The Marketing Analyst, also called a market analyst or market researcher, is the figure in the company responsible for finding information on the target market from various sources and using them to make business marketing decisions. The marketing analyst ensures that the marketing plans to achieve business goals are built on a solid foundation and can deliver results. He is involved in all aspects of communication, including planning and monitoring campaigns, evaluation of marketing actions, and return on advertising. He is also involved in the planning and development of the marketing budget. In this article, I will explain why the market analysis expert is so essential for your company (and what to do if you want to become one)
What A Marketing Analyst Does
A market researcher has among his responsibilities the:
- Identify the target market and customer opinion regarding a product.
- Create and develop Marketing strategies and plans to develop and implement a product in the market.
- Designing the best possible product, the most attractive for the target market.
- Make strategic decisions that will help increase product sales.
- Create new products and improve existing ones
- Monitor product performance and market trends
- Identify customer needs, both current and future.
- Plan the creation of a sales network
- Identification of strategies for the sale of company products
- Identify possible offers and marketing campaigns to attract the target
- Presentation of data in a graphical and understandable form for investors and boards of directors
As you can guess, this is a strategic company figure because a good manager can anticipate what the market wants, understand how to achieve it, and create products and services to meet market demands.
The Skills Of A Marketing Analyst
What skills should a market analyst have? Here are the main ones:
- Ability to understand the market: the main objective of the market researcher is to perfectly understand the reference market through market surveys that allow knowing market segments, sales volumes, campaign effectiveness, and future actions to be implemented.
- Analytical skills: the ability to break down a problem into its parts and analyze them individually is fundamental. This is a skill that the analyst needs to take a problem and then reassemble it into a solution.
- Good ability to read and interpret data: The analyst has to go through vast amounts of data and extract insights from it. It is important to recognize trends in large data series.
- Excellent knowledge of psychological theories: it is essential to have the basis for how consumers make choices, their decision-making process, belief systems, purchasing habits, etc.
- Understanding the customer acquisition funnel and lead generation systems: it is not enough to do a market analysis and in-depth surveys; you also need to have a deep understanding of how that data can be used to generate visits, contacts, leads, and sales.
- Ability to read and develop a marketing plan: with the related definition of strategies and following marketing actions
Other essential skills are:
- Excellent business acumen
- Knowledge of statistical data collection techniques
- Good entrepreneurial intuition
- Strong leadership skills
- Superior communication skills
- Ability to work in a team
- Resourceful and innovative
- Strong computer skills
Most people think marketers are creative people who can pull off any publicity stunt. In truth, every time a marketer takes action, he first analyzes what other marketers have done in the past … The Marketing Analyst is not a creative (or at least not only one) but more than anything else, a person who bases his strategies on data and numbers. Analysts use a variety of strategies to research and analyze the best way to approach each situation.
An Internal Or External Marketing Analysis Is Best
Marketing analysts are a critical part of a company’s team. Their skills and knowledge make them a vital part of the decision-making process, and their role ensures that a brand’s marketing strategy is effective. Therefore it may be legitimate to ask: is it better to have this marketing analysis expert, this market researcher, hire him internally, or delegate outsourcing to a specialized professional? The answer depends on the resources of the company, its size, and the type of business it wants to have.
- When you work in a start-up, the best thing is to carry out the analyzes internally, being followed by an expert.
- If the company has already developed a brand or has a well-defined audience, you should consider hiring an external market research agency.
- And if the company is very structured, in full expansion, and has a sufficient budget, the ideal is to hire an expert market researcher who can integrate the management at 360 °.
How To Become A Marketing Analyst
If your goal is to become a marketing analyst, here is a list of essential requirements:
- You must be curious and always ready to learn.
- You must be able to collect and analyze information and compare different marketing methods to find out which is the most effective.
- You must be able to collect and put together strategies in different marketing areas such as communication, market research, operational marketing, strategic marketing, funneling, sales, brand positioning. If you are interested in becoming an analyst, please contact me, and I may have the solution for you.
In summary, the marketing analyst is a strategic thinker, a strong communicator, and a creative problem solver. This role requires building and maintaining relationships with colleagues and clients and understanding and responding to their needs and priorities. It also requires analytical and quantitative skills. Understanding the company’s business goals and how to achieve them is a critical skill. The analyst must be able to work both independently and as a team member. Marketing analysts are among the most in-demand professionals today, and there is a good reason for this: without a solid market analysis, it is impossible to sell.