The Job Description of a Marketing Analyst
A marketing analyst is an individual who gathers information about what people think to help companies understand what type of products people want and at what price. The specific duties of a marketing analyst will vary depending on the type and size of organization they work for, however, these specialist practitioners focus exclusively on designing and conducting surveys through various media channels including telephone, internet, and mail or they may develop advertising brochures and commercials, sales plans and product promotions such as give-a- ways or rebates. Marketing analysts may also work with statisticians, economists or collaborate with other marketing analysts in order to designs surveys.
Other duties of a marketing analyst include:
- analyzing and collecting data to evaluate existing and potential product or service market
- evaluate prices, sales and methods of marketing and distribution
- study data on past sales to predict future sales
- devise and implement effective strategic methods and procedures in order to obtain correct data
- design surveys to assess consumer preferences
Marketing Analysts are hired by a variety of clients such as government agencies or corporations to make recommendations and help them implement ideas on the promotion, distribution and pricing of products or services. However, most clients hire them to gather, compile and analyze data in order to identify and monitor its competition as well as research and monitor current market conditions or changes in the industry that may affect sales.
The information gathered also allows them to make fiscal or policy decisions, measuring the effectiveness of those decisions or to improve customer satisfaction.
Marketing Analysts must possess certain preferred qualities in order to distinguish themselves from their competition and create a niche market for themselves. These include possessing strong analytical skills and keen attention to details, exceptionally well organized, goal orientated, strong oral and written communications, analytical problem-solving skills, and the ability to articulate and display a high level of professionalism. They must also be patient and persistent due to having to work for long hours sometimes under difficult circumstances. Having strong people skills is a must as sometimes they must supervise interviews for individuals of varying cultural, religious and educational backgrounds.
Education Required for becoming a Marketing Analyst
A Bachelor’s degree is the minimum requirement needed to pursue many entry-level marketing analyst positions such as administrative trainee or research assistant. However, a Masters degree is the basic requirement for companies seeking marketing analysts to occupy technical positions within their organization.
The training programs required for aspiring marketing analysts must include courses in business, marketing and consumer behavior coupled with other liberal arts and social science courses in English, Economics, Psychology and Sociology. Due to the importance of quantitative skills in the career of a marketing analyst, courses providing instructions in Statistics, Mathematics, Computer Science, Sampling Theory and Design are significantly helpful to your career as you progress in this dynamic and increasingly competitive field.
Most marketing analysts often go on to pursue advanced degrees in business administration, communications, marketing, statistics or a closely related field to enhance their personal and professional growth. They also continuously upgrade their skills through short courses and seminars to keep abreast of the latest methods of developing, conducting and analyzing surveys and other data.
Online Programs to Get You There
Individuals can gain formal education and practical specialized training needed for the position of a marketing analyst through various accredited institutions that offer an online marketing degree. The online institutions that offer the concentration in Marketing at the Bachelor or Master Degree levels provide additional focus on the latest principles and technologies utilized within today’s high tech global environment. Some of the online course topics covered include those in e-commerce, consumer behavior, marketing strategy, market research, professional selling and internet marketing to develop students’ abilities in general business management, critical thinking, problem solving, decision making, communication and writing skills. Some of the top Schools providing an Online Marketing Degree include:
- Westwood College Online
- Kaplan University
- Strayer University
- AUI Online
- North West Arkansas Community College (Marketing Analyst Program)
Average Salary for a Marketing Analyst
The salary for a marketing analyst will vary depending on the type and size of the company, location, level of qualification and experience. Studies reveal that more than 50% of marketing analysts earn between $35,493 and $45,205 per year.
