Study market conditions to help create and sell new products.
What does a Market Analyst do?
All companies market in one way or another. Whether it’s through face-to-face interaction, internet ads, commercials, print ads, or a hired hand with a two-sided sign, companies need to draw in and retain customers in order to succeed. Your job as a Market Analyst is to evaluate the market and help your clients find ways to do that.
As a Market Analyst, you evaluate dozens of factors and prepare reports for businesses. Much of your information gathered as a Market Analyst is through consumer surveys via the internet, mailings, or person-to-person interaction. These surveys identify what products the consumer would buy, how much they are willing to spend, and what improvements they would like to see in a service. This information helps businesses in making pivotal decisions, such as whether to roll out a new product line, cease production on a product, or open a second store.
There are a variety of other ways you help businesses. You identify strong promotion ideas, such as a sweepstakes giveaway. In addition to your client’s products or services, you analyze those of the competition and report your findings. You also predict trends based on prior sales data, the economy, the seasons, or the employment rate.
In order to do all this, you need an acutely analytical mindset, great written and verbal communication skills, and a fascination with people and their habits (some psychology helps here).