How to become a Market Analyst
From clothing to big tech competition is tough these days and businesses around the world are working tirelessly to relevant and this requires heavy investments. While technology is important but investing in the right resources is also very important for businesses these days. Marketing analysts are key part of this arsenal of resources. Successful businesses create a model that is heavily dependent on marketing analysts let me explain why.
Marketing analysts typically use analysis tools and techniques to track trends, identify potential customers and determine the market scope of the time. This information may vary from what is trending these days to what do people like to eat, shop and wear, depending on this information businesses make key decisions related to investments.
Who is a Marketing Analyst?
A marketing analyst is a data analytics expert that processes raw data into information providing the companies key insights into the business problems and potential opportunities to explore. Market analysts analyze data from market size to trends, growth rate, affiliate channels and performance factors for any industry. Marketing analyst mainly rely on the data sets provided to them to extract this information and mold it into a presentable form so it can shared with the general public.
A successful marketing analyst who is well trained in data analytics should be able to filter out faulty and duplicate data from data sets before processing it. Marketing analyst majorly work with patterns inside the data and identify if there is any relevance among different set of patterns. For example a marketing analyst may analyze that a black t-shirt is most likely to sell in Northern America during winters than in summers based on the market trends extrapolated during the analysis. Coming to conclusions requires a mix of analyzing raw data and understanding the customer psychology, this includes demographics and economic conditions of the target market as well.
How to become a Marketing Analyst:
A marketing analyst is primarily tasked with conducting research to the customer’s data available and come up with buying patterns. This kind of analysis helps in understanding the customer’s need better and bridge the gap between supply and demand. Marketing analyst also perform analysis on the multiple promotional campaigns that a company runs, and keep up a score of effectiveness and strategies that can be implemented in the next campaign.
Another important part of a marketing analyst’s job is to minimize risks by analyze customers responses like cart abandonment rate and come up with an ROI for various marketing avenues. The marketing analyst regularly performs competitive analysis and generates valuable insights from it. Effective analysis on business trends can increase revenue exponentially and that is why marketing analyst have such a huge role to play in an organization’s growth. Marketing analyst regularly suggest new products and adverting channels based on their research and companies rely on this information to make investments. Key job responsibilities for any marketing analyst are:
- Use predictive and customer analysis techniques to conduct surveys on market trends and patterns
- Analyze data sets utilizing data analytics tools such as Google Analytics and Matlab
- Conduct surveys and identify potential markets to penetrate
- Do an audit of the investment the company is making versus the return and figure out where should the company invest more in order to increase sales
- Forecasts future trends and buying patterns and advise product management teams accordingly
- Design and implement marketing strategies for all kinds of product ranges
- Visualize numeric data into a presentable form using advanced data analytics tools
- Develop protocols to effectively conduct market research surveys
Skills required to become a Marketing Analyst
A data analytics trained marketing analyst is equipped with an arsenal of data analytics skills and techniques. To simply it we have divided the needed skills to three domains.
- Data Analysis: This goes without saying that a marketing analyst must possess the necessary data analytics skills. This includes being able to handle large sets of data and knowing the use of right tools. Many data analytics training provide a brief working knowledge of data analytics tools like SQL database and Power BI. Knowledge of modern data analytics techniques like data mining is essential in today’s market as well.
- Business insights and knowledge: A marketing analyst should not only be good with understanding data sets but he should be good with understanding people as well. For any marketing analyst it is important to understand customer psychology as well, knowing how a particular market reacts to certain situation adds significant weight to any market analysis report. Understanding how the people react to your product gives valuable insights about improvements and actions items.
- Communication skills: Having strong communications skills is imperative for a marketing analyst to have. Dealing with datasets is not enough to make an impact you should be able to deliver that knowledge to all relevant stakeholders as well. Preparing presentable data is a key part of a marketing analysts job, effectively communicating the business needs is more than half of the job.
Marketing Analyst salary
Marketing Analyst is one of the highest paid job in the world right now, according to payscale.com the average salary for a market analyst in the U.S in more than $60,000 annually. This is pretty solid number for an entry level position. The Bureau of Labor Statistics has indicated that marketing analyst is on track with a 19% growth rate per year which speaks volume for a marketing analyst’ job scope. Companies have realized that in order to survive in this completive space they must adapt according to market needs and marketing analyst are essential in analyzing these market needs. To sum it up marketing analyst give direction to company’s growth efforts.
I hope this article has peaked your interest towards becoming a marketing analyst! If you’re not sure where to begin, don’t worry check out our Data Analytics training program. Our data analytics training is 100% online and self-paced allowing you to learn at your own time and terms from the comfort of your home.