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An Industry Analyst is an expert in an industry, be it health care, pharmaceuticals, insurance, telecommunications, or manufacturing. A type of highly specialized Business Analyst, he or she uses that sector-specific expertise to help companies in said industry understand their marketplace — and then make strategic changes that improve their standing within it.
As an Industry Analyst, you are to companies what friends and family are to people. When things in their lives aren’t going well, people often turn to family and friends for advice. The reason: Those are the people who know them best.
Businesses follow the same logic. When they’re facing challenges — increased competition, falling revenues, customer attrition, or any number of corporate conundrums — they lean on the person who knows them better than anyone else does: an Industry Analyst.
Although you might be a Consultant, you’re often an employee. Either way, your responsibilities are the same: You’re paid to find solutions to industry-specific problems by conducting market research and performing competitive analyses. For example, a hospital might want to know how to control its costs, an automaker might want to know how to attract the best employees, or a food manufacturer might want to know what the next big flavor trends will be.
In each case, you find what they’re looking for by studying consumers, competitors, and market conditions in order to determine what others in the industry are doing, what strategies do and don’t work, and what makes good financial sense based on variables such as supply and demand. Then, like a Management Analyst, you advise the company on how to react.
Quite simply, you’re an opportunist: You scour your industry of expertise for sector-specific developments, trends, and opportunities that will put your company on the leading edge of its field!