What Does a Marketing Analyst Do?
A marketing analyst study conditions in domestic and international markets to see if a product or service will sell. Students wondering what a marketing analyst is or what these analysts do can explore more about the career below.
What Is a Marketing Analyst?
Marketing analysts, or marketing research analysts, are marketing professionals who examine market conditions to help predict the demands and possible sales for a service or product. These professionals study consumer habits and behaviors to help organizations understand which people are looking for what product and at what price. Here we discuss the job duties and other aspects of a marketing analyst career in more detail.
What Does a Marketing Analyst Do?
Marketing research analysts usually work full time and may work independently or as part of a team as they collect data. Their primary goal is to help their client understand its position in the marketplace and how that may change based on consumer habits, pricing, potential new markets, and other factors. No marketing analyst job description would be complete without mentioning job duties such as:
- Predicting sales and marketing trends
- Researching competitors
- Surveying consumers and researching consumer demographics
- Determining effective ways to collect data
- Assessing the effectiveness of marketing strategies
- Utilizing statistical software for data analysis
- Interpreting data analysis results
- Presenting findings in reports or presentations to clients and/or managers
- Evaluating customer satisfaction
How Do You Become a Marketing Analyst?
In general, a career in marketing typically requires a bachelor's degree in marketing. Marketing analysts usually need at least a bachelor's degree in marketing research or a closely related field, but some positions may require a master's degree for advanced research. Whether they earn a bachelor's or a master's, all marketing research analysts need to have strong analytical and math skills.
At the master's level, students can pursue a Master of Science (MS) in Marketing Research or a Master of Marketing Research (MMR). Some of these degree programs may be available in online formats and usually take 1 to 2 years to complete. These programs may conclude with an internship or capstone course/project. Students in these programs may take courses in topics like:
- International marketing research
- Marketing management
- Consumer behavior
- Marketing strategies
- Marketing analytics
Outside of formal education, some market research analysts may choose to earn the Professional Researcher Certification (PRC) for market research analysts. This voluntary certification is offered through the Marketing Research Association to demonstrate professional competency and requires an exam, coursework, and a few years of work experience.
Other Career Information
In 2018, the U.S. Bureau of Labor Statistics (BLS) reported that the average annual salary for market research analysts and marketing specialists was $70,960. Professionals who worked in the aerospace product and parts manufacturing industry made the highest annual salary at $112,020 for the same year.
The BLS also reported that the job outlook for market research analysts was 20% from 2018 to 2028. This outlook is much faster than the national average and may be attributed to the growing use of marketing data across a wide range of industries. The BLS noted that analysts with a master's degree had the best job prospects.
Some market research analysts may wish to advance their careers and become a marketing manager. These managers usually need prior work experience in marketing and according to the BLS, marketing managers made an average annual salary of $147,240 in 2018.