Last Updated: November 4, 2020
The best marketing practices are backed by strong evidence – evidence gathered from multiple professionals at a company. Without strong, supportive evidence, marketing campaigns are doomed to fail, posing a major risk for the company or firm.
To gather this evidence, marketing managers turn to market analysts who bring problem-identification skills to a company’s marketing division. Read on to discover how these researchers sift through data to find the best way to connect with consumers.
What do they do?
Location and Opportunity
According to Indeed.com, several areas in the country are experiencing surging demands for market analysts. These include:
Market analysts collect and translate market data to evaluate potential product and service markets. They look at how changing elements in the market will affect consumer purchasing behavior by monitoring competing companies and market conditions.
Not only do market analysts examine the numbers behind market conditions, but they also conduct surveys and questionnaires to determine the attitudes, cultures, and consumer preferences that drive buying behavior.
Market analysts tell marketing managers who is buying what, when they are buying it, and where they are buying it. This gives managers enough data to enact successful marketing campaigns. Other professionals market analysts work with include:
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Market analysts must have experience in deciphering statistics and figures in order to translate them into pathways to success for marketing directors. Usually, market analysts gain three years of experience before entering the position, but some companies will take candidates based on excellent educational performance.
Most market analysts earn bachelor’s degrees in marketing or market research, but some companies require higher-level degrees for employment.
Become a Market Analyst
Market analysists are highly specialized and extremely valuable to a company, and that value reflects in high salaries. The average pay for a market analyst in 2010 was $60,000, with higher-level analysts earning more than $110,000.
If you’re interested in learning more about a career deciphering market data and presenting it in manageable ways, contact schools offering degrees in marketing.