Retail Competitive Intelligence Analyst Overview:
As a Competitive Intelligence Analyst, you will be keeping an eye on the strategies and pricing of your employer’s competitors, and making recommendations for marketing, promotions and strategic initiatives based on the data you collect and analyze.
Key Responsibilities of a Competitive Intelligence Analyst:
Those who work in competitive intelligence track and collect extensive data and conduct in-depth analysis in order to give timely reports to key partners. Interfacing regularly with senior managers and collaborating with marketing, sales, and pricing colleagues is a primary responsibility of a competitive intelligence analyst. These key players will need your expertise to help them make decisions about future product development, tactical planning, and marketing campaigns in order to position the company’s products and pricing successfully against major competitors.
You will be gathering information that will help you uncover competitors’ strengths and weaknesses, and the opportunities and threats associated with those strengths and weaknesses. With investigative skill, you will research competitors’ marketing, advertising, merchandising, and pricing strategies using all ethical means available to you. Price shops will be a frequent part of your routine.
The organization will be relying on you to draw sound business conclusions from disparate data. Using advanced analytical tools and a systematic process, you will create competitive price indexes and competitive assessments which will become the basis for actionable plans. You will be the organization’s expert at interpreting trends and translating those trends into strategic initiatives.
Frequent and timely profiles, reports, and presentations will enable the marketing, sales, product development, and senior leadership teams to have relevant and reliable competitive knowledge
Your retail employer will expect you to have proficiency with data compilation and analysis software such as Access, Excel, MicroStrategy, etc. in order to translate raw data into usable reports. Because of the intense deadlines in this position, you will need to have demonstrated technical expertise because there will be no time to acquire it once you have taken over the competitive intelligence functions.
Retail Experience Desired:
Generally this is a high level position requiring solid retail experience. At a minimum you should have pricing, promotions, and merchandising experience. Experience in financial and management positions are also preferable, particularly in a retail environment.
Education Required for Competitive Intelligence Analysts:
This is not a position that you will normally reach on the retail corporate ladder without a degree. A bachelor’s degree in computer science, business, economics, marketing, research or finance will provide you with a good foundation as a competitive intelligence analyst. A graduate degree in business or information science will set you up even better.
As a competitive intelligence analyst, your annual salary will range from $70,000 – $95,000, depending on the size of the retail organization and its geographic location. You might also receive a company car, car allowance, and travel expense reimbursements which are appropriate for the size of the territory you are expected to monitor. With most retail organizations you will most likely receive merchandise discounts as part of your benefits package.