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Marketing analyst conduct thorough market research to identify opportunities for growth, promotion, and customer acquisition for companies, businesses, and organizations. It collects data on consumer demographics, requirements, preferences and buying habits to help businesses make informed decisions about service spending. It also helps in creating advertisements, sales, company pages, marketing strategies and customer profiles. It is also important for marketing analysts to understand consumer psychology and observe consumer behavior in order to determine potential market, pricing and product demand for a customer or company.
Who Is Marketing Analyst
Marketing analysts analyze data and recommend changes in marketing efforts. Marketing analysts, sometimes called market research analysts, study changes, follow trends, and discover new opportunities.
said Kacper Rafalski, digital marketing strategist at Netguru. “Marketing analysts collect and analyze data on consumer behavior, market trends, and competitors to inform marketing strategies and tactics.”
Marketing analysts are also skilled statisticians who use raw data to determine what products and services people want. These insights determine how companies focus their advertising, sales and promotion campaigns.
Ultimately, all businesses benefit from thorough consumer research and how to target them effectively.
Because this requirement is common to all companies, “marketing analysts can work in a variety of industries, including healthcare, retail and finance,” says Jim Liu, CEO of SEO Vendor.
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What Does a Marketing Analyst Do?
1: What is the primary goal of SEO (Search Engine Optimization)?
The primary role of a marketing analyst is to review existing data to develop new insights and usability. People’s opinions about the company are given through various surveys and should be used for the benefit of the company. The next step is to use your knowledge, experience, and personal skills to better market, anticipate future needs, and develop forward-thinking products based on your inventory and needs.
Marketing analysts collect data from sales, consumers, and competitors. They analyze it and visualize and communicate their interpretations in interesting and logically relevant ways. It also generates reports for better understanding.
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The duties of a market analyst are as follows:
- Data collection: Marketing analysts collect data on current marketing strategies, sales prices, service distribution, and conduct market research through customer analysis and predictive statistics to forecast and monitor market trends. Evaluate your data collection methods before starting the process to ensure reliability.
- Data interpretation: Interpreting data through technical tools such as statistical programs and data mining to identify opportunities and scope for new products and customer acquisition for the company. They research customer opinions, buying habits, preferences and requirements to develop marketing tactics and strategies.
- Data visualisation through reports: Marketing data analysts gather complex data from various online sources and transform it into text, tables, charts, and data visualizations that are easy to read and understand. They collaborate with internal departments, data scientists, scientists and other marketing professionals to provide clear reports to management and customers.
- Pricing and consumer trends research: Helps businesses decide which products and services to sell, to which consumers, and at what prices. We also research consumer trends, conduct new customer research, and analyze data and research to determine effective marketing strategies.
- Marketing strategy creation: Marketing analysts create and implement effective marketing campaigns to increase company revenue and product sales and increase existing company profits. They work closely with businesses, participate in valuable decision-making, and provide strengths, weaknesses, opportunities, and threats (SWOT) based on data analysis that considers all risks and benefits. takes into account
Digital Marketing Analyst Skills You Need
First, let’s take a look at the skills required for this role. We have divided them into three main categories.
- Soft Skills: This covers the basic skills that are useful in any analytical role.
- Technical Skills: Covers the specific skills and technologies you need to succeed as a marketing analyst.
- Marketing Skills: As this is a role in the marketing department, it covers the industry knowledge required to acquire.
Soft skills
| Soft skill | What it means |
|---|---|
| Project Management | Understand how large projects are structured and managed. |
| Problem solving | Ability to identify problems and generate potential solutions. |
| Critical Thinking | Ability to understand complex problems and form an objective judgment. |
| Data-driven | Ability to base decisions on relevant data. |
| Communication skills | Being able to clearly communicate complex topics in simple ways. |
| Organization skills | Managing multiple tasks in a timely manner. |
| Presentation skills | Being able to present data in a visually pleasing way. |
| Attention to detail | Easily spot mistakes or inaccuracies. |
Technical skill set
| Technical skill | Tools |
|---|---|
| Data analysis and analytical skills | SQL, Python, BigQuery, Redshift, SPSS for statistical analysis. |
| Web analytics tools | Google Analytics, Amplitude. |
| Data collection | Scripting or using marketing data integration tools (Coupler.io). |
| Data visualization | Tableau, Looker Studio, Power BI. |
Marketing skill set
| Marketing skill | What it means |
|---|---|
| Marketing pricing | Understanding how different pricing models work. |
| Sales analysis | Being familiar with main sales and marketing KPIs. |
| Social media | Understanding main platforms and important KPIs. |
| Target audience | Understanding what a user persona is and the importance of segmentation. |
| Marketing strategy | Understanding the concepts of strategy and common marketing tactics for specific channels. |
Salary of a Market Analyst in India
Average earnings for market analysts in India are higher than most other occupations. The salary of market analysts in India generally varies depending on the qualification and experience of the individual. The starting salary for a digital marketing analyst is approximately INR 800,000 per year. The maximum salary for a market analyst in India is approximately INR 1,400,000 per year, but it varies depending on the expertise and experience of the market analyst.
Qualification Wise Salary
The salary of marketing analysts in India also varies depending on the qualifications of the individual. Applicants pursuing a marketing analyst certificate course will earn less than a marketing analyst diploma course holder. However, postgraduate applicants who specialize in marketing analyst courses are likely to earn higher salaries compared to other degrees.
The average annual salary of a market analyst, depending on the qualification level, is shown in the table below.
| Qualifications Level | Average Annual Salary |
|---|---|
| Certificate Degree | INR 2,00,000 to INR 3,20,000 |
| Diploma Degree | INR 3,00,000 to INR 4,50,000 |
| Undergraduate Degree | INR 4,20,000 to INR 5,10,000 |
| Postgraduate Degree | INR 4,80,000 to INR 5,50,000 |
Company Wise Salary
Different companies offer different salaries for market analysts. The table below shows the average salaries offered by different companies to market analysts.
| Name of the Companies | Average Annual Salary |
|---|---|
| Growthtrack | INR 3,20,000 to INR 3,40,000 |
| Vinayak Solutions Pvt Ltd | INR 3,50,000 to INR 3,90,000 |
| Soundrise Hearing Solutions Pvt Ltd | INR 2,50,000 to INR 4,10,000 |
| Accenture | INR 4,50,000 to INR 6,20,000 |
| IBM India | INR 5,00,000 to INR 7,20,000 |
Experience Wise Salary
Experience plays an important role in determining the salary of a market analyst. Salaries wise for market analysts are as follows:
| Years of Experience | Average Annual Salary |
|---|---|
| 0-2 years | INR 3,00,000 to INR 3,40,000 |
| 2-5 years | INR 4,00,000 to INR 4,80,000 |
| 5-10 years | INR 5,50,000 to INR 8,80,000 |
| 10-15 years | INR 7,20,000 to INR 9,50,000 |
| 15 years & above | INR 9,60,000 to INR 11,50,000 |
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Follow these steps to learn how to become a market analyst.
1. Pursue higher education in a related field
Many employers require market analysts to have at least a bachelor’s degree in a field such as marketing. A marketing degree helps potential marketing analysts learn about marketing principles, consumer behavior patterns, macroeconomics, and business communication. Some marketing analysts choose to pursue a degree in social sciences such as psychology or business administration to gain a deeper understanding of consumer habits. Other marketing analysts study mathematics or computer science to gain more specialized knowledge of data and economics. Those interested in senior-level market analyst or management positions may be interested in pursuing a master’s degree. Some universities offer graduate programs specializing in marketing research and analysis. A Master of Business Administration (MBA) can also be a degree that can help you achieve a leadership role as a market analyst.
2. Gain foundational work experience
Most market analyst jobs are not entry-level positions. Companies usually prefer to hire market analysts with experience in the marketing industry. To get started, consider working as a marketing research intern, marketing assistant, account representative, or a related position that can give you the industry knowledge you need to apply for market analyst jobs.
3. Pursue certifications
A certificate in market research can show employers that you have the skills and industry knowledge to succeed in a market analyst role. Certificate programs are shorter and cost a fraction of the cost of a formal degree. Many online platforms offer market research and analysis certification courses that you can take at your own pace and convenience. Certified market research analyst certification from the International Institute of Market Research and Analysis (IIMRA) is valuable in domestic and international markets.
Job Options For A Marketing Analyst
The job of a marketing analyst involves multiple responsibilities including data collection, analysis and product marketing. Here are some positions you can look for.
1. Marketing Intern
National average salary: ₹ 2,38,227 per year
Key Duties: Marketing interns often collaborate on annual marketing plans and collect quantitative and qualitative data during marketing campaigns. They conduct market analysis and competitive research, support the marketing team in day-to-day administrative tasks, and assist team members in creating content for social media websites. You can also help edit content for blogs and newsletters, distribute marketing materials, and update your company’s database. These are also important duties of a marketing intern. Depending on your role, you may work with the event marketing team to help plan events.
2. SEO Analyst
National average salary: ₹ 3,07,201 per year
Key Responsibilities: The primary role of a search engine optimization (SEO) analyst is to increase awareness of your company’s services, help them rank higher on search engine results pages, and drive organic traffic to your site. They may work as part of an organization’s marketing team or as an SEO agency on behalf of a client. An SEO analyst can help your company increase profits by buying products through your website.
3. Marketing Assistant
National average salary: ₹ 3,75,720 per year
Key Duties: Marketing analysts are professionals who collect and distribute information, monitor social media accounts, produce content, and answer questions. They analyze surveys and identify consumer interests to provide ideas for marketing campaigns. Other duties of a marketing assistant may include writing marketing and website copy, assisting clients with promotional activities, organizing presentations and events, and assisting with market research for an organization.
4. Data Analyst
National average salary: ₹ 4,61,737 per year
Primary Duties: Data analysts typically design and maintain data systems and troubleshoot coding errors and other data-related issues. Responsibilities of data analysts vary by position, but some of their day-to-day tasks include interpreting data sets and understanding data trends and patterns that aid diagnostic and predictive analytics efforts. They highlight the importance of working in local, national and global contexts to understand the scope and produce reports that share trends, patterns and predictions. You will also collaborate with programmers, engineers and stakeholders to identify opportunities for process improvement and data changes.
5. Marketing Specialist
National average salary: ₹ 3,29,262 per year
Key Duties: Marketing professionals can oversee marketing campaigns for company departments. They implement marketing strategies to promote business products and services and ensure that businesses send the right messages to attract potential customers and retain existing customers. A marketing specialist’s day-to-day duties include managing and coordinating marketing staff, leading market research efforts to identify the feasibility of current and existing products, new campaign ideas, and collaborating with media organizations and advertising agencies.
How To Become A Marketing Analyst In 6 Steps?
Although the duties and responsibilities of a marketing analyst vary depending on the job description, here are some general steps you can take to become a marketing analyst.
1. Get a professional degree
A marketing analyst career path may begin with a bachelor’s degree in statistics, computer science, mathematics, communications, or market research. Expertise in business management, social sciences, consumer psychology and marketing also help professionals in this field. You can earn a bachelor’s degree over three to five years, then choose graduate or certificate courses to gain the skills and technical knowledge you need.
2. Develop analytical skills
One of the most important skills of a marketing analyst is the ability to analyze data and information. Marketing professionals may gather information, interpret it, observe patterns in data, and solve complex problems that require analytical skills. Common analytical skills include artificial intelligence, distributed computing, web analytics, machine learning, cloud solutions, software quality assurance, data science, programming languages, database management, and data visualization.
3. Improve soft skills
Marketing professionals need soft skills such as effective communication, time management, organization, research, problem solving, teamwork, creativity, planning and management, industry knowledge, critical thinking, attention to detail, leadership and adaptability. These skills will help you effectively communicate your observations and insights to team members and senior management, allowing them to identify areas for improvement and take action. Clarity and precision in marketing communications are very important.
4. Enhance technical skills
Marketing analysts often use their technical skills to collect data from online sources, analyze it, and turn it into actionable reports. Technical skills such as digital marketing, social media, project management, knowledge of analytical tools and budgeting can help speed up the process and gather more information for further analysis. Due to different target market demographics and buyer personas, analysts may need to evaluate large volumes of data to gain meaningful insights.
5. Obtain additional professional degrees and certifications
A suggested way to advance your marketing career may be to obtain a graduate degree. You can consider studying for a master’s degree in business analytics, analytical science, or a master’s degree in business analytical science. You may also consider pursuing a degree in statistics, mathematics, management, or other related subjects. To become a marketing analyst, certification courses such as the Certified Market Research Analyst (CMRA) and the Professional Researcher Certificate (PRC) offered through the International Institute of Market Research and Analysis (IIMRA) can help.
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6. Get specialized work experience
You can look for entry-level jobs or apply for school internships to gain work experience, improve skills, gain practical knowledge and work with professionals in the first few years. It will help you improve your teamwork, communication and management skills and learn the essentials of marketing campaigns such as inbound marketing and pay-per-click marketing. You may also consider specializing in a specific field or field as a marketing analyst to gain advanced expertise and knowledge.
What Is the Marketing Analyst Career Path?
A marketing analyst job is a great option to consider on its own, but it’s also a great entry-level position that opens the door to becoming a marketing manager. And if you are determined enough, you can move up the ranks and become a Chief Marketing Officer.
There is no disputing that the job outlook for marketing analysts is strong when it comes to job availability and demand, as companies of all sizes need dedicated marketing professionals.
Marketing analysts usually have more responsibility in smaller companies. This gives you a complete picture of all your activities. Larger organizations typically have larger marketing budgets and tend to specialize in specific areas and have a broader focus. Either way, opportunities abound in all sectors including the consumer, FMCG and telecom industries.
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Frequently Asked Questions
Is marketing analyst a good career?
Yes, a career as a marketing analyst can be quite rewarding. It offers the opportunity to work at the intersection of data, marketing, and business strategy. Marketing analysts play a crucial role in helping companies make informed decisions, optimise marketing campaigns, and maximize profitability. The demand for skilled marketing analysts is on the rise, providing good career prospects. It’s a path for those who enjoy working with data, have strong analytical skills, and are interested in the ever-evolving world of marketing.
How long does it take to become a marketing analyst?
The timeline to become a marketing analyst can vary. To enter the field, a bachelor’s degree in marketing, business, economics, or a related field is typically the first step, which takes about 3-4 years. Some may choose to pursue a master’s degree, adding another 1-2 years of study. Gaining practical experience through internships or entry-level roles is crucial and can take an additional 1-2 years. So, in total, it can take anywhere from 4 to 8 years to establish yourself as a marketing analyst, depending on your educational path and the career trajectory you pursue.
What is difference between marketing analyst vs. data analyst
A data analyst works with different data across departments. This could be finance data, product data, government data, etc. In comparison, a marketing analyst is focused on analyzing marketing data from campaigns across the entire marketing department.
