- Skilled At Analyzing Data
- Adept With the Use of Technology
- Strong Communicator
- Able to Think Critically
- Oriented to the Details
A person who is interested in becoming a market analyst should know about these top five characteristics of a successful market analyst. These characteristics usually come naturally to a person, but it is possible to practice and hone several of these skills. Each of these skills helps with critical aspects and duties of being a market analyst.
Skilled At Analyzing Data
Analyzing data is one of the essential activities of a market analyst. They should be able to clean, prepare, organize and analyze the data they collect from a variety of sources. They should also be able to interpret the analysis of the data and explain the results to a person who is not a market analyst. Data analysis skills are typically rooted in a combination of statistics and computer programming. Most market analysts will use an online data collection system that facilitates cleaning and organizing and a software package for analysis.
Adept With the Use of Technology
Market analysts rely heavily on computers, software and apps to analyze data and interpret the results. Because of this, a market analyst should be adept with the use of technology. They should feel comfortable using statistical analysis software, databases and cloud-based information systems. A market analyst should be able to keep up-to-date on upgrades or changes to the software they use. When a new piece of technology or software package becomes available, they should be able to review it and determine if it would be suited to their needs or if it would be a good replacement for the technology or software they are currently using.
The ability to communicate clearly and concisely is critical to a market analyst. They have to gather information from multiple sources. Those sources might include online data, printed materials or in-person interviews. Marketing analysts should also be able to listen well to their clients, colleagues and supervisors. After a marketing analyst has reviewed and analyzed data, they should be able to create a presentation or report of the data that makes sense to the target audience. They may need to present their data to their colleagues, clients or supervisors in person or through written methods.
Able to Think Critically
Market analysts need to assess all of the information that is available to them. With the data in hand, they have to make a decision on how to proceed. The assessment of information requires solid critical thinking skills. It also involves an ability to think about and measure risks versus rewards. Objective data should be what drives every marketing decision, especially for a market analyst who works for a publicly traded company that has to justify its actions to its shareholders.
Oriented to the Details
According to the Bureau of Labor Statistics, market analysts should be oriented to the details of information because they often have to conduct complicated and precise analyses of data. One small detail that is overlooked could lead to an error in an analysis and an inaccurate prediction of who will buy what and when they will buy it. A detail-oriented person who works as a market analyst will be able to spot unusual data points and take the time to figure out what is going on with that information.
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Market analysts should also be willing to learn and have a passion for staying up-to-date on marketing trends and research into consumer psychology and human behavior. This information could help them with their modeling and predictions about the future. Knowing these top five characteristics of a successful market analyst could help a person decide if they are well-suited to this career path.