According to Katie Zmijewski, a lead analyst at Market Strategies International, the best marketing analysts (or market research analysts) act as modern-day storytellers, transforming small details, raw numbers, and interviews into a visually appealing and informative report for their clients.
The marketing analyst’s narrative is made up of the following elements:
Recognizing the target audience and monitoring present customer satisfaction, as well as determining the consumer’s price threshold. They are also in charge of deciphering consumers’ wants and needs, utilizing data to develop new goods or enhance old offers in order to reach an organization’s target demographic. A marketing analyst is a person who can assess and analyze marketing intelligence, as well as create plans and campaigns. The work of a marketing analyst is the most difficult and challenging in business, but it is also the most dynamic.
What is a Marketing Analyst?
A marketing analyst uses data analysis to provide crucial insights for a firm about which items or services to sell to whom, at what price, and in what market. Key figures in the industry include size, patterns, growth rate, profitability, opportunity, distribution channels, and key success factors.
Analysts must be able to spot patterns in data in order to make informed judgments. They assess what has and has not worked in previous marketing campaigns, as well as what will work best in the future. To produce ideas, they evaluate both soft data (such as demographics) and client psychology and behaviour.
What does a Marketing Analyst do, exactly?
A marketing analyst studies customers to figure out what they want and need, as well as measuring the success of a company’s marketing and business plans. One of the responsibilities of the job is to minimize potential hazards for a firm when it begins new marketing campaigns and methods. By understanding response rates, customer abandonment rates, and return on investment, market analysts can help reduce risks for businesses.
The marketing analyst also keeps an eye on the competition for ideas. The comments provided by marketing analysts allow businesses to gain a competitive advantage and set themselves apart in the market. To increase sales, marketing analysts might propose new distribution methods, new goods, or ways to segment the marketplace.
Job Description for a Marketing Analyst
- To track and forecast market changes, utilize predictive statistics and customer research.
- Implement and evaluate data collection methods, such as online customer surveys.
- Use technical methods such as statistics packages and data mining to evaluate data.
- Discover potential new goods and markets by identifying chances for growth.
- Calculate market prices based on the cost structure in the industry, and provide sales predictions.
- Create product design marketing strategies for new or existing goods.
- Turn your data’s findings into simple to understand reports with plenty of visuals, such as graphs and tables.
- Present your findings to clients and management.
- Consider how you might evaluate the effectiveness of your marketing campaigns.
- The Qualifications Needed to Become a Marketing Analyst
Marketers must be skilled in three primary areas:
- The job’s major requirement is data analysis. Marketers must ask the correct questions and devise strategies to acquire usable data. They will accomplish this by employing technological tools such as statistical analysis programs, SQL databases, computer programming, reporting software, and data mining and visualization software.
- Knowledge of business and customer behaviour: Market researchers employ their knowledge of consumer psychology to analyze data. They must also apply their grasp of how the industry functions as well as their particular client within the context of the overall industry, including how to set themselves apart from rivals.
- Communication: Marketers must be able to interact with consumers, academics, and company management. They must be able to convey findings and ideas in a way that nontechnical individuals can comprehend.