The job of a market research analyst is to provide a company with data to help it make better decisions. Market research analysts do not create the data themselves, but they are responsible for interpreting and analyzing it. They can also develop new methods for gathering data from their customers. This blog post will discuss what market research analysts do and how you can become one yourself.
1. What Is a Market Research Analyst?
In short, a market research analyst studies the behavior of consumers to provide companies with feedback about their products. They can work in almost any industry, including telecommunications, pharmaceuticals, retail, and more. Specifically, market research analysts may focus on marketing trends and consumer demographics in the financial sector.
The primary responsibility of a market research analyst is to study the effects of marketing campaigns and media coverage. They can determine whether products are selling more or less than they expected to sell, but the job also involves studying consumer behavior over time. For example, a market research analyst may study how customer attitudes shift before and after a new product launch.
Market research analysts also track revenue estimates and advertising spending patterns.
The job of a market research analyst is very data-driven. They use consumer demographics and marketing trends to find out where their company can gain or lose customers in the future. But they also face many challenges along the way.
2. What Do Market Research Analysts Do?
Market research analysts study market conditions to collect information about target markets and they then use this information to provide recommendations or solutions for their clients. Market researchers typically prepare reports that detail the data they have collected and analyzed, and these often include the market size and growth rates for specific industries. They may also suggest ways for their clients to improve their sales or better understand customers.
Market research analysts look through current market conditions and company information, then prepare reports that detail their collected and analyzed data. These reports can include recommendations for improving sales or better understanding customers. Market researchers often work closely with product managers who develop new products, manufacturing teams that oversee these new products, and marketing teams that determine how best to promote these new products. Market research analysts may be assigned to one of these departments at their employment or be required to work independently.
Market research analysts typically work in offices during regular business hours, though some telecommute as part of an international market research firm. They must have excellent communication skills to present their findings orally and in writing. Since they spend much of the workday collecting, analyzing, and presenting information, market research analysts must also be detail-oriented and organized.
3. What Are Some Standard Requirements for Becoming a Market Research Analyst?
A bachelor’s degree is typically required for individuals interested in becoming market research analysts. While having a master’s or Ph.D. degree can help you become a market research manager, most employers are looking for candidates who have at least three years of experience in the field. Market research is an excellent way to build strong communication skills, learn more about business trends and prepare yourself for post-graduate studies.
It is also essential to have a working knowledge of Microsoft Excel to manipulate data and create charts to present findings.
4. What Type of Companies Hire Market Research Analysts?
Most market research analyst positions are found within large for-profit companies, though some also work in the public sector. If a company does not have a dedicated marketing team, they may employ several dedicated researchers to identify opportunities and respond to questions about the business. Market research analysts are expected to have strong business acumen and quickly synthesize large amounts of data.
A market research analyst typically works for a government agency, non-profit research institution, consulting firm, or industry association. This position is also a marketing research analyst, consumer insights researcher, or market intelligence analyst.
5. What Does a Market Research Analyst Earn?
According to the Bureau of Labor Statistics, individuals working as market research analysts earned an average annual salary of $58,350 in 2016. The median wage was just under $60,000 per year. The lower 10% of earners made an average of $38,580 per year, while the highest-paid market research analysts earned more than $102,000.
According to the BLS, market research analysts’ salaries ranged from $38,580 to $102,000 in 2016. Market researchers may also receive benefits, including healthcare coverage and retirement plans.
6. What Are Some Common Skills Required to Become a Market Research Analyst?
1) Market researchers must have excellent oral and written communication skills, and they spend much of their workday presenting findings to clients, conducting team meetings, and circulating reports. Presenting information in a clear, concise manner is an essential skill for market research analysts.
2) Market researchers must have strong interpersonal skills to work effectively as part of a team and present findings to clients. They also need to be creative and adaptable as the needs of their employers change over time.
3) Since market research often involves working with large amounts of data, analysts must be detail-oriented and identify significant trends within the presented information.
4) Market research analysts also need to be curious and self-motivated, as much of their work will involve following a hunch about a potential marketing opportunity.
5) As with all jobs, experience is essential for market research analyst positions. Most employers will require previous experience in the field, but some entry-level positions may be available to recent graduates.
6) Working well with numbers is an essential skill as market research analysts must review and analyze data from surveys and focus groups. They also need excellent problem-solving skills as they attempt to find reasons for trends they identify.
7) Since analysts often perform market research, it is essential for candidates to work well with others. Market researchers also need to be team players as much of their job involves presenting findings clearly and concisely.
8) A strong business acumen is another requirement for market research analysts. Market researchers work closely with marketing teams, and they must understand how to drive sales for a company in a strategic manner.
9) Since much of their job involves sitting at a computer analyzing large amounts of data, market research analysts should have strong computer skills, including proficiency in Excel software or similar programs.
10) Being curious and self-motivated are qualities all market researchers need to possess. Market research analysts often spend much of their time looking for new ways to increase sales based on their findings, and they should be excited by the prospect of finding untapped markets to explore.
7. The Benefits of Being a Market Research Analyst
Some of the benefits of being a market research analyst include
- Work in several different industries
- An opportunity to be part of strategic decisions that can affect significant companies
- Work more closely with clients than most research positions offer.
- Most market research analyst jobs are full-time, regular work schedules.
- The job is adaptable so that a research analyst can change companies or positions easily.
- In the USA, market research analysts have excellent prospects for jobs in business and marketing. Wall Street also takes on many applicants from this profession.
- Salary opportunities are good due to the high demand for market research analysts. Those who enter this field with a college degree and relevant experience will likely earn more than the national average.
- The work is challenging, and workers can rise through the ranks quickly if they have what it takes.
- Market research analysts need to communicate effectively and work well as part of a team or independently. They must find solutions to problems and use their analytical skills to evaluate data thoroughly.
- Analysts are provided with the latest technology for researching markets, potential customers, and more.
- Market research analysts can make a difference in how successful a company is. They conduct primary research on all aspects of the market where the product or service is sold – who will buy it, why they will buy it, and how much they are willing to spend.
8. The Challenges You Face Being a Market Research Analyst
Some of the challenges you face being a market research analyst include:
- Being able to make your data tell a story and not just show numbers.
- Making the results of the study valuable and actionable, as well as persuasive.
- Summarizing findings in an executive summary that will help managers and executives understand what you’ve discovered – without boring them to death!
- Delivering information to clients that is accurate, promptly, and in language that isn’t overly technical or boring.
- Keeping up to date on all the latest research techniques without getting overwhelmed.
- Being able to think creatively about different ways to solve problems – with limited resources.
9. The Job Outlook for a Market Research Analyst
The job outlook for market research analysts is positive. The Bureau of Labor Statistics projects that the number of jobs for market research analysts will grow by 23 percent from 2016 to 2026, much faster than the average for all occupations. This growth is due to businesses’ increasing demand for market research to make informed decisions. Market research analysts with strong analytical skills and knowledge of research methods will have the best job prospects.
10. Top Recruiting Companies for a Market Research Analyst
Some of the top companies that recruit market research analysts to include
- The Nielsen Company
- The Hartman Group
- Market Measures
- Market Research Corporation of America
- Market Strategies International
- Many others
11. Best Colleges to Study Market Research Analysis
Several colleges offer market research analysis degrees. Some of the best colleges include:
- The University of Pennsylvania
- Duke University
- The University of Michigan
- Cornell University
- Bryn Mawr College
- The University of Wisconsin