Competitive Analyst Job Description [Updated for 2024]

In today’s fast-paced business landscape, the need for Competitive Analysts has never been greater.

As markets evolve, so does the demand for shrewd minds who can dissect, anticipate and navigate the ever-changing competitive terrain.

But what does it truly mean to be a Competitive Analyst?

Whether you are:

• A job seeker looking to comprehend the core of this role,
• A hiring manager constructing the perfect candidate profile,
• Or simply intrigued by the strategic world of competitive analysis,

You’ve come to the right place.

Today, we present a customizable Competitive Analyst job description template, designed for seamless posting on job boards or career sites.

Let’s delve right into it.

Competitive Analyst Duties and Responsibilities

Competitive Analysts are responsible for reviewing and analyzing a company’s competitive landscape.

They use their findings to help the company develop strategies and make informed decisions.

The duties and responsibilities of Competitive Analysts typically include:

• Identifying competitors and evaluating their strategies to determine their strengths and weaknesses relative to the company’s own product or service
• Gathering and analyzing competitive intelligence data from various resources
• Assessing current and potential business and market trends
• Monitoring and interpreting competitor’s sales, marketing, and product development activities
• Developing competitive comparison reports and communicate the insights to the management
• Providing actionable recommendations for strategic planning and decision making
• Ensuring the company’s understanding of competitor activities and assisting in the development of counter strategies
• Collaborating with various departments, including marketing and sales, to develop effective competitive strategies
• Keeping informed about industry trends, advancements, and competitor products and strategies

 

Competitive Analyst Job Description Template

Job Brief

We are seeking a skilled Competitive Analyst to help us understand our position in the market.

Your main responsibilities will include conducting market research, analyzing market trends and competitive data, and developing strategies to stay competitive.

The ideal candidate will have a strong understanding of market dynamics and excellent analytical skills.

The ability to interpret large amounts of data and to multi-task is essential.

Ultimately, you should be able to provide us with detailed information to help shape our business strategies.

 

Responsibilities

• Collect and analyze data on competitors, market conditions, and customer demographics.
• Identify our competitors and evaluate their strategies, strengths, and weaknesses.
• Conduct SWOT analysis to identify business opportunities and risks.
• Forecast market trends and monitor industry statistics and follow trends in the market.
• Prepare reports on findings and present to management.
• Assist in developing business strategies to gain competitive advantage.
• Stay current with industry trends and news.

 

Qualifications

• Proven experience as a Competitive Analyst or similar role
• Strong analytical skills with the ability to interpret market data
• Excellent knowledge of statistical analysis tools and databases
• Good understanding of business operations and procedures
• Strong communication and presentation skills
• Ability to work independently and as part of a team
• Bachelor’s degree in Business Administration, Marketing, Economics, or related field

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

 

Additional Information

• Job Title: Competitive Analyst
• Work Environment: This job generally operates in a professional office environment. This role routinely uses standard office equipment. The ability to remain stationary for extended periods of time and the ability to move about the office occasionally is required.
• Reporting Structure: Reports to the Market Research Manager or Marketing Director.
• Salary: The salary for this position is commensurate with experience and qualifications.
• Pay Range: $65,000 minimum to $85,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does a Competitive Analyst Do?

A Competitive Analyst generally works for businesses across a range of industries.

They can also be self-employed or work for a market research firm.

Their primary role is to analyze and understand a company’s competition, identify their strategies, strengths, weaknesses, opportunities, and threats, and make recommendations based on their findings.

They collect and analyze data on competitors’ products, sales, and marketing methods.

They use this data to create detailed competitive landscape reports and SWOT (Strengths, Weaknesses, Opportunities, and Threats) analyses.

In addition to collecting and analyzing data, Competitive Analysts monitor social media and news reports to keep up with any important updates or changes in the competitive landscape.

They are also responsible for identifying potential competitive threats and advising management on new opportunities and emerging trends in the industry.

Furthermore, Competitive Analysts often collaborate with multiple teams within the company, such as marketing, sales, and product development, to implement strategies and initiatives that will give the company a competitive edge.

They may also contribute to developing and refining the company’s business plans and objectives based on their analysis.

 

Competitive Analyst Qualifications and Skills

A proficient Competitive Analyst should possess the necessary skills and qualifications that align with the job description, such as:

• Strong analytical and research skills to study and evaluate market trends, competition strategies, and customer behavior.
• Excellent communication skills to present findings and insights to team members and stakeholders in a comprehensive and easy-to-understand manner.
• Proficiency in utilizing business intelligence software, databases, and statistical packages to analyze and interpret data.
• Ability to work independently and collaboratively with cross-functional teams, including sales, marketing, and product development.
• Strategic thinking to develop proactive strategies and action plans based on competitive analysis.
• Problem-solving skills to identify potential threats and opportunities in the competitive landscape.
• Attention to detail and organizational skills to manage multiple projects and deliver accurate and timely reports.
• Knowledge of industry trends, market dynamics, and competitive landscape to inform business strategy and decision-making.

 

Competitive Analyst Experience Requirements

Entry-level Competitive Analysts usually have 1 to 2 years of experience in market research, data analysis, business strategy, or related fields.

Often, this experience is gained through internships, part-time jobs or relevant coursework.

Candidates with 2 to 3 years of experience in the role often demonstrate more advanced understanding of market trends, competitive landscape, and data interpretation.

They may have worked previously as Market Researchers, Business Analysts, or Data Analysts.

Those with 5 years or more of experience generally possess a more sophisticated understanding of the business environment and have proven skills in strategic decision-making based on analysis of competition.

They may have held previous roles in strategic planning, business development, or competitive intelligence, and are often ready for managerial or team-lead positions in the field of competitive analysis.

Some employers may also require their Competitive Analysts to have industry-specific experience, as knowledge of the specific market and competition can be highly beneficial for this role.

 

Competitive Analyst Education and Training Requirements

Competitive Analysts typically have a bachelor’s degree in business administration, marketing, economics, or a related field.

They should possess strong analytical skills and be familiar with various research methods and data analysis software.

Knowledge of business and marketing strategies is also essential for this role.

Some positions may require Competitive Analysts to have a master’s degree in business administration or marketing.

This is more common for senior roles which involve strategic decision-making based on competitive analysis.

There are also various certifications available for Competitive Analysts, such as Certified Competitive Intelligence Professional (CCIP) and Strategic and Competitive Intelligence Professionals (SCIP).

These certifications can enhance the credibility of a Competitive Analyst and reflect their commitment to staying updated in their field.

In addition to formal education, practical experience in market research, business strategy, or a similar field can be beneficial.

This experience can provide valuable insight into industry trends, competitive tactics, and market dynamics.

 

Competitive Analyst Salary Expectations

A Competitive Analyst earns an average salary of $71,986 (USD) per year.

The earnings can fluctuate based on factors such as years of experience, education level, and the geographical location of the job.

Moreover, the industry in which the competitive analyst operates can also significantly impact the salary.

 

Competitive Analyst Job Description FAQs

What skills does a competitive analyst need?

A competitive analyst should have excellent research skills to identify trends, strengths, and weaknesses in the market.

They should also have strong analytical skills to interpret complex data and translate it into understandable reports.

Other skills include strategic thinking, good communication, and problem-solving skills.

 

Do competitive analysts need a degree?

Most competitive analysts have a bachelor’s degree in business, finance, marketing, or a related field.

Some roles may require a master’s degree or an MBA.

Also, experience in the industry that the company operates in can be a significant advantage.

 

What should you look for in a competitive analyst resume?

A competitive analyst’s resume should showcase their ability to perform market research, analyze data, and create insightful reports.

It should also include their knowledge of the industry and competitors.

Certifications in analytics or experience with specific analytical tools can also be a plus.

 

What qualities make a good competitive analyst?

A good competitive analyst is curious and has a keen eye for detail, allowing them to spot trends and changes in the competitive landscape.

They should also have strong strategic thinking skills, allowing them to make informed recommendations on how to gain a competitive edge.

Good communication skills are essential as they will need to present their findings to management.

 

What is the role of a competitive analyst in a company?

A competitive analyst’s role in a company is to gather and analyze information about the competition and market trends.

They use this information to help the company make informed decisions about product development, pricing strategies, and marketing.

They also help identify opportunities and threats in the market.

 

Is it challenging to hire competitive analysts?

Hiring a competitive analyst can be challenging as it requires finding someone with a unique blend of skills including research, analytics, and communication.

Additionally, the candidate should have a deep understanding of the industry and market dynamics.

Hence, it’s important to have a rigorous recruitment process.

 

Conclusion

And there you have it.

Today, we delved into the challenging yet fulfilling world of a competitive analyst.

Surprise, surprise!

It’s not just about analyzing data.

It’s about sculpting strategic directions, one insight at a time.

With our comprehensive competitive analyst job description template and real-world examples, you’re all geared up to make your move.

But why stop there?

Venture further with our job description generator. It’s your next move towards precision-crafted job listings or refining your resume to the nines.

Remember:

Every insight is part of the larger strategy.

Let’s shape that future. Together.

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