What Do Market Research Analyst or Marketing Specialist Do?
Market Analyst Definition Research market conditions in local, regional, or national areas, or gather information to determine potential sales of a product or service, or create a marketing campaign. May gather information on competitors, prices, sales, and methods of marketing and distribution.
A Day in the Life of a Market Analyst
- Seek and provide information to help companies determine their position in the marketplace.
- Monitor industry statistics and follow trends in trade literature.
- Forecast and track marketing and sales trends, analyzing collected data.
- Measure and assess customer and employee satisfaction.
- Direct trained survey interviewers.
- Gather data on competitors and analyze their prices, sales, and method of marketing and distribution.
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Things a Market Analyst Should Know How to Do
Market Research Analysts and Marketing Specialists state the following job skills are important in their day-to-day work.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Complex Problem Solving: Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking: Talking to others to convey information effectively.
Other Market Analyst Job Titles
- Family Consumer Scientist
- Business Development Specialist
- Market Research Analyst
- Demographic Analyst
- Marketing Representative
Market Analyst Job Outlook
In 2016, there was an estimated number of 595,400 jobs in the United States for Market Research Analyst or Marketing Specialist. New jobs are being produced at a rate of 23.2% which is above the national average. The Bureau of Labor Statistics predicts 138,300 new jobs for Market Research Analyst or Marketing Specialist by 2026. Due to new job openings and attrition, there will be an average of 77,100 job openings in this field each year.
The states with the most job growth for Market Analyst are Utah, Nevada, and Washington. Watch out if you plan on working in Alaska, Maryland, or Maine. These states have the worst job growth for this type of profession.
What is the Average Salary of a Market Analyst
Market Research Analysts and Marketing Specialists make between $34,310 and $121,080 a year.
Market Research Analysts and Marketing Specialists who work in Delaware, New Jersey, or New York, make the highest salaries.
Below is a list of the median annual salaries for Market Research Analysts and Marketing Specialists in different U.S. states.
| State | Annual Mean Salary |
|---|---|
| Alabama | $59,980 |
| Alaska | $69,880 |
| Arizona | $62,930 |
| Arkansas | $68,050 |
| California | $78,090 |
| Colorado | $73,460 |
| Connecticut | $77,010 |
| Delaware | $82,890 |
| District of Columbia | $79,770 |
| Florida | $64,730 |
| Georgia | $67,080 |
| Hawaii | $60,030 |
| Idaho | $53,500 |
| Illinois | $61,670 |
| Indiana | $56,560 |
| Iowa | $59,270 |
| Kansas | $64,910 |
| Kentucky | $58,190 |
| Louisiana | $49,460 |
| Maine | $68,670 |
| Maryland | $67,900 |
| Massachusetts | $74,510 |
| Michigan | $67,500 |
| Minnesota | $74,300 |
| Mississippi | $45,530 |
| Missouri | $65,360 |
| Montana | $58,650 |
| Nebraska | $54,390 |
| Nevada | $59,090 |
| New Hampshire | $68,010 |
| New Jersey | $87,210 |
| New Mexico | $57,010 |
| New York | $77,230 |
| North Carolina | $69,170 |
| North Dakota | $52,870 |
| Ohio | $65,920 |
| Oklahoma | $59,600 |
| Oregon | $72,170 |
| Pennsylvania | $68,630 |
| Rhode Island | $72,180 |
| South Carolina | $60,290 |
| South Dakota | $55,430 |
| Tennessee | $60,990 |
| Texas | $78,200 |
| Utah | $57,660 |
| Vermont | $63,290 |
| Virginia | $75,050 |
| Washington | $81,890 |
| West Virginia | $45,760 |
| Wisconsin | $57,710 |
| Wyoming | $54,560 |
What Tools & Technology do Market Research Analysts and Marketing Specialists Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Market Research Analysts and Marketing Specialists:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Hypertext markup language HTML
- JavaScript
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- MySQL
- Data entry software
- Word processing software
- SAP
- Microsoft Project
- Adobe Systems Adobe Acrobat
- Microsoft Visio
- Microsoft SharePoint
- Adobe Systems Adobe Photoshop
- Structured query language SQL
- The MathWorks MATLAB
How to Become a Market Analyst
What education is needed to be a Market Research Analyst or Marketing Specialist?
How Long Does it Take to Become a Market Analyst?
Who Employs Market Research Analysts and Marketing Specialists?
The table below shows the approximate number of Market Research Analysts and Marketing Specialists employed by various industries.
Related Careers
Those thinking about becoming a Market Research Analyst or Marketing Specialist might also be interested in the following careers:
Are you already one of the many Market Research Analyst or Marketing Specialist in the United States? If you’re thinking about changing careers, these fields are worth exploring:
- Sales Representatives, Wholesale and Manufacturing, Technical and Scientific Products
- Talent Directors
- Advertising and Promotions Managers
- Sales Agents, Securities and Commodities
References:
Image Credit: Nick Youngson via Creative Commons 3 - CC BY-SA 3.0
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