A Marketing Analyst is responsible for analyzing data from a variety of sources to build marketing strategies and campaigns. The data they analyze may range from product reviews to industry trends. They collect this information and filter it in order to identify which products are most popular, which target demographics respond best to different marketing techniques, and the communication channels that will be most effective for reaching their desired customer base.
What is Marketing Analytics?
Marketing analytics is the process of identifying trends, researching market information, and interpreting data to predict potential future behavior. It is the application of statistical techniques and mathematical operations to improve decision-making processes. Marketing analytics professionals may be employed in a variety of industries including marketing, consulting, finance, insurance, and government agencies such as IRS or ATF among others. Most positions involve gathering data from a variety of sources and analyzing it using a variety of statistical techniques to develop solutions to problems. At the most basic level, marketing analytics professionals design and run surveys to measure the effectiveness of marketing campaigns, conduct data mining and statistical analysis on survey results, and analyze aggregate data to make predictions about future trends. Other specialized duties may include developing optimization strategies, communicating results, identifying opportunities for growth, evaluating business processes using analytical techniques such as simulation modeling and neural networks, building predictive models using business intelligence software such as SAS Analytics or SPSS Modeler among others, or simply analyzing existing models to determine their effectiveness.
The analysis is used when developing marketing strategies such as social media campaigns or promotional events. Analysts may also work with public relations and marketing managers to evaluate how their campaigns are working, develop new strategies, or make changes to a current strategy in order to improve results.
Marketing analysts may be employed in a variety of industries including financial services, real estate, retail, and consumer goods among others. Some analysts are focused on long-term strategy or trends while others are responsible for short-term campaigns and events such as product launches. The most common area of specialization for marketing analysts includes marketing research. In technology startups, marketing analysts play a crucial role in helping the company to quantify its product’s value, analyze user needs and provide a strategic roadmap that takes into account the company’s market size and business plan.
What skills does a Marketing Analyst need?
Market Research – Primary job duty is to conduct primary and secondary research for the company. They might also be involved in modeling market data. They will then use the information and data they have collected to build a strategic marketing plan that can be implemented once approved by the higher management.
Marketing research is a field that is constantly innovative. It has also been a very important source of data for companies to help them make better decisions. One way to categorize a marketing research analyst is by the area of specialty they specialize in. One popular type of marketing research analysts are conceptualizers or researchers who create and analyze market research questions or surveys.
Market Segmentation- Marketing analysts usually perform market segmentation in order to evaluate their business growth opportunities better. They use the demographic, geographic, and behavioral data in order to figure out how their product would be accepted by different customer groups. For instance, a range of products from diapers to soap bars can be sold to the same parent by segmenting the market into various groups based on their lifestyle (e.g. working parents vs. stay-at-home parents), their location (e.g. rural or urban), and psychographics (e.g., wealth quintiles). Market segmentation could involve sub-segments based on these segments (e.g. for rural mothers who are homemakers, or for working mothers with children up to 5 years old). It will be the marketing analyst’s job to study the customer data and then come up with a segmentation that will best suit the organization’s goals.
Business Development- Market analysts work closely with sales, finance, and other departments. They are responsible for creating a sound business development plan that will be based on the information they collect from different sources such as the internet or from their personal interviews. This plan could include things like increasing employee training, new product launches, or business expansion strategies.
Data Analytics- A marketing analyst will analyze data collected by large surveys, focus groups, etc., and use this information to create marketing campaigns. They will also be responsible for analyzing the effectiveness of different campaigns and channels that they have worked on. There are specialized tools in the market catered for marketing analysts to gather insights from their data seamlessly without having to use any SQL or Excel.
Research skills: The benefits that come with being a research analyst are vast. Being able to carry out primary research for companies will bring you a wide array of benefits such as being able to market your ideas and opinions efficiently. Your ideas are still used by clients of the company, but it will be made easier for them to understand the data given to them. Also, you are able to be creative and come up with new methods that could work for the customers you are working with.
Once you have a specialization have other people who are specialists in other areas like finance, law, or marketing. If you are able to work with different people of different backgrounds it will help create a well-rounded team that truly understands the industry and can provide great ideas.
Like all positions in the field of business and commerce, there has been an abundance of jobs to choose from for the marketing analyst. Furthermore, the conceptualizer is usually listed as one of the most popular positions for marketing analysts.
How do you become a Marketing Analyst?
In order to become a marketing analyst, job seekers need to gain knowledge and skills in marketing, statistics or mathematics, research methods, web analytics, computer programming, and databases. The most important aspect needed for a marketing analyst is to have strong analytical skills. Also, earning a bachelor’s degree in mathematics, marketing or statistics is recommended as job seekers can then pursue further education in business school as well as more advanced positions.
The most common career paths for marketing analysts include:
Marketing research analyst, strategic planner and manager, research marketing analyst and market researcher, marketing information analyst with a focus on social media or data mining projects.
Knowledge of Marketing research techniques like statistical methods, database systems, and data structures are also needed to become a marketing analyst. Analysts can specialize in behavioral modeling or consumer behavior studies. Marketers can focus on digital channels such as social media, email marketing, or mobile technology to reach consumers.
In addition, marketing analysts should be able to tell a story backed by data-based statistics. A good marketing analyst should be able to use the right language and terminology in order to communicate with a wide audience.
Over time, this role can evolve into a role that is more strategic, where analysts might take a more in-depth look at the market in order to develop strategies that result in long-term growth.
Is Marketing Analytics a good career?
The Job Outlook for Market Analysts and Marketing Specialists is expected to grow 9 percent over the next decade, which is faster than the average for all occupations. Growth will be driven by an increase in marketing expenditures and also by the increasing use of analytics methods in marketing. More companies are working with marketing research analysts and other types of marketing specialists as they try to adapt their marketing efforts to new digital technologies.
The salary differences may be attributed to the nature of the work a person does, or it could be due to their experience level. Depending on their experience and specialization in their area, they can earn between $48,000 and $85,000 per year in the United States. For entry-level positions, they can earn anywhere from $45,000-$61,000 per year.
Companies are looking for people with different skills, such as analytical, communication, and strategic skills so that they can work efficiently with other departments and achieve their goals.