- Who is a Marketing Analyst?
- Marketing Analyst Vs Marketing Manager
- Marketing Analyst Vs Data Analyst
Who is a Marketing Analyst?
A marketing analyst is an individual who is considered to be a one-part Data Geek and one-part Strategist. He is the one to make the data more palatable and understandable for all the non-data geeks and help them in making business decisions. Similarly, a marketing analyst has to make strategies that can define what is sold and how it is sold. Companies rely on marketing analysts for helping them understand consumer buying patterns. Marketing analysts have to work side-by-side with;
- Marketing Managers
- Product Managers
They help all such individuals to increase awareness of the specific product or service.
Key Responsibilities of Marketing Analyst:
Marketing analysts have a lot of responsibilities or tasks that they need to take care of. Below we have listed down some of the very important ones you should know of;
- Collecting Data: They have to collect data on competitors’ marketing tactics, sales price, and product distribution.
- Researching Customer’s Opinions: Marketing analysts also have to research different customers’ opinions. This includes studying their buying habits, preferences, and wants and needs as well.
- Analyze the Data: They have to analyze the data relevant to market conditions and consumer demographics.
- Evaluate Methods: Another responsibility of a marketing analyst is to create and evaluate methods that are then used for gathering data. This also includes surveys, questionnaires, interviews, and opinion polls.
- Use Statistical Tools: He is required to identify, analyze, and interpret patterns by using statistical tools.
- Assess the effectiveness of the marketing program: Similarly, marketing analysts are required to develop different tactics and metrics which can be used for assessing the effectiveness of existing marketing, advertising, and communication programs.
- Collaborate with other Professionals: Marketing analysts just don’t work alone instead they have to work with pollsters, statisticians, data scientists, and other marketing professionals as well in many matters.
- Monitor Sales Trends: Of all the responsibilities they have, another one is to monitor and forecast all the marketing trends. With that, they also have to highlight opportunities for any new promotions and initiatives.
- Convert Data into Visualizations: They are required to convert the very complex data findings into the form of understandable text, graphs, or visualizations as well.
- Present Clear Reports: Lastly, they have to work meticulously with the internal departments for presenting a clear and understandable report to the clients and management.
The above tasks are not the end of the responsibilities a marketing analyst has because different companies have different requirements and some might transfer more responsibilities on the shoulders of the marketing analyst. So in short, he has to prepare himself for a lot of work following this job title.
If you are planning on becoming a marketing analyst then of course you’d need a bachelor’s degree for starters. Now this degree can be in;
- Computer Science
- Marketing Research
With that, many people having a bachelor’s degree in Business Administration, Social Sciences, or Communications can also land a job as a marketing analysts.
What makes you qualified for this job?
Having a degree is not just enough in most cases as what employers mostly see in the employee is the skills they possess. As a marketing analyst, below are some of the very important skills for you to possess;
- You must know all about what attribution modeling is and how and why it is used.
- Advanced data analytics and statistical skills are required as well.
- As a marketing analyst, you must know all about experiment design and how to design tests.
- Similarly, you must know how to build dashboards and reports for tracking marketing activities in real-time.
- Next, you must know what predictive modeling is.
- Good knowledge of SQL is also required.
General Desired Skills:
- A good understanding of marketing training and strategy can add value to your resume.
- You must know how to interpret the information correctly.
- Similarly, you must have a good knowledge of different software like EXCEL and SPSS, etc.
- Strong written and oral communication skills are also required.
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Top Companies/Organizations Hiring Marketing Analysts
The employment of marketing analyst is projected to grow 22 percent from the year 2020 to 2030. And you would be surprised to know that figure is much faster than the average of all occupations. Similarly, about 96,000 job openings for marketing analysts are projected every year.
Companies like Thomson Reuters, IBM, Citi, Nielsen, Intel Corporation, and Wells Fargo etc. are always looking for marketing analysts to join their team.
Similarly, marketing analysts have the tendency to work for different industries including management, scientific and technical consulting services, wholesale trade, finance, and insurance etc.
Marketing Analyst Salary Statistics
This section contains salary information of the marketing analyst in five major countries;
|Country||Average Salary (Yearly)|
Working as a marketing analyst in America can help you earn an average annual salary of $73,417.
A marketing analyst working in Canada can make around C$69,207 a year.
In the United Kingdom, you can expect to make an average annual salary of £37,705.
In India, a marketing analyst can make around ₹955,895 per year.
A marketing analyst working in Australia can expect to earn around A$91,375 per annum.
Marketing Analyst Vs Marketing Manager:
Marketing Analyst and Marketing Manager might sound the same at times but if we pay close attention then we’d understand both have some differences.
|Marketing Analyst||Marketing Manager|
|Marketing analyst has to work around marketing strategies and reports; he has to present his findings to marketing managers for assisting in strategic decision making.||On the other hand, Marketing manager requires a broad skill set that includes content management, paid advertising, etc.|
Marketing Analyst Vs Data Analyst:
|Marketing Analyst||Data Analyst|
|Marketing analyst is more focused on analyzing the market metrics.||Whereas, a Data analyst works in a multidirectional and free form to extract better insights.|