Marketing Analyst – The Knight in Shining Armor for Corporate Sales
Guest Contribution by Luciana Nitu
Every business, whether medium or large-sized, has specific individuals with specialized knowledge to help them stay ahead of the competition.
Moreover, with every big brand having a social media profile; a few seconds is all it takes for a business to make or break its reputation with the customers.
It is here that marketing analysts having complete awareness of the latest marketing trends can help a business leave the competition behind.
These individuals are equipped with the arsenal of up-to-date market knowledge and can also do an in-depth analysis of the impact of the competitor’s activity.
Companies hire these professionals to get them an edge in the fierce market competition, and gather a more extensive customer base; these go by the name of a market analyst.
Let us take a look at who is this professional that has ample knowledge about not only their organization but also that of the competition in front of them.
The Person Behind-the-Scenes
We are talking about sales and marketing analyst who provides a business their invaluable feedback on what to launch and when to begin.
For the uninitiated, the marketing analyst studies the underlying conditions in both domestic and international markets. They do this intending to let a company know whether a particular product or service would be a success or failure.
In other words, they examine the present market conditions for predicting the demand and sales of a product or service by studying consumer habits and buying patterns.
They can predict the type of product in-demand in the market and how much the consumer is willing to spend on that particular product.
But, we know that the work of a marketing analyst does not include only helping companies sell a product.
Tasks Undertaken By Market Analyst
Let us look at the other side of the coin, aka, what other responsibilities the marketing analyst has to fulfill.
If one were to look at the daily tasks included in a marketing analyst job description; these would include:
Research, collect and analyze data for marketing managers and other concerned personnel
Utilizing business intelligence tools to know the present customer preference and trends
Using the latest business tools and methods for accurate market predictions
Conducting in-depth research on the best marketing strategies
Reviewing marketing methods to get the best advice on procedure and methods for increasing sales
Preparing marketing reports including the recent trends and consumer preference
Creating and executing social, economic, and marketing surveys to clearly define the target market, customer buying habits, and market trends
But wait! That is not all; the product marketing analyst has to undertake many other responsibilities, aka primary obligations to be best at what they do.
With that said, now let us look at how these professionals can help companies enhance customer experience.
Information and Trends
By information, we are referring to the role of gathering data on consumer buying habits and market trends. The market analyst keeps a close tab on the competitor’s marketing activities, and results.
Moreover, they also analyze the strategies devised by the competition, including the trends and products in common among different businesses.
Lastly, they also keep in communication with the customers and suppliers to get updated information on what works in the market.
Reports
When it comes to preparing reports, the marketing research analyst creates in-depth reports on sales volume, the latest market trends, customer experience, and the competitor. They produce monthly, quarterly, and annual reports on each marketing activity and its results.
Moreover, the marketing analyst also works on collecting advanced business intelligence data from different industries.
Lastly, they also provide recommendations on what will offer maximum profit, whether it is a design, promotional material, or the method of launching new products and services.
The Competition and Markets
One of the vital marketing analyst skills includes identifying the competition and other markets, including government and public.
The marketing analyst is also responsible for looking at trends and knows how a product, brand, or service should get a bit enhanced.
Lastly, he or she also works on different strategies to help the company develop a product or service to attract new customers.
Business Research & Analysis
They work on applying the best qualitative methods for understanding and analyzing business data.
Moreover, they also look into the best methods to prepare and analyze quantitative data. The marketing data analyst also compiles extensive reports, including market research.
Data Analysis
The marketing analyst has the responsibility of predicting the latest industry trends and how the consumer will behave.
He or she is responsible for contributing actively to business decisions via proper market research.
Lastly, they present reports based on the collection and analysis of data.
Strategic Business Research
Using the SWOT technique, the product marketing analyst looks for the microeconomic factors affecting the management of different business departments related to marketing.
The marketing specialist also develops the best market competition analysis, segmentation charts, lead generation, and pricing strategies.
Now, we know that the prospect of becoming that knight in shining armor ready to take on the competition in the market seems so much attractive.
However, if an individual likes to work with numbers and likes to research in-depth on how the market operates, then market analyst is the right choice.
Not many can get to this dream job, but that does not mean one should never try.
With that said, we have come up with the complete information on how to become a marketing analyst.
The Work of a Marketing Analyst
The primary work of the marketing analyst includes helping businesses make the right decision regarding the product market.
It is the responsibility of the person to decide whether they want to enter into a particular industry, help a specific business, solve issues in marketing, or provide them with a competitive advantage.
The one thing to remember is to utilize data as the primary tool for decision making. The work to do can range from keeping a check on a product price and compare it with what other businesses are providing the customers.
With regards to what a marketing analyst needs to have in their skill set, these include paying attention to details, having the right marketing training and strategy, proficient written and oral communication skills, and ability to interpret data.
The Career Prospects for Marketing Analyst
A person’s growth in the industry of marketing analysts always governed by increasing work in data analysis of consumer behavior and market trends.
Moreover, the career growth in this industry spread over different sectors, from healthcare, biotech, to advertising and consulting.
The more extensive the work experience, the more will be the chances of growth to designations as an assistant brand manager, management analyst, and senior brand manager.
Becoming a Marketing Analyst - As Per Educational Qualifications
For a career as a marketing analyst, it would mostly require a bachelor’s in marketing, as the job requires a graduate degree in market research. However, some might require a master’s degree in advanced marketing research.
When it comes to master’s degree, the individual would need to complete into marketing research or a master’s of marketing research. Some degree programs are also available online and can take a maximum of 2 years.
Some of the courses, which can help a person learn more about becoming a marketing analyst, include international marketing research, statistics, marketing strategies and analytics, consumer behavior, and marketing management.
Apart from formal education, a marketing analyst also needs to earn a professional certification for a market research analyst. It is a certification for showing one’s professional competence and requires relevant work experience.
But, whether one earns a bachelor’s or master’s degree, each marketing job requires stronger analytical and mathematical skills.
Lastly, besides these educational qualifications, the person also needs to consider some other factors as:
Exceptional Analytical Skills
The person should be able to read and interpret information, numerical and statistical data, conclude logical inference, and recommendations. They should be able to anticipate and work according to what the customer wants using the best strategies.
Organizational and Managerial Skills
The marketing research analyst needs to have stronger organizational and time management skills. Moreover, they need to possess multitasking skills and work both as a team member and independently inside a corporate environment. The individual needs to be a bit flexible and ready to work within changing priorities. In short, they need to possess the ability to prioritize tasks and responsibilities.
Stronger Administrative Skills
The individual needs to possess more active administrative skills, including more robust computer efficiency in MS Office. One also needs to have extensive experience in creating flow charts and graphics for showing statistics.
Attention to Details
With stronger attention to detail, the individual needs to be efficient in checking and summarizing the marketing data. Moreover, he or she should also keep focus during tasks, especially repetitive tasks.
With that said, let us now check out the latest marketing analytics trend you should know about in 2020.
Marketing Analytics Trends of 2020
Let us now check out the four major marketing analytics trends, which can help businesses perform better in 2020.
Data Protection Policies and Processes
With businesses, data does not go light but into millions of documents and files, which are exchanged on a regular basis. Whether it is via email, CRM tools; it has no limit. Hence, protecting the consumer data is paramount, not to forget using clear policies and procedures. It will prevent any risk of the data getting stolen or getting compromised.
Moreover, 2020 is the year for businesses to move ahead with enhanced data security, create emergency data recovery plans, and place strict policies for employees. In short, it will prepare each business with a solid plan to deal with a data breach.
The Advent of Machine Learning and Predictive Analysis
There is no doubt that the growth of the AI has taken every industry by a storm, and that is also true for marketing. The latest trend includes machine learning processes including predictive analysis, which utilizes AI to know the latest marketing trends and opportunities. It can provide the marketing analyst with the right tools to help companies bank on the opportunities, which they might not have found earlier.
Digital Transformation
With everything going digital these days, it is only a matter of time before the marketing plans are also needed to go digital. Some businesses did make the mistake of not having a proper digital strategy, which cost them not only money but also their success.
For example, a movie store failing to move from a physical location to online platforms will only make it easier for the competition to up their game. It will lead to the store losing out on the customers, and eventually their market share.
With that said, more than 30% of all technology is moving towards a major digital transformation in the coming time. It is time that businesses to move towards investing in content marketing, PPC campaigns, create free tools for customers, use the best CRM tools, and ensure a presence on every major social media network.
Server-Side Optimization Plus Testing
A/B split testing is mostly preferred via what is known as the client-side testing. It includes running a test directly through the user’s internet browser by loading the original page before the experimental changes are used via scripts.
It creates a round-trip effect, which requires the execution of more steps to get the final result, and is also the reason why server-side testing has become more common. However, instead of injecting the changes into the user’s display, the experimental design is already present on the server and just requested by the internet browser.
In short, businesses need not rely anymore on code or scripts to make the necessary changes, which provide reliable results.
These were some of the recent marketing analytics trends of 2020, which can help businesses, stay afloat in the fierce market competition.
Endnote
Without a shadow of a doubt, one should know that a marketing analyst does a lot more than helping companies sell their products and services. They are a vital piece in the business’s journey to success in terms of converting leads to sales and expanding their operations.