Part 5 of 9
In this blog, we’re unpacking the Marketing Analyst role. For as long as we can remember there have been Marketing Analysts within businesses, particularly FMCG, who require these individuals to guide them on which products and services to sell, to which customers, at what price. In the past, most of these decisions were made by studying the past – previous periods’ sales, marketing conditions and competitor’s activities.
Today however, the ability to tap into real-time data means that Marketing Analysts can enable businesses to make better decisions faster thereby increasing their organisation’s competitiveness.
Market Analysts, sometimes known as Market Researchers, are expected to provide insight into consumer behaviour, tapping into the “why” customers make the choices they do when faced with a range of products and services. Their discoveries will have a significant impact on the way in which the organisation chooses their products/services, how these are designed, packaged, marketed and distributed.
Typically, Market Analysts would be responsible for:
Collecting data, including marketing conditions, consumer demographics & competitor tactics
Conducting customer research to understand wants & needs, buying habits and preferences
Concluding competitor analysis to ascertain better ways to grow market share
Create, implement and evaluate methods for collecting data, including surveys, opinion polls, etc.
Analysing data using predictive analysis tools
Developing tactics and metrics to assess effectiveness of existing marketing, advertising and communications strategies and programmes
Monitoring and forecasting marketing and sales trends, highlighting opportunities for promotions
Liaising with various internal departments, providing clear reports to clients and management for effective sales and marketing decision-making
Marketing Analysts typically hold B.Com Marketing degrees. However, the rapid increase in technology means that individuals who have greater exposure to IT-related subjects and who are familiar with social media and other online information management services are likely to be more attractive to prospective employers.
In a highly customer-facing role, Marketing Analysts must be able to develop strong relationships with consumers, fellow researchers, clients, suppliers and management. They should also be able to reduce stats into clear, non-technical language that easily conveys the risks and opportunities they present.
The understanding of the unique parameters of the chosen sector/industry is important as it dictates the way in which data is collected, understood and utilised to best effect.
The ability to process large amounts of complex data with precision and to translate into measurable results.
Maintaining a continuous curiosity about consumers and the “why” behind the “what” is essential to access and assess all available information to inform key financial decisions.
For those who’ve gained a few years’ experience as a Marketing Analyst, the traditional career pathway would include senior marketing roles such as Marketing Manager and Marketing Director.
Just about every organisations requires a Marketing Analyst, from manufacturers to advertising agencies, management consultancies and even the government. The breadth of the role and the depth of industry expertise required will often impact the salaries on offer.
Outlook: Future of Work
Traditionally kept within the sales and marketing department, Marketing Analysts are increasingly being asked to step into more cross-functional roles as the impact of their insights are realised to have great value for product development and business strategic decision-making.
In a world where big data is being created at the speed of light, Marketing Analysts now deal with millions of factors that could affect product demand. Data is no longer limited to structured responses to timeous surveys but is messy, real-time information from a range of sources including social media.
In a consumer-led world, where individuals expect greater levels of personalisation, it is no wonder that there is an increasing demand for Marketing Analysts who have technological expertise to utilise all information at their fingertips to identify – and capitalise on – opportunity.
Our Data & Analytics Expertise
Look out for the other instalments in this 9-part series, where we unpack each of the 8 core roles within the Data & Analytics environment. Visit www.tsrecruitment.co.za to view our blog and make sure you follow us on our TSR social media platforms to access each part in the series.
If you’re looking for an opportunity within the Data & Analytics space and would like to have a confidential career conversation, please get in touch with our expert recruiter, Sheila Mtakwa (firstname.lastname@example.org) And if you’re looking to enhance your organisation’s data or analytical capability, look no further. We’d be delighted to meet with you for a no-obligation consultation on how to boost your chances of securing the best talent available in the market.