Everyone dreams of opening their startup to enjoy being the co-founder of a company. However, running and operating a business is not one person’s cup of tea, irrespective of expertise, and knowledge. You can only establish a successful business with a team of experts belonging to different departments. Therefore, you begin to look for a finance manager to handle finances and a marketing analyst to assess performance and results.
For many people, the marketing department is all about creativity since all the creative people work here. They are producing stellar videos, engaging pictures, and whatnot. Surprisingly, in 2020, marketing is not the same. Now, marketers have to work with data and statistics to predict upcoming trends and devise a marketing strategy.
In this digital era, data dictates everything, from your internal operations, target audience, to your next marketing strategy. Do you think everyone can deal with these complexities? Of course, not. Marketing analysts have knowledge and expertise in managing these tasks. If you wish to become one or want to hire one, here are all the skills of a marketing analyst that you should bear in mind.
1. Statistical Knowledge & Experience
Marketing analysts display in-depth knowledge of playing with numbers. They hold the bag for documenting data and researches to acquire information about your customers. Similarly, they gather all the statistics about trends and different markets you are trying to penetrate. It will give you insights into who your competitors are, the potential barriers to entry, customers’ purchase patterns, and everything you need.
Are you still thinking what does a marketing analyst do? Alongside using available data, they also collect primary data. They design customer surveys, questionnaires, while also collecting data from focus groups and in-house analytics. Honestly, this works like magic at the time of product development, allowing you to design a product that reflects customer needs.
2. Develops Creative Resources
Have you heard of content marketing? It is an integral part of a company’s marketing strategy but is also evolving with time, and to keep up with it, marketing analysts come into play. They are familiar with the most common formats of modern marketing. Hence, they generate content by understanding the target audience in different directions. After understanding customer behavior, they come up with appropriate content strategies.
Alongside blogposts, these analysts create videos, podcasts, live streams, infographics, whitepapers, or anything that appeals to the target audience. You have to make sure your marketing campaigns are catering to your customers rather than running after trends. Different strategies require different skills and software, but do not worry; marketing analysts have the knack of every tool.
3. Engages in Data Interpretation
With overwhelming tasks, you might not have enough time to even skim through lengthy reports. Simultaneously, overlooking vital information, growth opportunities, and market research are imperative for businesses’ success. Marketing analysts compile all their insights into impactful reports that are not overly complex and immediately available to use.
Thus, their job does not end after interpreting data. They should have the skills to create comprehensible reports and deliver in way management can understand. It can become possible with the help of storytelling and data visualization techniques. Likewise, they have to identify the most critical information and lead by using visual media and digital ads.
4. Provides Competitive Analysis
Are you aware of what your competitors are doing? You might be so busy with your business practices that you do not get a chance to look over the competition. Fortunately, marketing analysts can take care of competition on your behalf since it is crucial to see how competitors are progressing. They identify your competitor’s position in the market by assessing their market share.
Likewise, they will take a dig at their pricing policies and marketing strategies to gather information for forming your marketing strategy. If you end up charging more than the competitors, your customers will take only seconds to switch to available substitutes. This competitive analysis also makes you aware of competitor’s harmful actions against your brand, allowing you to take immediate action.
5. Analyzes Engagement Campaigns
Believe it or not, modern marketing strategies are dynamic with the need to change and evolve with market conditions. You would notice changing search engine regulations and target-audience preferences, making it essential to keep up with it. Marketing analysts always have an eye on campaigns through analytics and by regularly searching for marketing trends.
They can pay attention to small details, including the number of visitors, duration of visit, and bounce rate. Thus, they can also improve the overall website quality and its performance on the search engine. Since all this is happening through analytics, it guarantees promising results, leaving no room for mistakes.
No matter how much effort you make, it is impossible to become the jack of all trades. Therefore, to keep up with modern marketing practices, you have to look for a marketing analyst, allowing your marketing campaigns to reach heights. If you are wondering why these analysts are necessary, have a look above to see the skills they possess and the amount of difference it can make to your business.