Looking for a Career in Marketing Analytics? Here’s What You Need to Know
What is marketing analytics? To put it simply, it is the study and analysis of marketing effectiveness. Essentially, someone with a career in marketing analytics studies the market and helps companies decide how to most effectively price, market and ultimately sell products. As competition and digital have changed the marketplace, it is crucial for businesses to have a keen understanding of what they are up against.
As marketing data analytics becomes more important for business success, companies are looking for marketing analysts to help them navigate the market. As such, marketing analytics jobs are in demand. According to PwC, “The 2020 estimate calls for 2.7 million job postings for data science and analytics roles.” Additionally, the national average for a marketing analytics salary is $62,829 according to Glassdoor.
If you are data driven, detail oriented, and passionate about marketing, then you may find success with marketing analytics jobs.
Common skills required to be a Marketing analytics professional
Marketing analysts tend to be data-driven and detail-oriented. As there is a heavy emphasis on math, these individuals also possess a strong understanding of the science of statistics. Also, marketing analysts must possess skills in other areas.
Computer programming and technology: Marketing analysts must be proficient with analytical tools and software such as Excel, R, SAS, and STATA. While coding skills are not required, it is highly advisable for those in marketing analytics to be able to do some programming and coding. Additionally, marketing analysts should be familiar with digital analytical tools.
Research and data: Marketing analysts must be exceptional with researching and collecting data. Along with collecting the data, analysts are required to use analytical tools to examine the data and report findings and make predictions.
Math and statistics: Marketing analysts must have a background in statistics. They will use math daily. Many marketing analysts have degrees in math or statistics.
Business: Marketing analysts should have an understanding of business analytics, such as A/B Testing.
Marketing: Marketing analysts are expected to understand and use marketing techniques, such as focus groups, surveys, and internet research. Then, they are expected to present findings using marketing visuals.
Professional and interpersonal: Marketing analysts must be effective communicators and strong collaborators. They should possess analytical skills, critical thinking skills, problem-solving skills, organizational skills, and project management skills. They are also required to be detail oriented.
Presentation: Marketing analysts are regularly required to make visual presentations that represent their findings using graphs, tables, and reports.
Marketing analyst job description
Marketing analysts tend to work for market-research firms. However, they may also be employed by consumer project groups and advertising agencies. The job requirements will vary depending on where they are employed. While the job description will vary from place to place depending on the job title and requirements, here is a list of general marketing analysts’ responsibilities:
- Collect data
- Research consumer information
- Study the competition
- Analyze collected data
- Use analytics tools (such as a marketing analytics dashboard)
- Make market predictions
- Create visual presentations
- Report findings
A look at various marketing analytics job title descriptions
Marketing Analytics Manager: This individual is responsible for performing marketing analysts, as well as communicating the findings with the management team. Additionally, the marketing analytics manager is required to lead the team.
Pricing Analytics: This individual is responsible for negotiating prices (such as service contracts and rates) and analyzing the pricing strategies of the competition. Additionally, they focus on consumer spending to determine how much consumers are willing to spend on products.
Social Media Analyst: This individual is responsible for using search engine optimization tools and digital analytics to build a company’s online presence. Specifically, they apply marketing analytics skills to social media platforms.
Market Research Analyst: This individual will focus on consumer research through focus groups, surveys, etc. Then, they analyze the data and make visual presentations for companies to help them determine how best to reach their audience.
Sales Planning Optimization: This individual is tasked with integrating sales and marketing through analyzing marketing data alongside supply and demand information.
Marketing analytics educational paths
In order to have a career in marketing analytics, one must have a bachelor’s degree. While it is best to earn a degree in marketing analytics, there are multiple educational pathways for entering this career field.
Here are the paths for those who hold a degree in marketing analytics
Bachelor’s in Marketing Analytics: Not all schools offer a degree in marketing analytics; however, many schools offer marketing analytics as a specialization with a bachelor’s degree in marketing or business administration. This specialization typically includes courses focused on analytics.
Master’s in Marketing Analytics: For those hoping to pursue an advanced degree, you may earn an MS in marketing analytics. An MS in marketing analytics is specifically designed for teaching the skills necessary for those seeking a job as a market analyst.
The paths for those who hold a degree in another field
As there are few schools that offer a BS in marketing analytics and the job is in high demand, it is possible to obtain a job as a marketing analyst with a degree in a different field. However, employers will be looking for degrees that demonstrate a strong knowledge of statistics, data, and marketing.
Business (BA, MBA): You may pursue a BA in business, but you should also take courses in statistics, marketing, and research. If possible, you should try to earn a specialization in marketing analytics. For those working towards an MBA, you should look for programs that offer a concentration in marketing analytics.
Psychology / Behavioral Economics: If you pursue a degree in psychology or behavioral science, you may also use it for a career in marketing analytics. However, you must take several courses that focus on marketing and statistics. For those working towards a graduate degree in behavioral economics, you will study advanced psychology that will focus on marketing and consumer behavior.
Statistics / Data Science: You may earn a degree in either statistics or data science to pursue a career in market analytics. Both statistics and data science are required in this career field, so this degree is useful. Additionally, those who pursue an advanced degree in this field also stand out as qualified job applicants.
Non-degree classes and professional learning to consider
Those pursuing a career in marketing analytics should also consider taking a marketing analytic course or applying for marketing analytics internships. The more direct marketing analytical knowledge you possess, the more likely you will be hired.
As the field is continuously evolving, it is also imperative for marketing analytical professionals to stay up to date on the latest trends. For instance, there are several online marketing analytics courses, such as LinkedIn Learning, you can take on your own time to increase your knowledge. While you will not earn a degree from these courses, they can often be added to a resume or used to obtain certification. To help you find marketing analytics courses and those offering certification, start with Robert Stanley’s list of The Top 50 Marketing Analytics & Data Analysis Certifications & Courses. You can also expand your knowledge base by reading marketing analytics books, such as R for Marketing Research and Analytics by Chapman and Feit. You can also read popular blogs about the latest trends in marketing analytics, such as predictive analytics marketing.
Additionally, you can attend the yearly Marketing Analytics Conference (MAC) hosted by the Data and Marketing Association (DMA) that includes keynote speakers, networking events, workshops, and breakout sessions all designed to help you develop professionally in the field of marketing analytics.
Marketing analytics professional certification
While obtaining marketing analytics certification is not required, it is strongly recommended. Fortunately, there are certification courses individuals can take. Additionally, there are professional certification options for those interested in becoming marketing analytics professionals.
For instance, the International Institute of Market Research and Analytics (IIMRA) is the largest market research organization, and it offers a Certified Market Research Analyst (CMRA) certification. This certificate is for those beginning their careers in marketing analytics and is a giving to candidates who pass a knowledge-based exam. Holding this certificate shows the individual is proficient in the field.
Marketing analytics career earning potential & salaries
Marketing analytics is a lucrative career field. The national average for a marketing analytics salary is $62,829 according to Glassdoor. Here is a quick comparison of marketing analytics salaries across the US (according to Glassdoor):
- New York City - $66,102
- San Francisco - $76,333
- Chicago - $60,388
- Boston - $63,533
- Austin, TX - $62,106
If you advance in this career, you should anticipate earning a higher salary. For example, the national average marketing analytics manager salary is $75, 014 with salaries reaching $105,000.
If you are drawn to numbers and data, then the marketing analytics industry could be a great place to search for a career. Since marketing analysts are in demand and there are various pathways available, it is possible for you to begin this career straight out of college or later as a career change. To find the best marketing analytics jobs, you should plan to pursue classes and certification that show you are extremely knowledgeable in the fields of marketing, analytics, statistics, and research.
Certified Market Research Analyst. (n.d.). Retrieved February 23, 2018, from http://iimra.com/certified-market-research-analyst/
DMA's 2018 Marketing Analytics Conference. (n.d.). Retrieved February 23, 2018, from https://mac.thedma.org/
Marketing Analytics: Presenting Digital Marketing Data. (n.d.). Retrieved February 23, 2018, from https://www.linkedin.com/learning/marketing-analytics-presenting-digital-marketing-data
McCormick, M. (n.d.). What Makes a Great Pricing Analyst? Retrieved February 23, 2018, from https://blog.blackcurve.com/what-makes-a-great-pricing-analyst
PwC. (n.d.). What's next for the 2017 data science and analytics job market? Retrieved February 23, 2018, from https://www.pwc.com/us/en/library/data-science-and-analytics.html
Salary: Marketing Analyst. (n.d.). Retrieved February 23, 2018, from https://www.glassdoor.com/Salaries/marketing-analyst-salary-SRCH_KO0,17.htm
Stanley, R. (2017, June 28). The Top 50 Marketing Analytics & Data Analysis Certifications & Courses. Retrieved February 23, 2018, from https://callminer.com/blog/top-50-marketing-analytics-data-analysis-certifications-courses/