Market research analysts or marketing analysts research a specific industry’s market and advise corporations on how to effectively position themselves within it. They apply their knowledge and research to assist businesses in developing products and services that are competitively priced, advertised, and supplied.
Other than that, what does a marketing analyst do?
Marketing analysts’ responsibilities include:
- Gathering data from customers, sales, and competitors
- Analysing the data and converting it into understandable information and visual representations
- Write reports and provide presentations to key stakeholders on their results.
Interviews, questionnaires, surveys, focus groups, polls, and literature reviews are all used by marketing analysts to acquire data. These strategies aid marketing data analysts in gaining a better understanding of a company’s target customers and determining the best marketing strategy to reach them. They may suggest a certain sales approach, marketing materials, or promotions based on their findings.
Though everyone’s journey to becoming a marketing analyst is unique, there are five standard steps to follow:
- Study statistics, math, computer science, market research, communications, business administration, or social sciences at the undergraduate level.
- Apply for a position as a marketing analyst at the entry level.
- Improve your technical and business knowledge.
- Pursue further marketing analytics certifications.
- Consider pursuing a master’s degree in marketing research, statistics, marketing, or management.
Roles and responsibilities of a marketing analyst
The roles and responsibilities of a marketing analyst is as follows:
- Gather and analyze market data and consumer demographics
- Research customers’ perspectives, buying habits, preferences, demands, and needs
- Develop techniques and measurements to analyze the success of existing marketing, advertising, and communications programs
- Develop tactics and metrics to assess the performance of existing marketing, advertising, and communications programs
- Monitor and forecast marketing/sales trends, emphasizing new initiative and promotion opportunities.
- Convert complex data findings into text, tables, graphs, and/or data visualizations that are easy to grasp.
- Collaborate with pollsters, data scientists, statisticians, and other marketing experts to present clear reports to clients and management
- Collaborate with internal departments to present clear reports to clients and management