How to Become a Marketing Analyst
Marketing analysts carry out intensive research on consumer demographics and target markets to generate qualitative and quantitative data. This data enables companies to modify products and services to suit the needs of consumers. The job of these professionals is of the highest importance: the quality of marketing analysis determines the success or failure of a company.
So, how do you become a marketing analyst? To start, the field should interest you. Then, you need education in statistics, mathematics, business, and data processing. Why? To learn more about how to become a marketing analyst, read on.
What Is Marketing Analytics?
Marketing analytics refers to the qualitative and quantitative analysis of data generated from a focused study of a company’s target market and industry. The goal is to determine how available resources can be allocated and streamlined.
Organizations conduct studies to collect data on market size, competition, market trends, buying habits, and the customers’ standard of living. Companies comb study results for valuable information and insights to build marketing strategies.
Marketing Analyst Job Description
Marketing analysts contribute to product development and modification. They provide statistical reports on market segments, consumer behavior, and sales trends. They also shape the company’s marketing strategies.
These professionals use analytics to compare a company’s past and present performance and predict its long-term viability. They also help companies make decisions on how to allocate available resources.
Marketing Analyst Salary and Job Outlook
According to the US Bureau of Labor Statistics, the 2020 median salary for marketing research analysts was $65,810 a year, with a job outlook of 18% for the period 2019-2029. The number of market research analyst jobs could grow to a total of 130,300 by 2029.
Meanwhile, ZipRecruiter places the average salary of marketing analysts at $62,075 per year, with top earners making as much as $97,000. This indicates that the field offers great opportunities for boosting one’s income.
Top Reasons to Become a Marketing Analyst in 2021
There are many reasons to become a marketing analyst. This career can give you the comfortable life you desire. In addition, a career in this field will bring you a certain degree of job security as demand for these professionals will continue to grow. Let’s explore these and other reasons to become a marketing analyst:
- Improve decision-making. Experts in this field are adept decision-makers. They can quickly help a business draft viability strategies that are crucial for success. The longer you are in this role, the better a decision-maker you’ll become.
- High job satisfaction. Marketing analytics is a crucial part of the business process. As a marketing analyst, you can rest assured that your job is making a difference.
- Good salary. The annual salary for this job role is much higher than the national average. If you become a marketing analyst, your skills will always be in demand.
- Long-term sustainability. This role isn’t becoming obsolete anytime soon. Regardless of how advanced technology gets, companies will always need an expert to interpret marketing data.
Marketing Analyst Job Requirements
Businesses exercise great care when picking the right candidate for a marketing analyst role. These professionals need a very specific set of skills to carry out their tasks. Below, we consider some of the job requirements for this role.
- Excellent research skills. Marketing analysts conduct qualitative and quantitative assessments on the conditions and behaviors of a target market or industry.
- Data expertise. They manage large volumes of mathematical and logical operations based on research, surveys, and sales conducted.
- Ability to summarize findings in well-written reports. These professionals must prepare comprehensive reports based on sales records and test results.
- Good team players. Teamwork skills are essential as these professionals work with statisticians, data analysts, strategists, and developers in devising, developing, and promoting a company’s products. In addition, they must cooperate effectively with other members of the marketing team.
Types of Marketing Analytics Careers
There are several career paths available in the field of marketing analytics. All of them entail handsome salaries and have excellent job outlooks. If you have a firm grip of statistics and human behavior, consider any of the roles listed below.
Data Analysts
Marketing data analysts process and interpret relevant data gathered on a particular subject using reliable statistical tools. They store these data files in structured archives for easy retrieval.
Marketing Strategists
These marketing specialists conduct extensive research on market trends and opportunities. They use their findings to devise and implement workable sales plans and promotions to boost sales and profit.
Business Development Analysts
These professionals are grounded in the field of business analytics. They use large amounts of data to find ways of improving a company’s products and services. They use their findings to streamline and optimize available resources.
Marketing Analytics Meaning: What Does a Marketing Analyst Do?
A marketing analyst is responsible for performing a wide range of essential tasks within an organization, from analyzing marketing data to preparing comprehensive reports for management. These are some of the most common tasks associated with these professionals:
Forecasting Market Outlook
Marketing analysts conduct extensive research and use their findings to predict market conditions and opportunities. This information comes to shape the overall marketing strategy of the company.
Analyzing Market Trends
These professionals determine the effectiveness of marketing campaigns using certain metrics and drawing on historical performance and market data. They decide the best approach or strategy businesses should employ in delivering specific goods and services.
Preparing Market Reports
Market analysts convert complex data into easy-to-understand reports for management or executives. Their reports contain graphs, tables, and viable recommendations on the best course of action.
Essential Marketing Analyst Skills
Companies in any industry can benefit from the services of marketing research analysts. These professionals provide the data that determines a company’s market approach. To become a successful marketing analyst, you must possess:
Mathematical and Statistical Expertise
A market analyst must process and analyze large volumes of data to provide accurate and factual information. These professionals wouldn’t be able to achieve this without solid math skills and statistics expertise.
Presentation and Reporting Proficiency
A market analyst should have strong communication skills. Analysts must prepare comprehensive reports and provide actionable insights based on market research and data analysis. Likewise, they must be able to present their finding to other members of the team.
Problem Solving and Consulting Skills
These professionals use their analytical skills to come up with the best solution for a certain problem. Part of the job is also to communicate these findings to the management or executive team and advise on the best approach to tackle the issue.
How Long Does It Take to Become a Marketing Analyst?
The traditional route, pursuing a college degree, generally takes four years. Most people that want to become marketing analysts get an undergraduate degree in business administration, statistics, or computer science. After you complete your degree, you can accrue experience on the job or get a Master’s of Sciences in Marketing Analytics.
However, there is a new and faster way of getting the education you need to enter the field: coding bootcamps. In as little as ten weeks of immersive data analysis, data science, or marketing analytics training, you can build your skills in predictive modeling and learn the most in-demand statistical tools.
Can a Coding Bootcamp Help Me Become a Marketing Analyst?
Yes, it can. Data analysis or digital marketing bootcamps can help you get started on your journey to becoming a market analyst. You’ll learn the fundamentals of data processing and strategy formulation through real-world projects.
However, depending on your professional ambitions, you may want to pursue an advanced degree in marketing analytics at some point after your bootcamp. An advanced degree in marketing analytics will help you build your data modeling skills. It will also help you interpret complex data for business use and improve your expertise in essential statistical tools.
Can I Become a Marketing Analyst from Home?
Yes, you can. Most educational programs and institutions offer marketing analytics courses online. You can acquire the skills you need remotely and work from home as long as you are committed and disciplined.
How to Become a Marketing Analyst: A Step-by-Step Guide
As we have previously discussed, there are several paths available to those that seek a career in marketing analytics. Below, we give you a step-by-step breakdown of one of the most common ways of becoming a marketing analyst.
Step 1: Pursue Education in a Related Field
First, you’ll need a background in a field like statistics, computer science, data science, or business administration. Most people choose to attend a college or university and get a bachelor’s degree, though an increasing number of people are opting to join coding bootcamps.
Step 2: Accumulate Experience on the Job
Once you have obtained the education you need, you can apply for entry-level positions. Alternatively, consider applying for marketing internships. An internship can give you exposure to the techniques used in marketing analytics and give you a taste of what working in the field is like.
Step 3: Get an Advanced Degree or Certificate
With some years of experience under your belt, it is time to aim for certification. Regardless of your field, obtaining a professional certification is one of the most effective ways of bringing your skills to the next level and increasing your earning potential.
Best Schools and Education for a Marketing Analyst Career
There are multiple pathways you can take to become a marketing analyst. From traditional degrees to newer options like coding bootcamps, below we examine some of the most common ways to get an education in the field of marketing analytics.
Marketing Analytics Bootcamps
Few bootcamps offer training in marketing analytics specifically. One of them is General Assembly. This school offers an advanced program in marketing analytics for candidates with three to five years of industry experience. Programs in data analytics and digital marketing will also serve you well if your goal is to become a marketing analyst.
Vocational School
While degrees in marketing analytics per se are rare, there are several vocational schools around the country with certificates or associate degrees in marketing. These degrees can be the first step in your journey to becoming a marketing analyst.
Community College
Community colleges across the country offer marketing analytics programs at affordable fees. Community colleges with solid marketing analytics programs include Sandhills Community College and Wake Technical Community College, both located in North Carolina.
Marketing Analytics Degrees
Most colleges don't offer marketing analytics at the undergraduate level, but Master's Programs in Marketing Analytics are more common. In addition, some universities offer short courses in marketing analytics that are great for professional development. They include the University of Virginia, Emory University, Wilmington University, Northeastern University, and Penn State.
The Most Important Marketing Analyst Certificates
Obtaining certification can be an important step in your marketing analytics career. Professional certifications can raise your income potential and give you access to new and exciting opportunities. Here, we take a look at some common certification exams in the field.
Certified Market Research Analyst
The Certified Market Research Analyst (CMRA) certification tests your knowledge in using data modeling and statistical software to generate relevant information. This certification, composed of a course and an exam, is best suited for professionals in the early stages of their careers.
Chartered Marketing Analyst
The Chartered Marketing Analyst certification is also composed of a course and an examination. The course will help you master essential marketing strategies and technologies for success in the ever-changing global landscape. This credential is for marketing specialists who seek to acquire a global perspective on market trends and analysis.
Certified Marketing and Sales Analytics Professional
The Certified Marketing and Sales Analytics Professional certification is ideal for marketing professionals, marketing managers, consultants, and recent graduates who want to advance in their field. You will be provided all the materials you need to pass the 60-minute exam, which you can take online anytime and from anywhere.
How to Prepare for Your Marketing Analyst Job Interview
When sitting for a job interview for a marketing analyst position, the interviewer can raise a plethora of questions. Preparing for all of them is impossible, so here we provide you with some of the most common ones you might encounter so that you can ace your interview.
Marketing Analyst Job Interview Practice Questions
- What are the essential skills marketing analysts must possess?
- What is data modeling and how can data modeling tools be optimized for efficiency?
- What are the metrics you use to assess the effectiveness of your marketing campaign?
- What is your experience with analyzing a large volume of industry-specific data?
Should I Become a Marketing Analyst in 2021?
Yes, you should. This field isn't likely to become obsolete anytime soon. Demand for marketing analysts will continue to rise. Marketing analytics is still a novel field, and as such, there are very few experts and many job opportunities. If you are looking for a high-earning career with a great job outlook, becoming a marketing analyst is a wise decision.
