Market Research

Is a market research analyst an ideal career option?

  • Dec 26, 2021

Market research is one of the best professions for all curious minds who like to explore and find out how and why things work. Market research analysts are the backbone of all crucial business strategies. They have to play varied roles to understand and improve the sales of a firm.

Market research analysts possess a niche skillset and specialized knowledge in the fields of marketing, analytics, and business development. Hence, they find employment in both junior and senior positions within companies, and their job role often has high earning potential and security. 

 

The importance of Market Research

Today, we live in a consumer-driven world, and businesses have to face cut-throat competition to survive and succeed in the market.

A company cannot succeed without understanding the consumer’s needs and behavior, so it relies on intensive backend market research. Market research not only tells a company what to produce, but it also tells how to present the product to the consumer. Work doesn’t end here. Once the product is out in the market, market research analysts inform the company about customer feedback so that the company can make necessary changes to increase its reach.

As the name suggests, a market research career requires you to do a lot of research, but to get you started, we have researched this career. 

 

What is a market research analyst?

Market research analysts help companies determine the target consumers for their goods or services. They examine market trends concerning their target audience's shopping patterns and demographics, and their research work helps companies optimize products, choose advertising channels and determine price points.

Market research analysts typically do the following:

  • Monitor and forecast marketing and sales trends
  • Measure the effectiveness of marketing programs and strategies
  • Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
  • Gather data on consumers, competitors, and market conditions
  • Analyze data using statistical software
  • Convert complex data and findings into understandable tables, graphs, and written reports
  • Prepare reports and present results to clients and management

 

How to become a market research analyst?

The minimum educational requirement for market research analysts is a bachelor’s degree, but a master's degree is needed for more technical jobs.

Prospective market research analysts should take college courses in business, marketing, consumer behavior, psychology, sociology, and economics. To develop strong quantitative skills, mathematics, statistics, survey design, computer science, and sampling theory are useful. For those seeking advanced degrees, market research analysts typically major in marketing, statistics, business administration, communications, or related fields.

Aspiring market research analysts can start gaining experience from high school onward by conducting interviews, gathering and analyzing data, and writing reports on their results. These are the types of duties required on the job, so gaining experience early can be helpful when looking for full-time work.

Most market research analyst jobs are not entry-level positions. Companies generally prefer to hire market research analysts with experience in the marketing industry. Thus, we recommend you consider an internship in the field of marketing research or start as a marketing assistant, account representative, or in a related position that can provide you with the required industry knowledge to apply for market research analyst jobs.

Further, you can apply for certificate courses that are relevant to market research. Certifications can prove to a hiring manager that you possess the skills and industry knowledge to operate successfully in a market research analyst role. 

Analytics in the domain of market research is a fairly competitive field and professionals often update their skills and certifications to stay relevant and up-to-date in a dynamic market.

 

What skills do market research analysts require?

Market research analysts require a range of soft and hard skills to perform well in their job roles. If you are interested in a career in market research and analytics, you may consider developing the following skills:

  1. Communication skills: Market research analysts interact with a wide variety of professionals and consumers as a part of their routine work. They benefit greatly from being able to communicate complex ideas and concepts in ways that a wide audience can understand.
  2. Critical thinking: Market research analysts work with both qualitative and quantitative data and require critical thinking capabilities to infer conclusions and gain insights from the data they analyze. 
  3. Computer literacy: Market research analysts may use a variety of computer programs to store, process, and access data. They use statistical tools to speed up analytical processes and thus computer literacy is an important skill for professionals in the field.
  4. Organizational skills: Analysts in this domain may handle a variety of tasks on a daily basis and work on more than one project at a time. They require good organizational skills to manage their resources, delegate tasks, schedule workflows and keep track of deadlines.

 

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