A market strategist works to improve his company’s competitive position in the marketplace by researching, improving, or developing strategies based on research findings, working with the company’s marketing accounts, measuring strategy implementation results, and communicating strategy goals to employees. Duties may be slightly more specific within this broad spectrum, such as if a market strategist focuses solely on a company’s digital marketing. Strategists are highly valued members of marketing teams because their work has such a large impact on how a company does business.
Research is an important part of a market strategist’s job. He collects marketing, financial, and product data not only for the company he represents, but also for competitors. In addition to this, he collects data from the general public through methods such as surveys in order to identify consumer trends, desires, and needs. This information allows the market strategist to draw conclusions about what is and isn’t working in his company’s current marketing tactics or overall strategy. At this point, the strategist brainstorms ways to improve existing marketing strategies or create new ones in order to increase his company’s visibility, presenting formal proposals to management.
Multiple marketing accounts are also used by businesses. These are agreements with businesses that allow the market strategist to advertise or sell their products, such as using a third-party website to create and send email advertisements. The strategist’s job is to keep track of all of these accounts and make sure the company is making the best use of them. As the company’s needs change, the strategist closes old accounts and forges new partnerships. He checks that working with the new account is realistic and viable given the company’s current status and resources during this process.
A fundamental principle of any marketing strategy is that the strategy’s outcomes must be quantifiable in some way, such as an increase in the number of units sold or revenue. As a result, a market strategist uses methods similar to his initial research to track the results of all the tactics he implements. If the strategy fails, the market strategist determines why it failed and devises a new strategy to try. Regardless of whether the strategy was successful, the strategist must provide management with formal progress reports.
Changing a marketing strategy takes a lot of effort, especially when employees are accustomed to doing things a certain way. As a result, a marketing strategist communicates formally with company members at all levels, explaining the strategy’s exact purpose and how it will be implemented. Meetings, memos, and other forms of business communication, such as emails, may be used to accomplish this. If there are any questions about the strategy, the strategist will respond and/or make any necessary adjustments.