What Does a Marketing Analyst Do?
Marketing analysts play a crucial role in helping companies make informed, data-driven decisions for their marketing efforts. These professionals are often referred to as marketing research analysts and are responsible for powering a company’s marketing team through data analysis. In this guide, we will explore the following aspects of what marketing analysts do:
1. What Is a Marketing Analyst?
2. Types of Marketing Analysts
3. Marketing Analyst Salaries
4. How to Become a Marketing Analyst
5. Pros and Cons of Marketing Analyst Careers
What Is a Marketing Analyst?
A marketing analyst is an individual who specializes in analyzing data and making recommendations for changes in marketing strategies. This role requires the analyst to act as an investigator, tracking trends and uncovering new opportunities.
Marketing analysts collect and analyze data related to consumer behavior, market trends, and competitors. The insights they gain from this analysis inform marketing strategies and tactics. They are skilled statisticians, utilizing raw data to determine consumer preferences and needs, which, in turn, guide a company’s promotions, sales, and advertising campaigns.
Marketing analysts are essential in almost every industry, including healthcare, retail, and finance. They work to provide companies with a deep understanding of their target audience and how to effectively engage them. This expertise is crucial for businesses looking to succeed in their respective markets.
Typical responsibilities in a marketing analyst’s career include:
- Gathering data from various sources, such as surveys, third-party studies, and website data.
- Cleaning and organizing data for analysis.
- Conducting A/B and multivariate tests.
- Utilizing SQL to query databases.
- Defining target audiences and understanding their behaviours.
- Reporting on the performance of marketing activities, including campaign effectiveness.
- Communicating projected tests and results to other teams through presentations.
Marketing analysts may also collaborate with other departments, such as sales or product development, to ensure that marketing efforts align with broader business goals.
Types of Marketing Analysts
Marketing analysts can specialize in specific areas of marketing or campaign types. Some specialized roles include:
- Digital Marketing Analysts: Focusing on online marketing strategies.
- Product Marketing Analysts: Specializing in the marketing of specific products or product lines.
- Email Marketing Analysts: Primarily responsible for launching and testing email marketing campaigns.
In addition to marketing-focused roles, a marketing analyst can have expertise in areas outside of marketing. For instance, they may have a background as:
- Data Analysts: Skilled in discovering insights from large sets of data.
- Business Analysts: With a strong understanding of how businesses operate and the ability to prioritize broader business goals.
- Financial Analysts: Knowledgeable in using financial data to understand both the business and its customers.
- Market Analysts: Tracking market trends and their potential impact on the economy, the company, and marketing efforts.
Marketing Analyst Salaries
The average annual salary for marketing specialists and market research analysts, irrespective of industry, location, and experience level, is approximately $76,080, according to the U.S. Bureau of Labor Statistics (BLS). However, estimates from other sources suggest slightly more conservative figures. For example, Glassdoor estimates that the average salary for marketing analysts, regardless of location, industry, or experience, is around $66,800. Those with less than one year of experience typically earn an average of $61,700 annually, while analysts with over 15 years of experience can earn approximately $96,500 per year.
Salaries can vary significantly based on factors such as the size and reach of the company. Analysts working for major brands, particularly those with a global or national presence, may earn higher salaries since these companies require skilled analysts to stay competitive. Additional compensation may come in the form of annual bonuses and profit sharing.
How to Become a Marketing Analyst
Education:
A marketing analyst’s role heavily relies on data, making a degree in a quantitative field, such as statistics, mathematics, or data science, highly beneficial. Nevertheless, degrees in marketing and business are also valuable, as they provide a fundamental understanding of business operations and how marketing fits into a company’s structure. Regardless of the degree pursued, courses in statistics, data analysis, and market research can be particularly advantageous.
Advanced degrees in marketing, statistics, or business can be valuable for career advancement.
Certifications:
Certifications can bolster a marketing analyst’s resume and demonstrate high-level skills in marketing strategy, analytics, email marketing, and social media marketing. Valuable certifications for marketing analysts include:
- American Marketing Association (AMA) Certifications: These certifications include digital marketing, content marketing, and marketing management.
- Google Certifications: Courses in data analytics, digital marketing, or UX design, highlighting technical analysis expertise.
- Meta’s Marketing Analytics Certificate: Focusing on strategy, campaign evaluation, Python programming, and Tableau software.
Other relevant certifications that can enhance a marketing analyst’s credibility include HubSpot Inbound Marketing and Marketo certifications.
Skills:
Marketing analysts require a mix of technical and soft skills, including:
Hard and Technical Skills:
- Data analysis skills.
- Statistical analysis abilities.
- Proficiency in database management and query languages like SQL.
- Experience with web analytics platforms, such as Google Analytics.
- Familiarity with data collection methods, such as surveys and focus groups.
- Data visualization skills using tools like Tableau or Google Charts.
- The capability to conduct effective tests, including A/B testing for email campaigns.
Soft Skills:
- Strong analytical thinking skills.
- Effective communication and presentation skills.
- Critical thinking.
- Attention to detail.
- Exceptional organizational and accuracy skills.
Advancement Opportunities:
As marketing analysts progress in their careers, they may advance to higher positions, including Senior Marketing Analyst, Marketing Manager, or Director of Marketing. Exceptionally skilled analysts could even become executives in a company, such as a Chief Marketing Officer.
Another path to consider is transitioning into other analytical roles, such as market research, data science, or business analysis. Some individuals may even choose to start their own marketing agencies or consulting businesses.
Pros and Cons of Marketing Analyst Careers
Pros:
- Variety: A marketing analyst’s role can be incredibly diverse, allowing professionals to work with data and make data-driven decisions across various industries and products.
- Growth Potential: Skilled analysts have the potential to progress into high-level positions like Director of Marketing Analytics or VP of Marketing Analytics.
Cons:
- Repetitive Tasks: The role can become repetitive, with analysts spending a significant amount of time examining data and conducting similar tests for various campaigns.
- High-Pressure Environment: Marketing teams and analysts often work under tight deadlines. They are under pressure to ensure campaigns are successful and avoid using inaccurate data, which could lead to ineffective strategies.
In conclusion, marketing analysts play a vital role in leveraging digital marketing data to shape a company’s marketing strategies and tactics. While the role offers diversity and growth potential, it also involves repetitive tasks and operates within a high-pressure environment. A combination of education, certifications, and skills is crucial for a successful career as a marketing analyst.