Career Girls

Overview:

Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.

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

Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.

Analysts help determine a company’s position in the marketplace by researching their competitors and analyzing their prices, sales, and marketing methods. Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions.

Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.

Workers who design and conduct surveys are known as survey researchers.

Work Environment:

Market research analysts held about 495,500 jobs in 2014.

Because most industries use market research, these analysts are employed throughout the economy.

Some market research analysts study trends for the company for which they work. Others work for consulting firms that do market research for many different clients.

Market research analysts can work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts may work with graphic designers and artists to create charts, graphs, and infographics summarizing the research and findings.

Most market research analysts work full-time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work.

Eduation and Training:

Most market research analysts need at least a bachelor’s degree, typically in market research or a related field. Top research positions may require a master’s degree. Strong math and analytical skills are essential. 

Many have degrees in fields such as statistics, math, and computer science. Others have backgrounds in business administration, the social sciences, or communications.

Courses in statistics, research methods, and marketing are essential for these workers. Courses in communications and social sciences, such as economics or consumer behavior, are also important.

Some market research analyst jobs require a master’s degree. Several schools offer graduate programs in marketing research, but many analysts complete degrees in other fields, such as statistics and marketing, and/or earn a master’s degree in business administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research. 

Certification is voluntary, but analysts may pursue certification to demonstrate a level of professional competency. The Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts. Candidates qualify based on experience and knowledge; they must pass an exam, be a member of a professional organization, and have at least 3 years working in opinion and marketing research. Individuals must complete 20 hours of industry-related continuing education courses every 2 years to renew their certification.

Skills to Develop:

Analytical skills: Market research analysts must be able to understand large amounts of data and information.

Communication skills: Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients.

Critical-thinking skills: To determine what marketing strategy would work best for a company, market research analysts must assess all available information.

Detail-oriented: Market research analysts must be detail oriented because they often do precise data analysis.

Job Outlook:

Employment of market research analysts is projected to grow 19 percent from 2014 to 2024, much faster than the average for all occupations.

Employment growth will be driven by an increasing use of data and market research across all industries—to understand the needs and wants of customers and to measure the effectiveness of marketing and business strategies.

In addition, market research provides companies and organizations with an opportunity to increase sales and cut costs. Companies increasingly use research on consumer behavior to develop improved marketing strategies. By doing so, companies are better able to market directly to their target population.

Market research also lets companies monitor customer satisfaction and gather feedback about how to improve products or services, allowing companies to build an advantage over their competitors. They may use research to decide the location of stores, placement of products, and services offered. As more companies use research to develop marketing strategies, competing companies will likely engage in similar market research. 

Job prospects should be best for those with a master’s degree in market research, marketing, statistics, or business administration.

Those with a strong quantitative background in statistical and data analysis or related work experience will have better job opportunities than those without it.

Earnings:

The median annual wage for market research analysts was $62,560 in May 2016. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $33,950, and the highest 10 percent earned more than $121,720.