Statisticians and Marketing: What are the Opportunities?

Statisticians and Marketing: What are the Opportunities?
Statisticians and Marketing: What are the Opportunities?

The role of statistician has long been a desirable occupation, however, it traditionally has been limited to the arenas of science, engineering, and math. Today, jobs for those with a statistics degree can be found in many other disciplines such as business and health care, and even more atypically creative disciplines, such as marketing.  Jobs that usually require a master’s in statistics generally incorporate the following:

  • Experiments (such as for new products or redesigns for existing ones)
  • Customer feedback collection and analysis
  • Market analysis
  • Consumer analysis

According to Glassdoor.com, the average annual salary for marketing data scientists is $117,345. Jobs in the field of statistics and data science are expected to grow 33% through 2026, a much higher growth percentage than many other occupations.

Opportunities for Statisticians in Marketing

A typical marketing job for those with a statistics degree is the marketing research analyst. Those in this role typically assess the current conditions in terms of market share, competitive pricing, and competitor activities. The marketing analyst would study the conditions for successful sales and ensure the proper promotion of the products that customers want.

Another marketing job that typically requires a master’s in statistics is that of a consumer research analyst. One recent job posting for a consumer research analyst indicated the following job responsibilities:

  • Objective and actionable research-based consumer insights
  • Marketing strategies to meet consumer needs
  • Analyses to help increase customer loyalty and satisfaction

The above are typical responsibilities for the position. The qualifications are:

Other duties that tend to fall under this job title include building personas (characterizations of consumers for better insights and actions) and sentiment analyses (consumer beliefs, attitudes, and opinions).

Then there is the very nearly ubiquitous job for those with a statistics degree: data analyst (or scientist). Data analysts/scientists can be found in many areas of marketing such as budget optimization, lead targeting, and scoring. They also perform real-time interaction marketing (knowing when and where there is an immediate need and acting quickly to fill it) and discern the best channels and mediums for the highest returns on investment. One job posting for a data scientist is for a company seeking the following: "[a] Data Scientist [who] will be responsible for designing and directing experiments and observational studies to optimize our marketing efforts.” Qualifications include an advanced degree (such as a master’s in statistics) as well as proficiency in statistical programming languages such as R and Python. They note that along with strong analytical skills, the individual must also have well-developed communication capabilities.

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Social Media Marketing Analyst: These individuals tend to set key performance indicators and assist others in the marketing team with the analyses they need to:

  • Create better content
  • Increase market share
  • Inform the timing of promotions and events

They follow various social media platforms to observe and analyze customer reactions and behavior.

Search Engine Optimization (SEO) Analyst: A relatively new job in marketing that typically requires a master’s in statistics is that of SEO analyst. These individuals research keywords that match the marketing objectives and ensure that the marketing content is located by major search engines. They analyze keyword effectiveness and make recommendations based on those analyses. This role entails keeping current on marketing trends and current developments to improve the company's website rankings and hits. They also analyze and report on how many customers viewed the website and how much time they spent on it.  They also discern the site that led the customer to the company's website and the customer demographics.

Strong knowledge of statistics is needed to perform the trend and data reporting necessary for a web data analyst. They typically analyze marketing strategies, determine which aspects of the website content are most profitable, and look to improve conversion rates (converting a website “browsing” customer into a paying customer).

Ecommerce Analysts: Other opportunities that shouldn’t be overlooked within marketing are in eCommerce. Marketing eCommerce is a broad field and ever-growing due to companies that sell their merchandise online and the focus is on Internet transactions. Jobs include those in eCommerce sales, marketing, and content. Ecommerce sales employees tend to work with business intelligence tools to produce quarterly, monthly, and year-end sales reports, price-setting, location reporting, and sales forecasts.

Obtaining a Master’s in Statistics

If you are analytically inclined and think you would enjoy enhancing these skills in a creative environment such as marketing, you may be interested in Michigan Technological University’s online MS in Applied Statistics Program. This program can teach you how to integrate analytics into your marketing organization for optimal market share, pricing, and customer insights. With a statistics degree online, which ranges from analytical skills to communication and leadership, you will be moving your business forward with evidence and confidence.

 

Looking for more information?

To learn more about our Masters in Applied Statistics Online program, start by filling out the form on this page

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