A market research analyst studies current marketing conditions to determine what the potential sales of a product or service may be. These analysts help organizations understand the products people want, who will purchase them, and at what price. (BLS.gov).
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Market research analysts usually have the following job duties:
- Monitor and forecast sales and marketing trends for companies.
- Measure how effective marketing and programming strategies are.
- Evaluate and devise ways to collect data, such as questionnaires, surveys, and opinion polls.
- Collect data on competitors, consumers, and market conditions.
- Convert complicated marketing data and findings that can be produced on tables, graphs, and written reports.
- Prepare marketing reports and present results to managers and clients.
In marketing analytics, you will research and gather vital data to help your company market products and services. They collect important information on consumer demographics, preferences, needs, and buying habits. Market research analysts also collect data and information with a variety of techniques, such as focus groups, market analysis surveys, opinion polls, literature reviews, and personal interviews.
Marketing analytics helps to find the company’s position in the domestic or global marketplace by doing research on their competitors and performing analysis of sales, prices, and marketing techniques. This work helps the company to improve their standing in the market so they can make more sales.
In this field, you will evaluate date using software and statistical techniques. You will need to interpret what the data mean for the client, and they need to also forecast future trends.
Marketing Analytics Salary Outlook
If you are interested in a marketing analytics career, you will need a marketing or business degree. Before you decide to go to college for this degree, learn what the salary potential is in the marketing analytics field.
See Best Ranked Online Master’s in Business Analytics Degrees
Below is detailed salary information to aid in your decision.
Bureau of Labor Statistics (BLS)
The Bureau of Labor Statistics reports the median salary for marketing research analysts is $63,100 as of May 20189. The lowest 10% earned less than $34,300 and the highest 10% earned more than $121,000. (BLS.gov)
The median salary for market research analysts in the best-paying industries were:
- Publishing: $74,300
- Management of companies: $73,400
- Finance and insurance: $69,600
- Wholesale trade: $61,400
- Management, technical and scientific consulting: $60,800
Payscale.com
Payscale.com reports the average salary for a marketing research analyst is $51,700, with a range between $39,000 and $75,000. (Payscale.com)
In the field of marketing analytics, below are popular skills demanded by employers and rough salaries:
- Market research: $51,722
- Data analysis: $54,260
- Microsoft Excel: $51,400
- Research analysis: $49,000
- Strategic marketing: $56,500
This website also shows the salary potential in this career as you gain experience:
- Less than one year of work experience: $45,500
- 1-4 years of work experience: $51,600
- 5-9 years of work experience: $57,700
- 10-19 years of work experience: $75,000
- More than 20 years of work experience: $71,500
Salaries in marketing analytics and research also vary by the city in which you live. The cities below have higher or lower salaries than the average of $51,700:
- San Francisco: +35%
- Boston: +14%
- Chicago: +13%
- New York City: +6%
- Seattle: +3%
- Washington DC: -2%
- Atlanta: -5%
Indeed.com
This jobs and salary website states the following salaries for jobs related to marketing analytics: (Indeed.com)
- Market researcher: $67,300
- Research analyst: $72,800
- Marketing analyst: $61,500
- Data analyst: $69,300
- Market analyst: 68,600
- Product analyst: $80,600
Ziprecruiter.com
This website state the average salary for market research analysts is $62,900, with a range between $23,000 and $106,000. Most in the field earn between $46,000 and $64,000. (Ziprecruiter.com).
Salary.com
Salary.com reports the average market research analyst salary in the US is $58,600, with a range between $52,000 and $66,000. (Salary.com)
Job Demand for Marketing Analytics
The Bureau of Labor Statistics states employment of market research analysts will rise by 20% through 2028, which is much faster than average. Employment is being driven by a higher use of market research and data in most industries. These analysts are needed to better grasp the needs and desires of customers, measure how effective marketing and business strategies are, and pinpoint the factors that change demand for company products. (BLS.gov)
Marketing analytics offers companies and organizations a chance to increase their profits and sales. Companies often use research on consumer behavior to come up with better marketing strategies. By doing this, companies can better market directly to their target audience.
Market research also allows organizations to monitor whether customers are satisfied with the product or service, and how it can be improved. With good marketing analytics, it is possible for a company to gain a competitive edge over other companies.
The Bureau of Labor Statistics also notes that job demand for cost estimators – a related field – will grow by 9% through 2028, which is faster than average. It is expected there will be more demand for cost estimators as companies need accurate cost projections to ensure services and products are profitable in the future. Growth in the construction trade is expected to create many new jobs in this field. (BLS.gov)
Marketing Analytics Salary by State
| State | Hourly Wage | Annual Salary |
|---|---|---|
| New York - Marketing Analytics Salary | $49.78 | $103,552 |
| Massachusetts - Marketing Analytics Salary | $49.38 | $102,705 |
| New Hampshire - Marketing Analytics Salary | $48.46 | $100,787 |
| Maryland - Marketing Analytics Salary | $46.01 | $95,692 |
| Hawaii - Marketing Analytics Salary | $45.50 | $94,641 |
| Alaska - Marketing Analytics Salary | $45.50 | $94,631 |
| Nevada - Marketing Analytics Salary | $45.50 | $94,631 |
| Montana - Marketing Analytics Salary | $45.50 | $94,631 |
| North Dakota - Marketing Analytics Salary | $45.50 | $94,631 |
| Wyoming - Marketing Analytics Salary | $45.50 | $94,631 |
| Idaho - Marketing Analytics Salary | $45.50 | $94,631 |
| Vermont - Marketing Analytics Salary | $45.42 | $94,475 |
| Nebraska - Marketing Analytics Salary | $45.36 | $94,350 |
| Connecticut - Marketing Analytics Salary | $45.30 | $94,232 |
| Washington - Marketing Analytics Salary | $45.24 | $94,091 |
| Rhode Island - Marketing Analytics Salary | $44.78 | $93,145 |
| California - Marketing Analytics Salary | $44.73 | $93,044 |
| Virginia - Marketing Analytics Salary | $44.51 | $92,588 |
| New Jersey - Marketing Analytics Salary | $43.61 | $90,704 |
| Arizona - Marketing Analytics Salary | $43.39 | $90,259 |
| West Virginia - Marketing Analytics Salary | $43.31 | $90,084 |
| Colorado - Marketing Analytics Salary | $43.20 | $89,862 |
| Pennsylvania - Marketing Analytics Salary | $43.05 | $89,552 |
| South Dakota - Marketing Analytics Salary | $43.00 | $89,430 |
| Minnesota - Marketing Analytics Salary | $42.99 | $89,410 |
| South Carolina - Marketing Analytics Salary | $42.92 | $89,266 |
| Oregon - Marketing Analytics Salary | $42.88 | $89,188 |
| Tennessee - Marketing Analytics Salary | $42.84 | $89,099 |
| Delaware - Marketing Analytics Salary | $42.72 | $88,861 |
| Utah - Marketing Analytics Salary | $42.60 | $88,607 |
| Kentucky - Marketing Analytics Salary | $42.53 | $88,459 |
| Kansas - Marketing Analytics Salary | $42.34 | $88,074 |
| Ohio - Marketing Analytics Salary | $42.27 | $87,919 |
| Indiana - Marketing Analytics Salary | $42.06 | $87,483 |
| Oklahoma - Marketing Analytics Salary | $41.96 | $87,269 |
| Wisconsin - Marketing Analytics Salary | $41.80 | $86,950 |
| Iowa - Marketing Analytics Salary | $41.75 | $86,832 |
| Louisiana - Marketing Analytics Salary | $41.61 | $86,539 |
| Maine - Marketing Analytics Salary | $41.41 | $86,138 |
| Texas - Marketing Analytics Salary | $40.99 | $85,259 |
| Alabama - Marketing Analytics Salary | $40.67 | $84,593 |
| Georgia - Marketing Analytics Salary | $40.67 | $84,584 |
| Arkansas - Marketing Analytics Salary | $40.64 | $84,523 |
| New Mexico - Marketing Analytics Salary | $40.30 | $83,817 |
| Mississippi - Marketing Analytics Salary | $40.08 | $83,360 |
| Michigan - Marketing Analytics Salary | $39.91 | $83,016 |
| Illinois - Marketing Analytics Salary | $39.82 | $82,821 |
| Missouri - Marketing Analytics Salary | $39.04 | $81,196 |
| Florida - Marketing Analytics Salary | $38.29 | $79,634 |
| North Carolina - Marketing Analytics Salary | $34.85 | $72,498 |
Source: Ziprecruiter.com, January 2020.
Summary
Marketing analytics is a growing, lucrative field. Entering the profession, you can expect to earn at least $50,000 per year. With enough years of experience and skill development, you can easily earn $80,000 or more in many parts of the US.
The bottom line is if you are attracted to working with data and numbers, then the marketing analytics field could be a good place to look for your career. Because marketing analysts are in strong demand, you may be able to start your career in the field as soon as you leave college and earn a good salary. To make more money, it could be beneficial to eventually earn certifications in marketing, data research, statistics, and research.