Market Research Analyst
A Market Research Analyst is a professional who specializes in collecting and interpreting data about consumers, sales, and market trends to help businesses make informed decisions. They play a crucial role in understanding target markets and developing effective marketing strategies by utilizing various data collection methods, including surveys, interviews, and focus groups. Analysts are skilled in statistical analysis and data presentation, ensuring complex information is conveyed clearly to clients.
Typically requiring a bachelor’s degree in fields like marketing, communications, or social science, this career is often seen as a stepping stone to roles in advertising or sales. The job offers a dynamic work environment, primarily in office settings, with opportunities for fieldwork to engage directly with consumers. The median annual earnings for market research analysts are around $74,680, with a promising job outlook showing growth at 13%, indicating a strong demand for their expertise in today’s data-driven market landscape.
Market Research Analyst
Snapshot
Career Cluster(s): Business, Management & Administration, Human Services, Marketing, Sales & Service
Interests: Marketing, advertising, analyzing data, computer science, communicating with others, sales
Earnings (Median Yearly): $74,680 per year $35.90 per hour
Employment & Outlook: 13% (Much faster than average)
Entry-Level Education Bachelor's degree
Related Work Experience None
On-the-job-Training None
Overview
Sphere of Work. Market research analysts collect and interpret information about consumers, sales, employee satisfaction, and other facets of the business market. Their findings and analyses are used by clients to target specialized markets, develop brand allegiance, determine profitability and pricing, and prepare marketing and advertising campaigns.
Market research analysts are skilled communicators who interact with consumers in a variety of ways. Analysts obtain consumer or employee data through one-on-one interviews, focus group meetings, questionnaires, and polls. Market researchers are also skilled in statistical data analysis and mathematical problem-solving. One of their primary tasks is to present large quantities of complex data in a clear and cohesive manner.
Work Environment. Market research analysts work primarily in professional environments, either as independent consultants or as employees of consulting firms, corporations, or government organizations. Data collection may take place in any number of locations depending on the company or product being analyzed, and fieldwork is often required to establish direct contact with consumers.
Occupation Interest. Market research analysis is a diverse field encompassing a variety of disciplines. As such, the field attracts scholars and professionals with academic and work experience in marketing, advertising, analytics, computer science, communication, public relations, business, and sales.
Some research analysts come to the field after lengthy careers in sales and marketing. Conversely, many young professionals spend an early portion of their careers as market analysts to build a foundation for future work in advertising, sales, or public relations.
A Day in the Life—Duties and Responsibilities. The day-to-day duties of market research analysts are traditionally divided into three major areas of concentration: data collection, data interpretation, and presentation of results.
The data collection tasks of market research analysts vary from product to product and company to company. Some market researchers collect consumer or employee data from fieldwork, one-on-one interviews, or focus groups. Other tactics include disseminating survey questionnaires, cold-calling, or conducting opinion polls.
When the desired data has been collected, market research analysts must next interpret the study’s findings. Analysts break down data and use reports and visual aids to identify particular consumer opinions, product demand, and potential avenues for improvement in product development, internal operations, design, and marketing strategy.
The information acquired by analysts is then presented to clients and businesses in the form of a written report, an oral presentation with accompanying graphics, or a combination of the two. Many market research firms also use their data to forecast future customer opinions, sales trends, and market fluctuations. These predictions are often crucial to the development of new marketing programs and sales strategies.
Work Environment
Immediate Physical Environment. Market research analysts primarily work in office settings. Data collection may entail field surveys and direct interaction with consumers. Market research analysts may also work in retail locations, at public venues and events, and on university campuses. Analysts traditionally work regular business hours, though survey and research projects may require extended hours and weekend work.
Human Environment. Focused interaction with other people is one of the most important aspects of market research analysis. The job entails asking extensive questions regarding personal habits, spending, and consumer beliefs. Excellent communication skills are paramount.
Technological Environment. Market research analysts use telephones, scanners, email, Internet conferencing applications, databases, presentation software, and analytic software like IBM SPSS Statistics or MathWorks MATLAB to organize and present data and relevant findings. They may also use information retrieval or search software such as LexisNexis or Verispan Patient Parameters. In addition, most rely on data collection tools like SurveyMonkey, Qualtrics, or Google Trends to gather critical information about customers, competitors, and markets.
Education, Training, and Advancement
High School/Secondary. High school students can prepare to enter the field of market research analysis with courses in algebra, calculus, public speaking, and computer science. English and writing courses are also important, as they hone written presentation skills.
Internships and summer volunteer work can provide students with experience and knowledge about the field. Marketing interns are often charged with disseminating surveys, collecting and keying data, or distributing information to focus groups and target markets at public events.
Postsecondary. Postsecondary education is traditionally a prerequisite for job openings in market research analysis. Employees enter the field from a variety of postsecondary fields of study, including communications, advertising, marketing, public relations, social science, statistics, finance, and business management.
Undergraduate courses in research methodology, rhetorical communication, statistics, psychology, and sociology are all effective building blocks for a career in market analysis. Students should also complete coursework focused on traditional marketing strategies, including global market segmentation, response modeling, and marketing ethics. Advanced mathematical coursework helps students record and interpret patterns in data, while coursework in marketing instructs students in putting such findings to use in a commercial environment. Landmark marketing research and key historical developments in the field are also traditionally surveyed.
Some colleges and universities in the United States offer graduate-level programs specializing in market research. Admission into such programs is difficult. Graduate students study advanced analysis methods ranging from perceptual mapping, customer loyalty development, data mining, and website traffic metrics. Graduate work in market research allows students to gain hands-on experience in marketing analysis research, interpretation, and presentation and to develop contacts and relationships that can provide an important foundation for a career in the field.
Related Occupations
− Economist
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Bibliography
"Market Research Analysts." Occupational Outlook Handbook. Bureau of Labor Statistics, US Department of Labor, 17 Apr. 2024, www.bls.gov/ooh/business-and-financial/market-research-analysts.htm. Accessed 22 Aug. 2024.
"Market Research Analysts & Marketing Specialists." My Next Move, 2024, www.mynextmove.org/profile/summary/13-1161.00. Accessed 22 Aug. 2024.