How to become A Marketing Analyst

Your purchases give them food for thought. Marketing Analysts are professionals skilled in gathering, interpreting and analysing data about consumers and competitors. They translate complex numbers and research data about sales, logistics, and transportation costs into intelligible information that helps businesses make informed decisions and successfully market their products and services. 

• Marketing Data Analyst
• Data Analyst 
• Junior Data Scientist
• Market Researcher 
• Market Research Data Analyst
• Market Research Analyst
• Statistician Professional
• Insight Professional
• Business Intelligence Analyst
• Survey Researcher
• Management Analyst

What do Marketing Analysts do?

A Marketing Analyst would typically need to:

• Conduct qualitative and quantitative assessments of the market for products or services; evaluate market volume and value, current and potential customers and their buying patterns, competitors, entry barriers, the industry, and the economy 
• Identify target audiences; collect data about consumer habits, behaviour and loyalties; gather web analytics and anticipate the outcomes of a marketing campaign and its impact on sales
• Meet with clients or senior management to understand their requirements for marketing analysis projects; formulate and present proposals
• Set goals in liaison with clients, tech teams, management and data scientists
• Design and conduct surveys; carry out field, interview or focus group assessments
• Guide researchers and interviewers; coordinate survey staff; facilitate focus groups
• Conduct ethnographic research, which entails the observation of subjects in their homes or other settings
• Use primary and secondary sources to mine data; clean and dissect it to extract relevant information
• Develop, create and maintain databases & data systems; create and provide data reports to management, clients and stakeholders
• Analyse, interpret and manage data with the help of statistical tools, techniques and software
• Pinpoint trends & patterns in data sets and identify solutions; track current market trends and forecast potential ones
• Monitor the budgetary guidelines and progress of projects; find opportunities and methods to improve processes
• Draft reports in detail and present findings and results
• Be perceptive to the reasons for the success or failure of marketing campaigns; recommend data-based marketing strategies
• Clarify to clients or senior management the appropriateness of a marketing decision from a financial perspective; guide them on how to apply research results

The work of Marketing Analysts is mainly office-based and requires extended periods at the computer to input, interpret and analyse data. However, data collection through surveys, polls and interaction with the public will take you outside the office, often into physical marketplaces. Marketing Analysts may work on their own or as part of a team. Either way, they require strong interpersonal and communication skills.

You may need to travel to visit clients or meet with the public.

Marketing Analysts, particularly in-house and quantitative researchers, typically work full time and follow standard office hours from 9 am to 5 pm, Monday to Friday. However, project deadlines may require them to work overtime on evenings, weekends or holidays.

You may also work as a consultant once you acquire adequate experience and build a solid network.

Finding a new job might seem challenging. Marketing Analysts can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies.

Marketing Analysts are generally employed by:

• Marketing Agencies
• Market Research Agencies
• Consultancies
• Businesses
• Advertising & PR Agencies
• Local & Central Governments
• Charities

Professional associations and organisations, such as the International Federation of Technical Analysts (IFTA), are crucial for Marketing Analysts interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• The need to keep pace with market trends that change not only constantly but also swiftly
• The need for real-time data to develop the appropriate market mix
• The widespread use of technology, which gives too wide a choice of tools
• The risk that the lack of transparent data or the use of incomplete or inconsistent data will result in inaccurate data analysis
• The inability of marketers to adequately understand or use market analysis data 
• Dealing with the stress that arises from meeting tight project deadlines or putting in overtime hours 
• Back, hand and eye strain caused by the long hours spent at the computer

Any academic program that a potential Marketing Analyst takes up typically requires a period of supervised experience, such as an internship. While interning as a media or market researcher or a marketing assistant, try to build experience in research and statistical data analysis to prepare for entry-level jobs. Apprenticeships and internships typically last a semester or a year and may land you an offer for full-time work upon graduation.

It is helpful to have worked with various marketing campaigns to advise the company on which marketing techniques to employ.

Marketing Analysts typically require at least a bachelor’s degree in statistics or related subjects such as mathematics, economics, market research, business administration, communications, or a social science. Courses in statistics, research methods, marketing, communications, economics or consumer behaviour are helpful.

Employers may prefer candidates for technical or leadership roles to have a master’s degree in marketing research, marketing or statistics or pursue a doctoral program. Marketing Analysts may also opt for an MBA (Master of Business Administration).

Take high school courses in mathematics, computers, business, marketing, economics, psychology, and sociology. 

Certification demonstrates a Market Analyst’s competence in a skill set, typically through work experience, training, and passing an examination. When acquired from an objective and reputed organisation, it can help you stand out in a competitive job market, carry a significant salary premium of up to 18 per cent, increase your chances of advancement, and allow you to become an independent consultant. 

Successful certification programs, such as the Chartered Marketing Analyst (CMA) offered by the Global Academy of Finance and Management (GAFM), protect public welfare by incorporating a Code of Ethics. Other credentials typically cover legal, ethical, and professional issues in marketing and related fields. You would need to demonstrate professional development or continuing education to maintain your certification.

Individual government entities conduct the licensing process. It typically requires the passage of an examination in addition to the fulfilment of eligibility requirements, such as a minimum level of education, work experience, training, or the completion of an internship, residency, or apprenticeship.

Performance, experience, and the acquisition of professional qualifications drive career progression. Employees with consistently high performance levels may be eligible for promotion every two to three years. 

You would typically head to the role of Research Executive, followed by Senior Researcher and finally take on the role of Account Director. With adequate experience in your speciality, you may work as a Research Practitioner, either independently or in a partnership or move into management. Once you have a solid network, you could freelance or become a self-employed Market Research Consultant.

Other career progression pathways include specialising as a Data Analyst, Marketing Strategist or Business Development Analyst. 

Candidates with the necessary skills, technical experience, and a master’s or doctoral degree have the best job prospects.

Continuing professional development (CPD) will help an active Marketing Analyst build personal skills and proficiency through work-based learning, a professional activity, formal education, or self-directed learning. It allows you to upskill continually, regardless of your age, job, or level of knowledge.

Larger agencies and companies may have formal and structured training programs in place, which typically allow you to work on a rotational basis, typically for two years or more. You may also enrol in external courses specific to marketing analysis or acquire credentials with a market research component from professional bodies, such as those offered by the Chartered Institute of Marketing (CIM). 

You may opt to acquire the MRS Advanced Certificate in Market and Social Research Practice, which is sometimes a part of graduate training programs.

You may pursue a master’s degree program in statistics, marketing or social research.

Marketing Analyst vs Business Analyst

While both Marketing Analysts and business analysts deal with large sets of data, the metrics they analyse are different. Marketing Analysts analyse data to generate the most effective marketing tools and strategies. They typically liaise with the marketing team while Business Analysts collaborate with senior management, leadership teams and stakeholders to assist them in making significant and company-wide strategic decisions on enterprise operations. While consumer interactions form the core of marketing analysis, business analysis may deal with data related to IT, logistics and finance along with sales information.

SWOT Analysis

Companies use SWOT (strengths, weaknesses, opportunities, and threats) analysis to assess their competitive position and help guide their strategic planning from a data-driven perspective. The analysis considers internal and external factors and the current and future potential of the business. 

Your Toolkit

Marketing Analysts must carry with them a toolkit of soft and technical skills. Communication and teamwork are as critical to their work as is proficiency in using specialised tools, such as Google Analytics, and general software, such as  Microsoft Office. If you do not have adequate experience using these tools, then you would need to learn them on the job.  

Industry Trends for Marketing Analysts

A powerful and influential tool that Marketing Analysts use is immersive storytelling, which incorporates new technologies to engage consumers with content, people, products and services. Given that video capture is a critical component of immersive media, it is essential to understand how and when to use it, such as for in-the-moment, geo-location data analysis, and behind-the-scenes content. Augmented and virtual reality tools offer consumers a 360-degree experience.

As an increasing number of companies use a consumer-centric approach to drive product and service development, a sound understanding of consumer behaviour, using consumer behaviour studies, is essential for a Marketing Analyst. 

Marketing Analysts must also engage in data-driven creativity by working with large data sets and on a more intimate scale to reach more consumers and enhance their overall experience. 

Skills in creating experiential commerce are essential for Marketing Analysts as a current market trend is to create experiences and not merely manufacture products or provide services to the customer. The retail sector typically offers more integrated customer experiences through social media, online sales and in-person events to liaise with customers. You may build customer relationships and focus on long-term outcomes by using strategies that zoom in on customer experience during customer interaction with the product or services.

Online (e-commerce) and offline prospects for data research and development form the core of technology-driven research. It is crucial to develop an agile process to collect and analyse data to facilitate marketing strategies. Marketing Analysts may use artificial intelligence (AI), blockchain, cognitive cloud computing, and data automation.

Potential Pros & Cons of Freelancing vs Full-Time Employment

Freelancing Marketing Analysts have more flexible work schedules and locations. They have full ownership of the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort and risk.

On the other hand, a full-time Marketing Analyst has company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

Data collected from QR codes helps businesses analyse consumer behaviour. QR code analytics provide insights into the consumer base, pinpoint trends and optimise them to enhance consumer engagement. 

Consumers are likely to match their buying decisions with their purchasing power, habits and brand loyalty. Their actions generate critical consumer data, which is the foundation on which Marketing Analysts build the story of why consumers select one product or company over another. If the end goal of a business is profit, then Market Analysts show the path that leads to it.

Remember that while you can pull off an excellent market analysis, what is also invaluable is your inputs before and after the study. Most importantly, make sure to understand thoroughly the nature of the business issue that requires analysis.