, or to have obtained any other equivalent certification. Additional credentials and courses in Market Analytics are definite assets.