Thinking about the possibility of a career in sales but would like to work in a way that pushes the boundaries of a typical sales rep’s job? Enter an analyst in sales. It’s an essential role in a sales operation job that is less about selling an item or service to clients and more about selling the next actions and options to the sales team within the company.
What do you get? A path to a career based on thinking critically, analyzing complicated data, and presenting your findings clearly to colleagues and supervisors.
Let’s dig deeper into the path to a career for a sales analyst, and you could be expected to earn at each step. In the final section, we’ll examine the actual job descriptions of sales analysts to help you understand what you can expect when you begin the search for your next move.
Sales Analyst Career Path
The job of a sales analyst is to boost revenues and sales for an organization. It is accomplished by conducting competition analyses, forecasting, and recommending how marketing, sales, and other teams must proceed.
An analyst in sales may work with the marketing team to determine how to create successful campaigns or collaborate with the supply chain team to ensure the production process or inventory runs without a hitch.
While there aren’t any particular qualifications for education that are common in all fields, A bachelor’s degree in mathematics, statistics, or market research computer science is an advantage -or a master’s level from a field that is related may raise the pay of employees and allow for promotions to be more easily accessible.
Sales Analyst Salary
According to Indeed’s data, the median base salary of sales analysts for 2020 is $62,858. It included an additional average cash compensation of $3,887. However, there’s a lot of variation in how sales analysts get paid. Glassdoor states this average base salary ranges between $38,000 and $76,000.
Senior Sales Analyst
The next stage in your career is becoming a high-level sales analyst. It typically results in a salary increase reflected in the average annual pay of $79,347. The duties are the same as those of a sales analyst. Still, they could also require higher-end data collection techniques, the use of statistical software, and the conversion of large amounts of information into digestible formats, graphs, reports, etc.
This job may also be more customer- or manager-facing, with the results of a group of analysts. Most senior sales analyst positions will require or strongly suggest having a master’s education in marketing research or a related field. Certifications are an effective option to improve your resume. The International Institute of Market Research and Analytics provides the Certified Market Research Professional (CMRP) test worth considering.
Forecasting, long-term financial planning, and reporting on financial and operational aspects are some competencies you’ll learn in this job. It may sound like an analyst job in sales; however, it’s important to concentrate on a specific subject and learn it.
The ability to analyze the results using Business Intelligence (BI) Applications such as Looker, Tableau, and Qlik can help you gain an edge in the event of developing data models. And forecasting to boost the efficiency of your business or team. Business planning, forecasting, and the need for staffing will broaden your horizons beyond that of a typical sales analyst.
Higher levels of expertise mean higher pay. Financial analysts earn an average pay of $70,809 per year.
National Account Manager
To tackle a new task, consider advancing to the national Account Manager. In this position, you’ll be in charge of clients, informing them of marketing and sales messages and helping manage the account.
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Setting sales goals, setting budgets, and setting margin goals are all tasks you’d be responsible for. It’s also possible to present quarterly or monthly sales reports with a list of wins and the company’s challenges.
You could also collaborate with our legal department to discuss the contract proposals and other initiatives. In addition, the ability to add worth to accounts already in place could be a crucial aspect of your job.
If you are creating promotional materials or providing desirable programs or services for your clients, looking for ways to retain them as customers is the main goal of this type of position. The best part? The average base pay for an account manager in the national market rises to $95,000.
Sales Operations Manager
An effective Sales operations director still relies heavily on the capability to use BI software to analyze data and analyze the results to make strategic decisions. However, instead of directly interacting with clients, your main focus is on assisting the front-line members that comprise your sales staff.
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You’ll require an expert level of Excel and SQL skills and previous experience in solving business-related problems or, perhaps with you, an M.B.A. The median base salary for an operations manager in sales is $ 97,370 annually.
If you’ve demonstrated your capacity to oversee the finances of your company’s sales staff, you can assume more responsibility as a financial director. In this job, you’ll take on the responsibility for the overall financial health of your business. Strategic as well as operational You’ll put your skills in forecasting to work by creating a financial plan for your company.
You should be proficient in analyzing and communicating complex financial information and be familiar with your business’s program. Have a track record of making reports, establishing strategies, and presenting the results clearly and clearly. The average salary for the position of finance director will be $136,475.
Director of Sales Operations
As the director in charge of the sales operation, you’ll collaborate with various analysts and other positions we’ve discussed to establish a general strategic plan and a roadmap for the sales department within your organization.
You’ll likely create important performance indicators that your salespeople must achieve, meet with sales executives to discuss issues and strategies and listen to your analysts to decide the best ways to move forward in your field.
You’ll heavily rely on your analytical skills to comprehend the data. At this point in your career, you’ve at least 10 years of experience and a track record of success. The salary base for this position is $132,132 annually.
Sales Analyst Job Description
Sales analysts help managers, executives as well as larger sales teams. They must investigate sales trends, analyze sales performance, and pinpoint growth areas. They usually have around three years of sales experience; however, higher-level sales analyst positions may require a master’s degree.
Let’s look at the typical tasks of a typical day for an analyst in sales and the essential skills required to perform these tasks:
Make projections and forecasts.
Analyzing and combining data to predict sales trends is a vital element that is required. Your insights will ultimately assist your company in making more informed decisions when establishing goals and objectives, budgeting, prospecting, and other revenue-influencing factors. In many instances, the sales analyst will also analyze the potential growth of revenue from different propositions.
Regularly communicate with the company’s leadership.
Because data is a major component, this job requires data-driven skills. A sales analyst requires a sharp technical background -however, good communication skills are just as important. You must be able to share reports with ease and show the ability to recognize issues and find solutions.
In this case, you may be required to distil the most technical or complex information into an appealing and simple-to-understand format for company management. You could also conduct group meetings in which you explain the latest strategies for sales or marketing.
Review and assess the performance of sales.
One of the main responsibilities of sales analysts is analyzing the sales figures of an organization, specifically reviewing quarterly, monthly, and annual reports to discover patterns, trends, and areas of improvement or growth.
Sales analysts also look at market information, customer metrics, and competitors’ activity to pinpoint areas where an organization could improve its efforts.
Data analytics, sales reporting, and proficiency in spreadsheets, along with the management of databases.
Help guide supply chain and marketing efforts.
Sales analysts can work as consultants for marketing, sales, and even supply chain departments.
For instance, an analyst in sales may assist marketing teams with the design of marketing campaigns. Utilizing the insights they gain from their data, they could pinpoint markets they can target with marketing and advertising initiatives.
Ability to work in a team and work in teams with cross-functional members.
Sales Analyst Job Descriptions
If you’re like me, you learn the most by watching things that happen in reality. Therefore, here are a couple of real-world descriptions of the job for analysts in sales positions and over.
Sales Analyst Job Description Example
[Image source: Encore Access]
Sales Reporting Analyst Job Description Example
[Image source: HubSpot]
Financial Analyst Job Description Example
[Image source: HubSpot]
Sales Operations Analyst Job Description Example
[Image source: HubSpot]
An analyst in sales doesn’t only make calculations; they also help steer the ship in crucial decisions in sales and marketing.
If you feel this position is for you, consider expanding your technical expertise and adding your resume by obtaining relevant certifications. If you’re starting from scratch, look for entry-level accounting or sales positions to start your career.
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