What You Need to Know About Market Research Analyst or Marketing Specialist
Career Description 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
- Monitor industry statistics and follow trends in trade literature.
- Forecast and track marketing and sales trends, analyzing collected data.
- Seek and provide information to help companies determine their position in the marketplace.
- Develop and implement procedures for identifying advertising needs.
- Collect and analyze data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand.
- Measure the effectiveness of marketing, advertising, and communications programs and strategies.
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Things a Market Analyst Should Know How to Do
These are the skills Market Research Analysts and Marketing Specialists say are the most useful in their careers:
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
- International Trade Specialist
- Marketing Specialist
- Communications Specialist
- Market Research Analyst
- Marketing Associate
Are There Job Opportunities for Market Research Analysts and Marketing Specialists?
There were about 595,400 jobs for Market Research Analyst or Marketing Specialist in 2016 (in the United States). 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. There will be an estimated 77,100 positions for Market Analyst per 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.
Market Analyst 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.
How much do Market Research Analysts and Marketing Specialists make 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 Visio
- Microsoft SharePoint
- Adobe Systems Adobe Photoshop
- Structured query language SQL
- The MathWorks MATLAB
How to Become a Market Analyst
Are there Market Research Analysts and Marketing Specialists education requirements?
How Long Does it Take to Become a Market Analyst?
Market Research Analysts and Marketing Specialists Sector
The table below shows some of the most common industries where those employed in this career field work.
Similar Careers
Those interested in being a Market Research Analyst or Marketing Specialist may also be interested in:
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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