What Does it Take to Be a Market Research Analyst or Marketing Specialist?
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
- Direct trained survey interviewers.
- Develop and implement procedures for identifying advertising needs.
- Conduct research on consumer opinions and marketing strategies, collaborating with marketing professionals, statisticians, pollsters, and other professionals.
- Collect and analyze data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand.
- Measure and assess customer and employee satisfaction.
- Seek and provide information to help companies determine their position in the marketplace.
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What Every Market Analyst Should Know
When polled, Market Research Analysts and Marketing Specialists say the following skills are most frequently used in their jobs:
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
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.
Complex Problem Solving: Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Related Job Titles for this Occupation:
- International Trade Specialist
- Market Analyst
- Demographic Analyst
- Marketing Research Coordinator
- Marketing Specialist
Market Analyst Job Outlook
In the United States, there were 595,400 jobs for Market Research Analyst or Marketing Specialist in 2016. 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. The BLS estimates 77,100 yearly job openings in this field.
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.
Average Market Research Analysts and Marketing Specialists Salary
The salary for Market Research Analysts and Marketing Specialists ranges between about $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 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 SharePoint
- Microsoft Visio
- Adobe Systems Adobe Photoshop
- Structured query language SQL
- The MathWorks MATLAB
How to Become a Market Analyst
Individuals working as a Market Research Analyst or Marketing Specialist have obtained the following education levels:
What work experience do I need to become a Market Analyst?
Where do Market Research Analysts and Marketing Specialists Work?
Market Research Analysts and Marketing Specialists work in the following industries:
You May Also Be Interested In…
Those thinking about becoming a Market Research Analyst or Marketing Specialist might also be interested in the following careers:
Those who work as a Market Research Analyst or Marketing Specialist sometimes switch careers to one of these choices:
- 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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