A Sales Analyst is the person responsible for collecting and analyzing data related to Sales, evaluating and predicting sales trends for medium or large companies with the objective of helping them optimize their promotional strategies. Sales Analysts’ main responsibilities include using sales prediction software, preparing detailed sales reports, and making informed suggestions on how to improve a company’s profitability.
Sales Analysts need to take into consideration the prevailing economic conditions that may affect the company or organization’s ability to sell its products or services in the marketplace and to be able to predict market trends, on which the company bases its sales strategies.
These professionals have the tough job of announcing the bad news when the percentage of Sales in a company drops dramatically, and they also need to find the reason why this happened. On the other hand, they’re also responsible for delivering the great news when a company’s Sales team is ready to expand and reproduce their top-notch numbers in a new territory.
Here’s a non-exhaustive list of common tasks Sales Analyst are required to complete.
- Assisting in the sales process through data analysis; collecting and analyzing data from sales reports:
- Developing methods and strategies for assessing large amounts of data;
- closely studying and analyzing past sales data to determine trends in productivity;
- evaluating current sales goals;
- examining the company’s budget;
- performing market research into industry trends related to the company’s business;
- conducting research and monitoring the competition and the surrounding market;
- completing financial, volume, and competitive analyses;
- reviewing shopping and purchase trends of the company’s consumer base and target demographic;
- using sales prediction software to determine future trends; and
- preparing and submitting reports based on the collected data and their conclusions to Sales Managers, members of the board, or the organization’s CEO.
- Developing quotas for the Sales team, evaluating their performance on the basis of this quota, and forecasting sales.
- Preparing daily, weekly, quarterly, monthly, and annual sales reviews.
- Working alongside and providing support/advise to the Finance, Marketing, and Sales departments:
- Suggesting adjustments and revisions to current sales techniques and promotional strategies to improve sales and profitability based on market research and new trends;
- Acting as a consultant for the company’s marketing strategies, assisting in the design of promotional material when required;
- attending and participating during sales strategy meetings;
- assisting in implementing budget and marketing changes, as well as following up in order to evaluate the results;
- providing suggestions for budget rearrangement and reallocation of funds to save money;
- providing customized reports and recommendations supporting ongoing business decisions or initiatives; and
- providing assistance with customer relationship manager (CRM) system data upkeep.
- Preparing and leading informational meetings for staff in order to explain sales trends and new marketing strategies.
- Advising on the hiring and/or termination of members of the staff, as needed.
- Collecting and analyzing data from sales reports.
- Researching current market changes and trends.
- Using sales prediction software to determine future trends.
- Evaluating and predicting sales trends.
- Preparing and presenting reports based on their data analyses.
- Advising on ways to improve a company’s profitability.
The average Sales Analyst salary is $56,633 per year or $29 per hour. This is around 1.7 times more than the Median wage of the country. Entry level positions start at $40,000 while most experienced workers make up to $79,000. These results are based on 43 salaries extracted from job descriptions.
- Ability to learn quickly, especially new software programs.
- Exceptional communication and interpersonal skills:
- Communicating clearly, both in writing and verbally, in order to create a clear and communicative environment with the Sales team and other coworkers, as well as writing sales reviews and reports;
- being able to speak confidently and articulately in front of a group of Sales professionals, conveying complex information to a broad audience;
- being capable of translating financial and mathematical jargon into non-technical terms for explanatory purposes; and
- being able to work independently and as part of a multidisciplinary team.
- Being resourceful, energetic, driven, structured, and displaying a strong desire to take initiative.
- Strong organizational, operational, and planning skills in a sales focused environment:
- Multitasking; being able to work in a dynamic, fast-paced environment;
- being proactive and goal-oriented; and
- being able to handle time constraints when deadlines are approaching.
- Excellent analytical, problem-solving capabilities, and detail-oriented:
- Identifying issues and resolving problems in a timely manner; and
- being able to gather, monitor, and analyze all types of quantitative and qualitative data into sales reports.
- Dynamic, high energy individual, self-motivated, and result-driven.
The ideal candidate for the Sales Analyst position has obtained a college or university degree in Sales, Marketing, Finance, Accounting, or Business Administration. Industry specific Sales experience, from 2 to 5 years in similar positions, is considered an asset for any applicant, as well as demonstrated skills using MS Office (Excel, Word, Outlook, PowerPoint and Project) and expert knowledge in CRM systems, sales forecasting software, and database management.
A Sales Analyst needs to have a broad knowledge of Sales, of the industry or market in which they conduct their analyses, and of current economic conditions to be able to provide a thorough analysis of the provided data.
Sales Analysts spend most of their working hours in an office setting, typically working 40 hours per week. However, depending on the financial status of the company they work for, the job of a Sales Analyst can be very stressful and they sometimes have to work extra hours, particularly if the financial success of the company depends on the information collected from an Analyst’s sales forecasts.