How to Become a Marketing Analyst
Essential Education, Skills, and Job Interview Prep
Do you enjoy doing research or tracking new market trends? If that’s the case, working as a marketing analyst could be a suitable career for you. Companies rely on market analysis to gauge product performance in the market.
Companies will hire a marketing analyst before releasing products. The market research analyst will gather all of the necessary information about their product. Brands want to know the chances of a product succeeding before it launches.
You have an opportunity to conduct data analysis and release successful products. But to do all of that, you have to know how to become a marketing analyst in the first place.
What Is a Marketing Analyst?
A marketing analyst handles helping companies release successful products through data analysis. A marketing analyst will give input on which products to sell and the price points. You will even advise your client on the best target audience.
Market research analysts collect their data in various ways. These include interacting with the consumers, observing competitors’ trends, and monitoring the market. As you can see, you will have your hands full as a marketing analyst.
Marketing Analyst Salary and Job Outlook
The market currently consists of a broad range of similar products. That makes marketing research analysts a significant part of the business process. Therefore, the job outlook for marketing analysts is quite impressive.
In fact, the Bureau of Labor Statistics (BLS) projects an 18 percent growth in jobs for market research analysts between 2019 and 2029. This figure represents a higher-than-average increase than many other industries in the United States.
According to BLS, the median marketing analyst salary was $65,810 in 2020. This salary translates to $31.64 per hour. But, the salary range differs depending on the industry.
For example, a marketing analyst in the wholesale trade industry makes $64,170 per year. Meanwhile, pay for a marketing analyst working in the finance and insurance industry is $73,800 per year. The highest earners in the profession make $127,410 and above.
Entry-Level Marketing Analyst Job Requirements
You might be wondering how to become a marketing analyst with little to no experience. You can start by applying for an entry-level position, but keep in mind that most employers will expect one year of IT experience.
An entry-level marketing analyst job also requires strong organizational skills and a technical degree. In addition, you should have experience in marketing data, advertising, and analytical software. Excellent communication, time management, and analytical skills are a plus.
According to PayScale, the average entry-level marketing analyst stands to make around $51,000 per year.
How to Ace Your Marketing Analyst Job Interview
A marketing analyst provides financial security for the organization. Companies are very keen to choose a capable and resourceful candidate. To ace your interview, be sure to outline your experience, highlighting your project management skills in particular.
Common Marketing Analyst Job Interview Questions
- What are the roles of a marketing analyst and how do you qualify for the position?
- Which data analysis tools do you know and how many have you used in the past?
- How do you analyze competitor data?
- How long would it take you to track, collect, and analyze data?
- What’s your experience with CRM tools?
What Degree Should I Get to Become a Marketing Analyst?
The standard market analyst job ad seeks candidates who have at least a bachelor’s degree, according to BLS. Employers believe bachelor’s degree holders are skilled in both data analytics and business intelligence.
The job requires a Bachelor’s Degree in Statistics, Math, or Computer Science. However, some people prefer to attend data analytics or digital marketing bootcamps to master key tech skills. Others choose to get their computer science degree online.
There’s a broad range of education options for a marketing analyst. Read on to discover the degrees that will bring you closer to your dream job.
Associate Degree in Computer Science
In this era, every industry requires employees to be computer literate. Marketing analysts track trends, collect data, and conduct in-depth analysis using computer software. An Associate Degree in Computer Science will help you secure entry-level jobs.
With this degree, you can offer technology solutions to clients. This allows them to make informed decisions about their products and services. If you prefer, you can get an online associate degree, which will take about two years.
Bachelor’s Degree in Computer Science
A Bachelor’s Degree in Computer Science can land you a marketing analyst job. But a Bachelor’s Degree in Statistics or Math will also get you a seat at the table. Take time to research the different options, including online bachelor’s degrees, and weigh the pros and cons before settling.
The Bureau of Labour Statistics also states that a background in social sciences, communication, or business administration is beneficial. But you can always take online courses to enhance your resume.
Master’s Degree in Computer Science
Achieving a Master’s Degree in Computer Science, or any other relevant major, allows you to grow in your career. You can even apply for a marketing manager position.
Many market research analysts aspire to earn a master’s degree. According to research conducted through the US Department of Labor, only 39 percent of marketing analysts in the United States possess a master’s degree. The study also shows that 57 percent of market research analysts own a bachelor’s degree.
Luckily, you can still pursue an online master’s degree while you continue to work as a marketing analyst.
Marketing Analytics Doctoral Degree
Having a doctoral degree puts you at the top of the leaderboard. It demonstrates that you have an abundance of marketing knowledge and experience. You’ll also be conversant with new trends and know how to find appropriate solutions. A PhD in Marketing Analytics covers special topics in the industry.
At this level, you can consider opening your own firm and hiring budding marketing analysts.
What Does a Marketing Analyst Do?
A marketing analyst conducts market research, observes client competitors, and analyzes data. Your detailed reports allow the client to make informed decisions. You will also advise clients about the right marketing approach and product release strategies.
Below are some of the important tasks of a marketing analyst.
Conducts Market Research
A marketing analyst’s job is to help the client reach the target audience. You will need to conduct in-depth market research using predictive statistics. Market research analysts glean essential intelligence from consumers’ buying habits, preferences, and opinions.
The data analysis you conduct will give your clients an overview of key market trends. This data is critical to have before the client releases a product. You may even identify new marketing opportunities through your research.
Designs Marketing Plans
The marketing analyst’s job includes designing marketing plans for your client’s products. Market research analysts design marketing campaigns with input from the marketing team. You can use data analysis to come up with creative marketing strategies.
Additionally, you’re responsible for converting your data into readable reports for the clients. This report can either be visual or written. Most clients prefer both reports.
After research, you will need to present your findings to the client so that they can make an informed decision. You will highlight the product performance in the market. This includes customer reviews, pricing, and competitor market activities.
Essential Marketing Analyst Skills
According to the Bureau of Labour Statistics, marketing analysts need several skills. These include data analysis, consumer knowledge, business intelligence, and communication skills. Clients trust you to deliver unbiased and successful results.
Data and Programming Skills
Data analysis is the primary purpose of your career and it is the first thing employers look for in a candidate. You need to ask the right questions to be able to find the right customers and use the correct software to collect data. Knowledge of SQL, analytical software, computer coding, and data mining is beneficial.
All of these tools are essential in collecting accurate data for your clients.
Market Research Skills
As a marketing analyst, the customer is your primary source of information. You need to know how to interact with these customers and make them feel comfortable enough to share opinions. Researching consumer behavior as they interact with products benefits you greatly.
Business Intelligence Skills
Business intelligence (BI) means turning data analytics into actionable insights for your client. BI skills will enable you to understand the market for your client’s product or service, gather information about competitors’ products and services, and create successful and strategic marketing campaigns.
A marketing analyst role requires you to communicate all day, every day. You will talk to researchers, customers, clients, and top management. You must learn how to simplify technical language to help a client understand it. Having a good command of the English language will set you apart.
How to Become a Marketing
Analyst: A Step-by-Step Guide
Now that you know the skills you need to become a marketing analyst, let’s dive into exactly where you should start your journey and how to progress. The steps below offer some key advice to help you succeed.
Earn a Bachelor's Degree
Education lays the foundation for your career. You can start with an associate degree. However, a bachelor’s degree is essential for all marketing analysts.
You can major in computer science, statistics, math, or business administration. But you need to ensure your degree choice helps you understand quantitative analysis. You’ll learn how to analyze data and give informed solutions.
Find an Internship
Improve your skills as a market research analyst before venturing into market analysis. You can hone your skills by finding an internship. A marketing analyst needs strong marketing, analytical, and communication skills. You will gain these skills during your training.
Specialize in a Sector
During your internship, you will understand the full scope of marketing analysis. However, you’ll need to specialize in a sector. You can choose to work in finance, manufacturing, or another industry.
Analyze your interests. You should also conduct enough research before settling on one industry. Once you decide, you can concentrate your efforts on honing your skills in that area.
Get a Job
There’s a high demand for market analysts, which means there are many job opportunities. However, your application still has to stand out and capture an employer’s attention. Remember to highlight your strengths and how you intend to help the company grow.
You will most likely get an entry-level position if you have minimal experience. But don’t give up. You can work your way up to the marketing manager position in due time.
Licenses and certifications are essential for any professional. These documents solidify your credibility. You can build your clientele and rise in the ranks as a marketing analyst. However, it’s not essential to gain certification to work as a marketing analyst.
If you’re interested, you can apply for the Professional Researcher (PRC) certification. You need three years of work experience in market research, and you must pass an exam to qualify. You have to renew your certification every two years.
How Long Does It Take to Become a Marketing Analyst?
On average, it will take you around four years to qualify for a marketing analyst job. If you pursue an associate degree, the timeframe is shorter. But you may not be eligible for well-paying jobs, as employers prefer a bachelor’s degree.
Coding bootcamps can offer a fast track to gaining key experience. Many bootcamps take as little as a few weeks to complete, and even the longer ones last just a few months.
Should You Become a Marketing Analyst in 2021?
You can thrive as a marketing analyst in 2021. BLS indicates an 18 percent growth rate in employment between 2019 and 2029. The rise in the number of products in the market also calls for continuous analysis. You only need to worry about improving your skills.
Marketing Analyst FAQ
What is the role of a marketing analyst?
Marketing analysts wear many hats. They track market trends, analyze data, and help clients make informed decisions.
What are the requirements for the marketing analyst job?
You will need to get a Bachelor’s Degree in Computer Science, Statistics, or any other relevant majors. You can start with an internship and work your way up to a marketing manager position.
Which skills do I need as a marketing analyst?
Data analysis, computer programming, business intelligence, and critical thinking are the key skills required. You also need to pay attention to detail and have strong communication skills.
How is the marketing analyst job outlook?
The job outlook is positive. The Bureau of Labour Statistics predicts that marketing analysts will experience an 18 percent employment growth rate between 2019 and 2029. This growth rate is faster than most sectors.