There are a lot of marketing-related job titles that contain the word “analyst.” There are market research analysts, digital marketing analysts, marketing campaign analysts and so on. There are so many, in fact, that it can be confusing; they all seem to describe the same thing.
But there are some subtle differences between these job titles. Here is a look at a few of them, along with salary and information on the outlook for these jobs in the near future.
Market Research Analyst
A market research analyst uses data to help determine the sales potential of a company’s service or product. This data paints a picture of the kinds of products people are looking for and how much they are willing to pay.
Market research analysts have a number of responsibilities, including:
- Collecting data on the competitive landscape, including market conditions, what competitors are doing, and what consumers are looking for
- Determining the most efficient and effective methods for gathering that data
- Keeping an eye on sales and marketing trends, and preparing sales forecasts based on those trends
- Determining how a company’s marketing strategies and programs are performing
- Producing easy-to-understand reports from research findings
Data Means Everything
If you choose to pursue a career in market research analysis, data will be your constant companion. For example, you will be responsible for collecting consumer data such as customer needs, buying patterns and preferences. You will also need to gather demographic data.
But how will you do it? Well, market research analysts typically conduct interviews and surveys as well as public opinion polls. You may also put together focus groups so that you get a good idea of what your company’s potential customers think about certain products or services.
Market research analysts also look at how their company stacks up against the competition. They look at what competitors are charging, how they market their offerings, which techniques their sales professionals use and much more. All of this information will help identify the market for a new product or service, and ultimately determine what types of promotional brochures are produced or what kinds of commercials are made.
The Outlook
According to the U.S. Bureau of Labor Statistics (BLS), the future looks bright for those interested in pursuing a career in market research analysis. The field is projected to grow by 23% by the year 2026. The reason, according to the BLS, is that companies expect to increase their reliance on market research and data.
Digital Marketing Analysts
As the name implies, a digital marketing analyst works to help a business improve its online marketing performance. But while the focus may be online marketing, this position shares many of the characteristics of the marketing research analyst role. It involves taking an analytic approach to the competitive landscape so that a company can make the most informed marketing decisions.
Digital marketing analysts are critical to the success of many different types of companies. Where they really provide value is in interpreting results of online marketing campaigns. Many business owners simply don’t have the time or knowledge needed to be able to tell if a website banner campaign is working, for instance, or if their online branding efforts have been successful.
A digital marketing analyst will usually look at certain performance indicators in order to determine whether or not a company’s digital marketing efforts are effective. He or she will also work with graphic designers and other marketing personnel to see where campaigns might be falling short and where they need to be improved.
Demand for digital marketing analysts, like that for market research analysts, should increase in the coming years.
Other Marketing-Related Analyst Positions
Many of the following positions are very similar in responsibility to marketing research analysts and digital marketing analysts. There are some slight differences, but they are very subtle.
Marketing campaign analyst: Helping companies better understand their customers’ online behavior is part of a marketing campaign analyst’s job. People applying for the job need strong analytical skills as well as experience building and implementing statistical models.
Product marketing analyst: According to analytics software company Burning Glass Technologies (BGT), a product marketing analyst works with end users as well as developers to help companies implement and improve products. Burning Glass reports job growth in this field will increase by 23.2% over the next decade.
Strategic marketing analyst: Burning Glass classifies this position as one that is “responsible for collection and analysis of information including market data, competitive intelligence, commodity price data, competitors and competitive products, market share and market segmentation.”
Other terms for this position include marketing analyst, sales analyst and marketing strategy analyst. As you can see, it is very similar in scope to market research analyst.
What’s in a Name?
Regardless of type, marketing analysts will be in high demand over the next few years. Salaries at the top end of the scale can be substantial and the outlook should continue to improve as more and more companies realize the importance of analytics to their success.
Learn more about Southern Illinois University Edwardsville’s online MBA with a Business Analytics Specialization program.
Sources:
U.S. Bureau of Labor Statistics: Market Research Analysts
PayScale: Digital Marketing Analyst Salary
Labor Insight Jobs (Burning Glass Technologies): “Occupation Analysis – Product Marketing Analyst”
Labor Insight Jobs (Burning Glass Technologies): “Occupation Analysis – Strategic Marketing Analyst”
