Analysts are hired businesses to study consumer behavior, such as which products they prefer, and to prepare reports and forecasts that will help them improve sales and customer relations. Consumer behavior analysts are employed a variety of businesses, and while the majority of these businesses sell physical goods, others sell services, entertainment, or other intangible goods. Employers typically seek analysts with a bachelor’s degree or equivalent in marketing or psychology, but educational and work experience requirements vary depending on the needs of the company. A director of consumer insights or a consumer insights manager are terms used some employers to describe the position.
A consumer behavior analyst is a researcher and data analyst who studies consumer purchasing habits and other behaviors that have an impact on business sales. Many employers expect the analyst to compile reports on past customer behavior, forecast future behavior, and turn this data into a more effective sales campaign. Analysts typically use this data to target customers based on demographics such as age, gender, and location. Other factors to consider include the customer’s purchasing habits, social status, and income bracket.
A consumer behavior analyst frequently collects data from a variety of sources. Some of these sources, such as vendors and customers, are either internal or external, or both. Surveys, which can be conducted in-house or outsourced to a professional survey or polling firm, are popular data sources. In either case, the company’s consumer analyst combines data from the survey with data from other sources.
Consumer behavior analysts frequently use data from a variety of sources. A consumer behavior analyst for a motion picture or television production company, for example, might look at television ratings and other industry statistics, as well as audience and social media data. These data are commonly used the entertainment industry to improve marketing strategies and advertising campaigns for new television shows, films, and video games.
Consumers are rarely aware that their spending habits are being tracked consumer behavior analysts. Some of the modern ways to track a consumer’s buying habits include collecting data through store perks cards, website usage, and credit card purchases. Through these sources, an analyst or computer program can frequently determine a person’s age, gender, and income. An analyst with a strong background in psychology can usually forecast future consumer trends and advise a company on profitable marketing and product development.
A college guidance counselor should be consulted if a person is interested in becoming a consumer behavior analyst. Companies typically hire analysts who have a bachelor’s degree in either marketing or psychology, with a minor in the other discipline. A bachelor’s degree is required most employers, but many also require a master’s degree.