A sales analyst is someone who carefully examines sales data and, on occasion, makes predictions about future performance. To do so, the person must have extensive training not only in the field of business, but also in economics and marketing. This multifaceted field is ideal for those who enjoy putting puzzle pieces together, but it can also be stressful. The sales analyst will present the findings and recommendations to superiors once the analysis is completed.
Past performance is often the first thing a sales analyst looks at. Though business conditions can change quickly, this rarely happens. Rather, months before events occur, trends can begin to signal an uptick or downturn. A good analyst will be able to recognize these patterns and determine what can be done to address them before they become reality.
No analyst can guarantee that his or her predictions will be correct 100 percent of the time. Even for those who have been trained and performing such analyses for decades, that bar is too high. Analysts, on the other hand, frequently feel under a lot of pressure to make accurate predictions. While there are some ways to improve, the majority of success comes from experience and guidance. This is why analysts frequently collaborate with colleagues to generate a variety of viewpoints. These viewpoints are formed people from various backgrounds who must collaborate to create a cohesive package.
A sales analyst’s ability to work effectively in these collaborative meetings is another important aspect of their job. If sales are declining, it could be due to a variety of factors, including the economy, a poor marketing campaign, a new competitor, or any number of others. A SWOT analysis, which identifies a company’s strengths, weaknesses, opportunities, and threats, may aid in determining the root causes.
The sales analyst will frequently prepare a final report after making a reasonable effort to determine the causes. It will detail what has occurred in the company, what is currently occurring, and what is likely to occur in the future. This will be presented to a superior, who will be able to act on it with the help of an executive council. Often, that council, or a board of directors, will have the final say in what actions are taken.
A sales analyst may be asked to help predict what will happen in a hypothetical situation if the company takes a certain path. This is especially true when starting a new business, such as a retail store. This will entail examining the target community closely to see if there is a large enough base to support a store, restaurant, or service.