A sales analyst is responsible for evaluating and predicting sales trends for a mid to large sized company in order to help a company optimize its promotional strategies. The job description of a sales analyst involves using sales prediction software, drawing up detailed sales reports, and making informed suggestions for how to improve company profitability.
A sales analyst culls sales data from employee and store reports, evaluates and analyzes data over time, creates forecasts for future sales trends, and presents conclusions to a company board or CEO.
Essential Duties and Responsibilities of a Sales Analyst
•Collects data from sales reports for analysis.
•Develops methods and strategies for assessing large amounts of data.
•Closely studies past sales data to determine trends in productivity.
•Examines company budget.
•Conducts research into competitive companies and the surrounding market.
•Studies shopping and purchase trends of consumer base and target demographic.
•Uses sales prediction software to determine future trends.
•Creates sales evaluation reports based on collected data.
•Presents sales reports to company managers, directors, and/or CEOs.
•Suggests adjustments and revisions to promotional strategies to improve sales and profitability.
•Advises on the hiring and/or termination of personnel as needed.
•Provides suggestions for budget rearrangement and re-allocation of funds to save money.
•Serves as a consultant for company marketing strategies.
•Assists in designing promotional materials.
•Attends and participates in sales strategy meetings.
•Leads informational sessions for staff to explain sales trends and new marketing strategies.
•Assists in implementing budget and marketing changes, and evaluates results.
•Draws up reports of improvements or lack thereof in the wake of company restructuring.
Required Knowledge, Skills and Abilities
•Demonstrates proficiency in the use of sales forecasting software.
•Possesses knowledge of the industry or market in which he or she is conducting analyses.
•Exhibits ability to use Microsoft Word, Excel, Outlook, and PowerPoint.
•Speaks confidently and articulately in front of a group.
•Possesses strong math skills.
•Demonstrate the ability to think both analytically and creatively.
•Possesses strong problem-solving skills.
•Communicates clearly and effectively.
•Pays close attention to detail.
•Manages time efficiently.
•Works well with a team.
•Is capable of translating financial and mathematical jargon into layman’s terms for explanatory purposes.
•Possesses strong writing skills.
•Is capable of conducting independent research.
•Demonstrates familiarity with budget software and budget analysis.
Education and Experience
A sales analyst holds a Bachelor’s Degree in Business, Business Administration, Finance or Accounting. Most companies prefer their prospective analysts to have work experience in the sales or finance sector, and experience with marketing and communications is also a bonus.
A sales analyst spends the majority of working hours in an office setting, and typically works 40 hours per week. Depending on the financial status of the company, the job ofa sales analyst can be stressful, particularly if the financial success of the company rests on the information gleaned from an analyst’s sales forecasts.
The average salary for a sales analyst is between $65,000 and $70,000 per year. Average annual salaries range from $60,000 to $90,000 depending on years of experience and company profile.