The reason being, data-driven marketing has proven to scale up companies revenues across industries be it automobile, eCommerce, electronics, Edtech, etc.
If you are one of those who want to scale up companies using a good mix of your marketing and data analysis skills, then marketing analyst is a great career for you.
But once you have decided this, the question arises, How can you become a marketing analyst? Or what can you do to start your career as a marketing analyst?
If you have these questions in your mind, then this blog is for you.
Read along to know how you can become a successful marketing analyst.
Who is a Marketing Analyst?
A marketing analyst researches to give critical insights to an organization about which products and services to sell, to what customers, and at what price. Relevant information includes market size, patterns, development rate, productivity, opportunity, distribution channels, and critical achievement factors in an industry.
They figure out what has and has not worked in past marketing efforts, and what will work best later on. They analyze both the data just as customer behavior and psychology to make suggestions.
What does a Marketing Analyst do?
To answer this question in simple and crisp words: a marketing analyst researches to understand what customers want and need. At the same time, he estimates the adequacy of the marketing and business strategies that an organization utilizes. One essential part of the activity is to limit risks to an organization as they set out on new marketing efforts and strategies. Market analysts can decrease the chances by understanding response rates, customer drop-out rates, and by estimating the ROI.
He additionally monitors competitors for insights. The input that analysts provide gives a competitive advantage to the organization concerning the regular competition, and to create a differentiation for their products as well as their brands. Market analysts may propose developing distribution channels, new products, or approaches to segment the market to maximize sales.
Now that we know who is a marketing analyst and what does he do? It becomes right to understand how to start your career as a marketing analyst and the skills required to do so.
Launching a successful marketing analyst career
- Earn an undergraduate degree in marketing
- Build up your skills: Build strong analytical and problem-solving skills. Understand various concepts of marketing and how to provide data-driven results
- Gain some industry experience: Theoretical knowledge will not lead you anywhere. Gain some practical experience and try to apply what you have learned practically. Look for internships opportunities or part-time jobs in marketing.
- Build projects: This can give a huge boost to your resume as well as will help you in learning through experimenting.
- Get a pro degree: The most important way to advance your career as a marketing analyst is to earn a pro-degree certification in marketing analytics. This will help you in gaining an edge over your peers.
- Get hired and keep on learning
What Skills do you need to become a Marketing Analyst?
1. Data Analysis
The central aspect of this job is analyzing vast amounts of data. Analysts must pin-point the right elements in businesses and ask the right questions. Also, collecting relevant and appropriate data is a must. All of this is done using analytical tools and software. Marketing analysts must be skilled in using such software.
2. Business and customer knowledge
By understanding customer psychology and behaviour, better insights can be obtained in the analysis. They should also have a decent amount of understanding about their company, their products, and also the broad knowledge of the industry that they are a part of. This will help them to give suggestions to the business that ensures competitive advantage.
Marketing analysts should have excellent and stable communication with the customers, the company, and all those involved in research work. Their findings and suggestions must be simple and easy to understand for people who come from a non-technical background.
Specific tips to have a successful Marketing Analyst career
1. Build a strong base
Major in the relevant subjects right from your under-grad. Subjects such as marketing, statistics, business management, etc. other appropriate subjects include economics, computer science, mathematics, consumer behaviour, communications, etc.
2. Get the relevant analytical skills
Strong analytical skills are a must to succeed as a market analyst. Other essential skills include familiarity with analytical tools and software such as Excel, R, SPSS, etc. Programming languages like Python and SQL will ensure you stay the best in the field.
3. Get an excellent entry-level experience
Look for excellent internship opportunities while you’re studying to gain a superior practical experience before you delve deep into the field. Once a good foundation of theory, as well as practical learning, is in place, it goes a long way into gaining traction towards career success.
There are various industries and different types of projects in the field. Once you have the necessary knowledge, you should choose which sector you want to specialize in; it will help you become an expert consultant in the future.
Get advanced degrees and certifications
There are various types of advanced degrees and certifications that will boost your career as a market analyst as well as keep you updated with the latest trends in the field. You must get the required qualifications to stay on top of the game.
Job description of a Marketing Analyst
Before you start learning marketing analytics, having a piece of knowledge about its job description can really help you. That way you can focus more on important skills that are necessary and almost asked for in every job description.
Marketing Analyst responsibilities
- Analysing sales funnel and customer intent
- Measuring Return On Investment(ROI) from various campaigns
- Conduct market research through statistics and customer analysis
- Finding and optimising Key Performance Indicators(KPI’s)
- Develop effective marketing strategies through data analysis
- Decide budget allotment for various campaigns
- Conducting competitive research
These are some of the common job responsibilities of a marketing analyst. It can vary depending on the type of industry or company you are working in.
Marketing Analyst Salary and Payroll
The average salary of a Marketing analyst is somewhere around Rs.460000 annually. It can go as high as Rs. 1000000 annually for people who excel in this particular field.
The thing to keep in mind is that this average salary varies from region to region. Also, experience plays a huge roll in one’s salary. Apart from this, knowledge of certain additional skills such as database management, programming language like SQL, strategic marketing can also result in higher salaries.
It is clear that the role of a market analyst is very dynamic and demanding. He/she needs to be updated with the latest trends in marketing, knows how the business functions, and finally use analytical tools to increase the efficiency of the business.
I hope I have cleared all your doubts related to becoming a marketing analyst or how to start your career as a marketing analyst.
If you want to start learning marketing or data analysis, you might want to check out Verzeo’s internship programs.
Verzeo Edutech provides comprehensive courses as well as internships on Marketing and Analytics, which will be very useful to kickstart your career as a marketing analyst. With live interactive lectures as well as mentoring from industry experts, get the required boost for a successful career as a marketing analyst.