The market analysis expert is a figure increasingly sought after by companies: here’s why
Who is and what does a market research analyst do? If you are wondering, you will find the answers you are looking for in this article. Let us begin by saying, in a nutshell, that an analyst is one who is responsible for putting together market analyses to provide real data to companies to help them solve business and marketing problems.
A few years ago it was defined as one of the professions of the future. Today this definition seems largely outdated as more and more companies are already seeking these external figures to improve their performance through data.
In short, a market research analyst is a kind of “guardian angel” for their clients. A professional figure that is often proving indispensable for SMEs and Large Enterprises in any sector. Let’s see together why
Analyst: what does he or she do and how does he or she fine-tune business market analysis?
How do market research analysts provide companies with vital information to improve of business and marketing decisions?
The tasks of an analyst are multifaceted and, in some ways are similar to those of a data scientist, even though they are fundamentally different professions.
The point is that data has revolutionized the methods of data collection and analysis by disrupting a profession that previously had to analyze only information from limited and biased sources such as interviews and surveys. Now that the web is the main source of information, you can run data analysis accurate to obtain a great deal of information about one’s target customers (to acquire new customers and retain current ones) and about one’s target market and direct and indirect competitors, as well as to measure the success (or failure) of the actions put in place to date.
And that is exactly what the professionals at our market research agency CMI do.
Market analysis experts are concerned with intercepting and analyzing data in relation to one or more specific objectives . This data-driven approach makes it possible to quickly solve problems related to the marketing of goods or services by concretely enhancing corporate competitiveness .
Of course, this data collection cannot be done “manually” because the acquisition work alone would take years and would necessarily be incomplete. For this, CMI analysts can rely on a number of highly professional software and tools that our agency has selected over the years.
Programs that-if set up correctly-can collect and perform a first part of data processing automatically, managing to inspect terabytes of data in a matter of hours. Of course, this is but the first step in a longer and more complex work…
What questions can analysts answer during market research?
Companies turn to market research agencies (such as CMI) to figure out what decisions to make about launching a new product, adopting business and marketing strategies, maximizing ROI, and more.
Aspiring entrepreneurs also find answers to precise questions, the most important of which is, “Does it make sense to start a business in X industry and at this time in history?”
Speaking of questions, here are some examples of the questions a market research analyst can answer during his or her web listening activities:
- Target market questions:
- How big is my target market?
- Will it expand in the future or not?
- How is it changing and my market?
- What innovations are being developed?
- What are the current and future market trends?
- What are the hot topics in my target market?
- What products/services should I focus on?
- (If the company is not yet born) Does it make sense to jump into this market?
- Branding questions (if the company is already established):
- How important is my brand?
- Who is talking about my company and how are they talking about it?
- What is the reputation of my brand?
- What do my target customers think about my offering?
- What strategies should I adopt to gain or improve my position in the target market?
- Reference customer questions:
- Who is my typical customer? (+ questions devoted to defining the buyer persona)
- What do my target customers want?
- What should I talk to them about and how should I do it to get their attention?
- What channels should I use to communicate with my customers?
- Where do they go for information?
- What (if any) influencers are they referring to?
- What are their favorite products and which ones do they particularly dislike?
- Which products do they like about my brand and which do not?
- What products would they like to find in the market?
- Competition questions:
- Who are my competitors?
- What are their typical customers?
- What strategies do they use to reach customers and which of these strategies is successful?
- What marketing strategies turned out to be poor choices?
- What is my position relative to my competitors?
- What channels do my competitors use to intercept customers?
- What results do their advertising campaigns (including web and social) have?And many more.
Remember, however, that a good analyst does not perform tasks out of thin air. He devotes years to his training and constantly updates himself to achieve excellent results in his field.
Read also: 3 tips for a tourism market analysis capable of providing the right answers
What is the path to becoming a market analyst?
Typically, an analyst who goes into market analysis has a bachelor’s degree in economics/management plus a background in marketing, business strategy or business consulting.
This is because he has to mature varied skills that touch on:
- Data collection and management
- Statistics
- Computer techniques
- Research methodology
- Marketing
- Managerial economics
In short, they must know the companies and their processes closely. While one of the biggest limitations of so many enterprises has always been to work in compartmentalized fashion, a cross-departmental figure such as the analyst can foster a synergy between departments and an exchange of information of common utility that can not only achieve the intended goal but also improve business operations across the board.
, Central Marketing Intelligence company combine important knowledge of marketing and market dynamics with web analytics and social listening skills.
CMI can rely on market analysts specializing in different sectors so that it can deal with both manufacturing and service companies in a professional manner and be immediately operational.
Important technical skills, however, which must be matched with other skills to be matured in the field such as:
- Propensity to work for objectives
- Capacity for strategic planning
- Aptitude for team working
- Aptitude for problem solving
In general, a market research analyst must possess analytical, organizational and communication skills.
In short, if it is important to know what a market analysis expert does, it is even more important to understand how this figure can be useful to your company.
Want to learn more? Contact us now and find out how we will help you achieve your goals through our actionable market research.
