How to Become a Marketing Analyst
Marketing Analysts are key members of any business, analysing marketing data to help businesses make informed marketing decisions.
The career of a marketing analyst is creative, interesting, rewarding, and highly skilled, as they play an essential part in determining how a business markets itself. If this sounds like the career path for you, then find out more about how to become a market analyst below.
What Does a Marketing Analyst do?
Market analysts break down and analyse data such as consumer habits, market conditions, market pricing trends, and product demand. Following this analysis, they will then help businesses to understand where they fit into the current market and how they can develop their marketing strategy to increase business.
A marketing analyst might offer essential advice to businesses in areas such as product promotion, advertising strategy, pricing, and optimisation of marketing campaigns. The day-to-day job of a marketing analyst will depend on the business they are working with, however, some of the daily duties include:
How Much Does a Marketing Analyst Earn?
According to the National Careers Service, entry-level marketing analysts earn an average salary of £20,000, and an experienced analyst’s salary is an average of £60,000.
What Qualifications Are Needed to Become a Marketing Analyst?
Marketing analysts will most often be required to have a minimum of a Bachelor’s degree in a relevant field such as mathematics, marketing, business, or data science. A degree that has an analytical or statistical element is also often considered, and if you have an advanced degree or postgraduate qualification, then this can set you well above other candidates for this role, particularly if it is in statistics, computer science, business, or another related field.
What is also highly regarded by employers is knowledge of specific analytical tools and business strategy. Taking online Digital Marketing courses, Google Analytics courses, or Analytics courses can greatly increase your employability as a market analyst as you will learn some of the fundamental tools and skills you need in this career.
This is especially useful if you do not have a Bachelor’s or Master’s degree or you have professional certification in a different subject such as social sciences. However, it is worth bearing in mind that some social science degree programs and other seemingly unrelated qualifications can have relevant elements such as statistical analysis, problem-solving, and consumer psychology.
Many employers also require candidates to have an understanding of business and how businesses market themselves to consumers for this role. With Business Communications courses and Business Management courses online, you can gain relevant qualifications which demonstrate your competency and will help you stand out to employers and gain relevant skills which will be vital in your career.
What Skills Are Needed to Become a Marketing Analyst?
To become a Marketing Analyst, you will need skills in business, marketing, analytics, statistics, and communication. If this sounds daunting, then online learning, such as Big Data courses can help you hone your skills in specific areas and increase your confidence.
You will also develop these skills further throughout your career. Some of the main skills needed for Marketing Analysts include:
Excellent IT skills
Ability to use data analysis tools
Excellent communication skills
Ability to use statistical software
Awareness of market trends
Market research analysis skills
Ability to pay close attention to detail
Critical thinking skills and analytical skills
Knowledge of IT Software such as Excel and SPSS
Does Becoming a Marketing Analyst Need Any Work Experience?
The majority of marketing analyst jobs require some work experience and the more experience you have working in marketing or in an analyst position, the better.
Entry-level positions and internships, however, are often open to candidates who do not have relevant previous experience, and employers often require less work experience if you have a postgraduate degree or other qualifications. Senior marketing analyst roles often require at least five years of experience in a marketing role and additional management qualifications.
However, if you do not have any work experience in a marketing analyst role, then experience in business administration, consumer behaviour, or working in statistics will increase your employment opportunities. Other work experience, such as in retail or administration, also has many transferable skills, such as communication and IT, which, combined with a degree or completed analytics courses, can help you get a job in marketing analytics.
Career Prospects For a Marketing Analyst
A career as a marketing analyst can lead to other roles in business, marketing, and data analytics. After several years of experience, you could become a senior marketing analyst, or you could go into a career as a data analyst or marketing manager.
If you are interested in digital marketing, you can also work as a digital marketing manager, social media marketer, or SEO manager. You can also become self-employed as a market research consultant and use your expertise in market research to help different businesses.
Marketing analysts are in high demand, as their skills and expertise can help drive a business to success. With earnings of up to £60,000 per year, as well as plenty of job opportunities, the job outlook for market research analysts is diverse, from being an entry-level analyst gaining experience to leading a team as a senior analyst or even working as a self-employed consultant.
This future-proof career is ideal for those with an analytical mind who wants to use their skills in statistics and creative thinking to help businesses to thrive.