Coordination between all your different marketing platforms, executing the numbers, demonstrating the value of your last campaign and forecasting the success of the next ones, just another day in the life of a marketing analyst. Marketing analysts (also known as market research analysts) help companies and organizations decide which products and services to sell, to which customers, at what price. They reach their conclusions by studying market conditions, competitors’ activities and consumer behavior. In this writing, we have carefully outlined the details about what it takes to become a market analyst and how you can get your journey started.
Who is a Marketing Analyst?
Marketing analysts, or market research analysts, are marketing professionals who examine market conditions to help predict the demands and potential sales of a service or product. These professionals study the habits and behaviors of consumers to help organizations understand which people are looking for what product and at what price. A marketing analyst studies the conditions in national and international markets to see if a product or service will be sold. Students who wonder what a marketing analyst is or what these analysts do can explore more about the career below. In essence, marketing analysts function as internal mathematicians for brands. They quantify returns on investments, consumer perceptions, and opportunities to expand product or service offerings, then relate all this information to the creativity of the left brain to produce work that is more likely to influence customers.
What does a marketing
analyst do?
The role played by marketing analysts is considered one of the most demanding in the field of marketing. These professionals thoroughly examine any relevant information that can help the company make informed decisions about market tactics; in other words, they act as “analytical translators” that determine which products should be sold and what would be the most cost-effective way to do it. Marketing analysts focus on reducing the risks related to a marketing initiative or project. In this sense, these professionals keep track of the campaigns and segment the customer base, as well as identify market trends and monitor competitors. They also consider aspects such as response rates, return on investment (ROI) and consumer dropout rates. Marketing analysts generally work for marketing companies and business associations or any other organization that performs marketing activities. They can also be autonomous, in which case they usually work as independent consultants.
What are the
responsibilities of a marketing analyst?
On a given day, a marketing analyst may be required to:
Collect data on competitor tactics, market conditions, and consumer demographics.Investigate customer opinions, shopping habits, preferences and wishes/needs.Study prices, sales numbers and marketing and distribution methods of the competition.Create and evaluate methods to accumulate data, including surveys, interviews, questionnaires and opinion polls.Analyze data using statistics programs, predictive analysis, and other data-based tools.Develop tactics and metrics to evaluate the effectiveness of existing marketing, advertising, and communications programs.Monitor and forecast marketing/sales trends; highlight opportunities for new initiatives and promotionsConvert complex data findings into text, tables, graphs and data visualizations.Work with internal departments to present clear reports to clients and management.Collaborate with pollsters, data scientists, statisticians, and other marketing professionals.
Market research analysts are the eyes and ears of their organizations, providing valuable psychological knowledge about consumer behavior. Their discoveries can have a significant effect on how companies choose to design, market and distribute their products and services.
How much does a
marketing analyst earn?
Marketing analysts work for virtually anyone: manufacturers, market research companies, management consultants, advertising agencies and even the government. According to the Bureau of Labor Statistics, the most lucrative city for a marketing analyst as of March 2019 is in the San José-Sunnyvale-Santa Clara area, where the average salary exceeds $97,000. The average salary of a marketing analyst is $54,679 per year or $28 per hour. This is about 1.7 times more than the country’s average salary. Initial level positions start at $38,000, while more experienced workers earn up to $77,000.
What are the career
prospects for a marketing analyst?
Employment growth in this industry will be driven by the growing role of data in the analysis of consumer behavior and market trends. This is the result of the expected employment of market researchers to jump by 19% between 2014 and 2024. The BLS predicts that the employment of market research analysts will grow 23% between 2016 and 2026, a higher than average rate for all occupations. In their search for potential markets, marketing analysts are likely to face millions of factors that could affect product demand. Analysts should now consider in-store traffic patterns, mobile shopping habits, social media data and much, much more. Luckily, you also have new technologies to help you with your homework.
What are the
education and training requirements for a Marketing Analyst?
As with most jobs, there is a minimum education requirement for entry-level positions and more complex requirements for those aspiring marketing analysts who wish to specialize in this role. Bachelor of Business Administration with a specialization in Marketing. Through this degree, your course work should teach you about the decision methods applied to business, strategic management, statistics, and electronic commerce. The marketing industry is always evolving as new techniques and tools emerge. As a result, one of the most important ways to stay relevant in the field is to continue learning and increase your current degree by studying a marketing course to continue your marketing training.
What are the skills
for marketing analysts?
Analytical problem solving: processing a large amount of complex data accurately and translating it into measurable results.Critical thinking: keep an innate curiosity about consumers; Evaluate all available information to make key financial decisions.Effective communication: development of strong relationships with consumers, interviewees, research colleagues, clients, and management; present results in a language that the non-technical public can understand.Industry knowledge: Understand how the chosen industry works and how data is collected, analyzed and used.Solid background in statistics: Although marketing analysts are present in a variety of industries, everyone has one thing in common: numbers.Attention to detail: great opportunities are almost always hidden beneath the surface. Market analysts are not afraid to get into the brush and dig if that means digging up something incredible.Experience: internships that involve data analysis, compilation or reports will give marketing analysts an advantage over the competition.
What schools can I
attend to become a market analyst?
While a bachelor’s degree in marketing allows people to perform entry-level functions, a master’s degree in marketing helps graduates move much faster to higher-level and executive functions. Most schools that offer a market analysis course do so, mainly as a master’s, MBA or doctoral degree, and offer their first degree in marketing. Therefore, if you intend to pursue a career as a market analyst, you may need to obtain a marketing degree from any of these top-tier universities. Let’s explore the schools that prepare students to become market analysts;
Wharton School of Business, University of Pennsylvania
Annual tuition: $31,068 The prestigious Wharton School of the University of Pennsylvania, considered by the institution as the world’s first business school, was formed in 1881. Since then, the department has made a name of it by educating some of the best business minds in the country. The school offers an MBA with a concentration in marketing management for students who want to combine their business intelligence with cutting-edge marketing techniques. There is also a concentration in marketing and operations management. Wharton maintains an acceptance rate of 9%. Once at school, students can participate in the Wharton Marketing Club or annual prizes for students who recognize exceptional talent.
Mays Business School, Texas A&M University
Annual tuition: $15,125 TAMU’s Mays business school offers a master’s degree in marketing for students seeking to acquire nuanced skills required in future careers. With 36 credits, most students complete the program in 16 months of learning on campus, but there is also a 12-month accelerated option. To receive admission consideration, applicants must have taken a series of prerequisites. They must also provide GMAT / GRE scores and show a GPA of 3.5 or more in their final 60 undergraduate credits. Students must complete an internship to gain real-world experience; The Career Management Center provides assistance with this.
McCombs School of Business, University of Texas at Austin
Annual tuition: $20,762 Developed for students who wish to obtain their M.S. In rapid marketing, the University of Texas program at the Austin McCombs Business School takes only 10 months. Students begin their master’s degree in marketing in July as a cohort and complete a final program in the spring to demonstrate their skills to the school’s many corporate partners. While moving through the curriculum, degree applicants receive individual professional training to prepare them for the next step. Applicants must provide GRE / GMAT scores and show a strong aptitude for mathematics. When they apply, each student automatically receives consideration of the numerous scholarships based on the merit offered by the department.
Tepper School of Business, Carnegie Mellon University
Annual Tuition: $40,625 From its base of operations in Pittsburgh, the Carnegie Mellon University Tepper Business School has awarded degrees since 1900. The School offers an MBA program with a concentration in marketing for people who want to learn about the analytical side of the industry. To ensure that students participate in effective teaching and learning, the department operates mini semesters that allow them to study a topic in depth. Tepper also maintains a proportion of students per faculty of 8-1, ensuring that all degree applicants receive substantial support during their time there. There are options for full-time (21 months) and part-time (32 months) learning. Regardless of the format, students complete a summer internship and can receive scholarship funds.
Jindal School of Management, University of Texas at Dallas
Annual tuition: $22,282 Opened in 1975, the Jindal Administration School accredited by AACSB at UT-Dallas is home to an M.S. in marketing for students looking for flexibility and customization options. In addition to 15 credits related to core topics, students earn 21 credits in their chosen specialty. The options currently include advertising and brand development, commercial and sales development, digital advertising and marketing, marketing analysis and customer information, product management and marketing management. This master’s program in marketing takes between 12 and 24 months, depending on the student’s schedule. The school requires GMAT / GRE scores and expects a GPA of 3.0 or more.
Medill School of Journalism, Media, and Integrated Marketing Communications, Northwestern University
Annual tuition: $48,624 Located in the suburb of Evanston in Chicago, the Northwestern University School of Journalism, Media, and Integrated Marketing Communications offers an M.S. in integrated marketing communications for students interested in connecting analytical decision making with cutting-edge communication theories. Offered only as a full-time program, degree applicants go through five quarters of courses in approximately 15 months. There is also a specialization in brand strategy. The program generally has about 128 students enrolled with an average age of 24.6. During the immersion quarter, students spend 10 weeks completing an internship. They also have the opportunity to study marketing in action in Asia or on the San Francisco campus of NU.
Madison Business School University of Wisconsin – Madison
Annual tuition: $24,054 By offering a different view on the subject, the University of Wisconsin at the Madison School of Business offers an MBA with a concentration in market research. This route often attracts people interested in understanding why consumers behave as they do and how to improve marketing strategies. The UWM program takes approximately two years of full-time study. In addition to the core themes, students can select a series of optional subjects from the Market Research Center of A.C. Nielsen. During the final semester, students participate in consulting practices on consumer information. Upon leaving UWM, graduates earn an average base salary of $103,045 and work for companies such as PepsiCo, General Mills, and Adobe.
Oklahoma State University, Stillwater Campus
Annual tuition: $18,858 The Stillwater campus of Oklahoma State University offers an MBA with a concentration in marketing analysis for people interested in the most quantitative side of the discipline. The specialization requires 12 credits, six of which are mandatory and six of which exist as optional subjects. After completing those requirements, students qualify to receive the OSU certificate in marketing analysis in addition to MBA qualifications. People who wish to participate on campus can join the MBA Student Association, while those seeking off-campus participation can participate in a series of global learning experiences. The department manages more than two dozen scholarships offered exclusively to MBA students and awarded based on financial need and / or academic merit.
Foster School of Business, University Of Washington
Annual Tuition: $27,255 As one of the oldest business schools in the country, the Foster School of Business accredited by AACSB has existed since 1917 at the University of Washington. The department offers full-time, evening and executive MBA programs with specializations available in marketing analysis and product marketing. After taking a marketing strategy course, title applicants select from a broad spectrum of marketing topics to suit their unique objectives. Those who wish to learn outside the classroom can participate in an international study tour. Program applicants have a minimum of two years of work experience and GMAT scores in the mid-80th percentiles. Once enrolled, the program offers 80 executives who offer tutoring services throughout the degree.
Robert H. Smith School of Business University of Maryland – College Park
Annual tuition: $24,534 Students looking for an M.S. In marketing analysis you can find this and more at the Robert H. Smith School of Business at the University of Maryland. The program requires 30 credits and offers 10 and 16-month campus curricula. The school requires GRE / GMAT scores but does not set a minimum number. If you are currently working as a market research analyst or aspire to be one someday, there’s good news. According to the Bureau of Labor Statistics, the job outlook for market research analysts is expected to grow 19 percent over the next 10 years, which is much faster than the average for all occupations. Research your Market Research Company.Be Open to Change.Ask Questions.Brush up on your skills.Make Use of your Downtime.Familiarize Yourself with the Programs/Software.Learn about Previous/Current Clients and their Competitors.Expand your Knowledge of the Field. Market Research Analysts made a median salary of $63,230 in 2017. The best-paid 25 percent made $89,200 that year, while the lowest-paid 25 percent made $46,460. A digital marketing analyst is responsible for analyzing statistics and looking for ways that the company can improve its online marketing efforts. These efforts include things like social media ads, website banner ads, and online branding. Many businesses know that digital marketing is essential to their success.
