Market Research Analysts
Additional Information
Duties
The following are typical tasks performed by market research analysts:
- Be on the lookout for marketing and sales trends.
- Measure the success of marketing campaigns and tactics.
- Surveys, questionnaires, and opinion polls can all be used to gather data.
- Gather information about your customers, rivals, and the market.
- In order to do statistical analysis, use statistical software.
- Create tables, graphs, and written reports that make sense of complicated data and discoveries.
- Do research, write reports, and deliver findings to clients and management.
In order to assist a firm better promote its products or services, market research experts do research. To do this, they collect information on the demographics, preferences, requirements, and purchasing patterns of their customers. Interviews, surveys, focus groups, market analyses, polls of the public and literature studies are some of the methods they use to gather data and information.
Analysts look at the pricing, sales, and marketing strategies of the competition to assess where a firm stands in the market. They may use this data to identify potential markets, product demand, and price. They are able to create advertising brochures and commercials, sales strategy, and product promotions because of their understanding of the target audience.
Market researchers use statistical methods and tools to analyze data. Their job is to analyze the data for their customer, and they may even predict future trends based on their analysis. These researchers commonly use charts, graphs, and other visual aids to communicate their findings.
Education
A bachelor's degree in business, communications, or a social science subject, such as marketing research, is often required for market research analysts. Others have a business or social science background.
Statistics, research methodologies, and marketing are required courses for these employees.
Communication and social science courses, like as economics and consumer behavior, are also essential.
A master's degree is required for several positions in market research analysis. However, many analysts have completed degrees in other subjects like statistics and marketing or earned a master's degree in business administration before pursuing a career in marketing research (MBA). Leadership jobs and occupations requiring more technical study frequently need a master's degree.
Registration, Licenses, and Certifications
Analysts may choose to become certified to show that they have a certain degree of expertise in their field. Certification for market research analysts is offered by the Marketing Research Association (PRA). Candidates must pass a test, have at least three years of experience in opinion and marketing research, and complete 12 hours of industry-related education courses in order to be considered for the position. To keep one's certification current, it is necessary to take 20 hours of industry-related continuing education every two years.
Characteristics That Are Very Important
Skills in analysis. Analysis of enormous volumes of data and information is essential for market research experts.
The ability to communicate. When obtaining information, evaluating data, and presenting findings to customers, market research analysts need great communication skills.
Possessing the capability to think critically. Market research analysts must analyze all available data in order to design the optimal marketing plan for a firm.
Focused on specifics. Because of the need for precision in their work, market research analysts must have a strong attention to detail.
Pay
For market research analysts, the May 2020 median salary was $65,810. There are two extremes of earnings in each given occupation: those earning more than the median and those earning less. Between the bottom 10% and the top 10%, there was a wide disparity in income.
Job Projections
Market research analysts are expected to see a 22% increase in employment between 2020 and 2030, which is much more than the average for all occupations.