This role’s main focus is to support a company’s growth and success by finding patterns in data through careful analysis. Business intelligence analysts query data repositories in financial and market intelligence to identify trends. They may be called upon to perform a competitive analysis of the market, improve existing strategies and even influence what direction to grow a company.
In addition to information gathering, strong communication is a huge component of this position. Business intelligence analysts must effectively communicate the results of their analyses to stakeholders as well as generate clear and concise reports to summarize findings. Such analysis and communication must be timely to stay on top of trends.
The average salary for business intelligence analysts, according to Payscale, is $88,000. Relevant professional experience in analytics and business intelligence may positively impact pay along with advanced technical expertise. A bachelor’s degree is the most common educational requirement for this role, according to the U.S. Bureau of Labor Statistics. However, employers may prefer candidates to have a master’s degree for more in-depth or higher-level positions.
Online services manager
Managing a business online includes not only understanding operations, marketing and customer service, but it also requires an understanding of running a company without a physical storefront. These professionals need to manage transactions as well as know how to automate orders and invoices. They need to do more than just market their products or services, they have to be able to craft content suitable for online user experiences. This career involves both big-picture objectives, such as strategy and marketing, in addition to completing day-to-day tasks, such as maintaining inventory and responding to customer service queries.
Data is essential when gauging an online business’ success. An online services manager must look at website usage for analytics to influence marketing and search engine optimization. They must also review sales data to set prices and maintain inventory. Furthermore, they should be familiar with market data to predict growth opportunities.
The median wage for online merchants, of which an online services manager is a subset, is around $69,000, according to the BLS data compiled by O*Net OnLine.
Market research analyst
Data is at the core of a market research analyst’s daily work. These professionals must collect, understand and share large volumes of data on consumer behavior, sales trends, product pricing and other components that shape marketing strategy. As a result, analysts need to accumulate the right data and be able to translate it into actionable recommendations.
One aspect of a market research analyst’s role includes answering core questions about consumers, including who they are, what they like and why they buy what they buy. Small changes in a business can impact consumer behavior, from a product tweak to a pricing change or a statement by leadership. Market research analysts must understand these changes through data analysis to ensure marketing strategies are tailored to the right audience and address what they value most. Such recommendations can have a positive impact on profits and consumer loyalty.
As a strong understanding of data analytics is a must, education and work experience play a key role for candidates applying to this position. The median salary for a market research analyst is $62,560 per year, according to the BLS.