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What do Industry Analysts do?

Jean Marie Asta
Jean Marie Asta

Industry analysts are very important in today’s society. They are often called upon to help companies or businesses conduct research into their field, such as information technology, telecommunications, health care, and more. Industry analysts are able to provide their client with information needed in order to serve customers well, stay on top of the latest technologies, and to draw in more business. They can also provide their clients with new marketing techniques, advertising recommendations, and future predictions for the specific market.

Typically, industry analysts will be part of a firm. Each analyst will be assigned to one area of research. For example, specialized market analysts will be instructed to look at the recent market trends of a certain field. Other analysts may focus on a future forecast of the market or the field, or even financial aspects of the chosen field. Most firms will only work within one field at a time in order to focus their efforts completely.

Man holding a globe
Man holding a globe

A company will hire an industry analyst when specific information is needed that the company's own employees don't have the time or the expertise to procure. For example, an industry analyst firm can conduct in-depth research on the company's competition so that the firm knows how to position their own products or services to remain competitive. An industry analyst could investigate what draws the top employees in a given field to an organization. This information could help a company woo a top executive away from the competition so that the organization has skilled and experienced leadership.

Many firms will work within five different fields of industry analysis. These fields include the advisory field, research, public speaking, writing, and consulting. One firm might concentrate on advising companies on their public relations strategies, while another might engage in and publish research that helps members of an industry make decisions about upcoming consumer trends. Another firm might offer speakers who are considered experts on a given topic who will come address a company's staff on a specific problem or challenge. Companies may choose to use industry analysts in a combination of these specialties to get a well rounded analysis of the market and the industry as a whole.

Hiring industry analysts allows a company to keep from getting "phased out." An industry analyst firm will keep the company up to date on the latest market information, new technologies or products in the field, and any shifting trends. Consulting with a firm on a regular basis will ensure a company is always updated and knowledgeable about their specific industry. They will be able to stay modern and appealing to their consumer base without having to hire full-time employees do help them achieve these goals.

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