Category Analysis plays a significant role in business as it provides a deep understanding of customer experiences, rising trends in the market, information about competitors and their marketing strategies, hence allowing businesses to lead the industry. A Category analyst is responsible for drawing upon strategically gathered data to make decisions related to sales, marketing, and other business operations. Here’s how you can become a Category Analyst.
This Blog Includes:
Typical Job Responsibilities
- Assisting Category Managers in developing category management strategies.
- Assisting in sales and profitability of assigned categories through analysis of performance data.
- Assisting in planning promotional activities and sales events for assigned categories.
- Working with suppliers and third-party vendors to negotiate pricing contracts.
- Developing cost-reduction techniques by conducting data analysis and studying the current operational policies in the market.
- Reviewing business activities and providing feedback to the respective management.
- Developing all the necessary documentation related to category management and sales activities.
- Creating business presentations and sales proposals as required.
- Assisting in developing advertising and promotional strategies for business growth.
- Conducting a post-promotion investigation to study the marketing impact of the brand.
- Assisting to prepare customized reports for management when required.
- Providing guidance to the sales team to meet the revenue goals of the company.
There are many skills that a Category Analyst must possess in order to fulfil the above-mentioned responsibilities. Listed below are the skills required:
- Computer Skills such as Apollo, Excel, PowerPoint, and Word.
- Data Analysis for reviewing, interpreting and using different methods for data collection
- Market Research
- Strategic Sourcing
- Actionable Insights
- Space Management
- Business Planning
How to Become a Category Analyst?
To become a Category Analyst, you must be aware of the qualifications needed. It is possible to become a Category Analyst with a high school education but most employers recruit those with either bachelor’s or a master’s degree in a subject relevant to the respective industry.
Earn a Degree
You can opt for a bachelor’s or master’s degree in Business Administration, finance, Economics, Supply chain Management, Marketing or a related business field.
Choose a Speciality
You may be required to choose a speciality within your field. Make sure you choose a Category Analyst speciality that enables you to bring the best yourself.
Begin with your career
Once you’ve obtained a Bachelor’s Degree in Business or a related field, you’ll typically start your career as a Category Analyst in an Entry level position.
To advance your career in a senior-level position, you’ll be required to obtain a master’s degree. Give at least 2 years to gain experience as an entry-level Category Analyst and further opt for a master’s degree in business or related subjects for getting a seniority level position.
As mentioned earlier, not all industries require a professional with a bachelor’s or master’s degree. However, earning a bachelor’s and a higher level of degree such as a master’s degree can help you get high paying positions.
Top Universities to Become Category Analyst
Listed below are the top universities offering Bachelor’s and Master’s courses in subjects such as Business, Marketing, Business Analytics, Supply Chain Management or related.
|Georgia Institute of Technology||Business Analytics|
|New York University||Business Analytics|
|Columbia University||Business Analytics|
|McGill University||Business Analytics|
|Massachusetts Institute of Technology||Supply chain management
|Manchester University||Supply chain management|
|Bath University||Supply chain management|
Category Analyst- Scope, Salary and Top Recruiters
According to the US Bureau of Labour Statistics, the career is expected to grow 20% and produce 139,200 job opportunities by 2028. Top recruiters who hire Category Analysts areas listed below:
- Coca Cola
After gaining relevant experience and qualifications as a Category Analyst, you can advance your career as
- Category Manager
- Business Analyst
- Development Manager
The average salary of a Category Analyst in different countries is as mentioned below:
|Country||Average Salary per annum||Amount in INR|
A Category Analyst has a range of duties to fulfil such as gathering data related to analytics, reporting, performance evaluations, market insights, and industry trends to make decisions in order to be ahead of other competitors in the business field.
You can opt for a degree in Business, Economics, Finance, Management or business-related majors.
Entry-level positions for a Category Analyst typically pay around INR 2,20,000 per annum in India.
This was all you needed to know about becoming a Category Analyst. Do you want to pursue your higher studies abroad in Business, Economics, Finance, Supply Chain Management, or more? Reach out to Leverage Edu and we’ll provide you with assistance regarding your study abroad journey.