Market Research Analyst and Marketing SpecialistMarket Research Analysts and Marketing Specialists salary statistic
Market Research Analyst and Marketing Specialist
Every business, no matter how small, must market its products or services to the public. Marketing is what brings in customers, and customers are what brings in revenue. In very small companies, there may be only one individual in charge of research analysis and the implementation of marketing plans. In larger enterprises, there may be a large department with specialists in charge of each function, with salaries that vary dependent upon the position responsibilities. Thus, a market research analyst salary may be higher than a marketing specialist salary, because of the responsibilities of each position.
The Market Research Analyst
Market research analysts are responsible for a host of tasks. Based upon their research, companies decide which products and/or services to develop and offer, how those products and services will be “packaged for release and promotion, pricing, and to whom they will be marketed.
Much of the work of these analysts is done through research of competition, surveys, focus groups, etc. More specifically, the tasks are as follows:
- Collection and analysis of data related to target market demographics, needs, purchasing behaviors, and preferences, in order to establish the demand for a product or service
- Preparation of findings reports that translate the data for decision-makers in an enterprise
- Measurement and assessment of customer satisfaction with a product or service
- Making forecasts on sales trends
- Analysis of the efficacy or marketing and promotional strategies
For this work a market research analyst salary is at a median of about $70,000. The range is relatively wide, however, dependent upon the size of the company worked for and staff that an analyst leads and supervises. The salary for marketing research analyst for a corporation like Coca-Cola, for example, may well be in six figures.
The Marketing Specialist
This position is housed within the marketing department. Based upon the findings and strategies developed by the market research analyst, such specialist may be assigned to a variety of advertising and promotional tasks. One specialist may be focused on email marketing; another may be focused on social media presence; still another may focus on traditional advertising media. The median marketing specialist salary is approximately $48,000, again ranging widely according to the size of the enterprise.
Both research analysts and specialists should have at least a Bachelor’s degree in this field. In the case of an analyst, a strong background in statistics is also necessary. Some analyst positions require advanced degrees.
The marketing specialist, on the other hand, will need a degree, and will want to focus on a specific type of marketing – social media, website/blog, or offline advertising venues. Journalism is a good minor for such specialists. A marketing communications specialist salary can be a bit above that of other specialists, because of the ability to create engaging copy.
Given the permanent nature of marketing, both market research analysts and specialists can expect there to be ample opportunity for employment over the next 8-10 years. The forecasts are that these positions will grow at an above-average rate, especially as more and more enterprises go digital with their plans and strategies.
Both the marketing research analyst salary and the marketing specialist salary numbers will continue to grow accordingly. Overall, the prospects for both employment and salary are excellent.