Market Research Analyst Description
A market research analyst studies market conditions, assesses consumer preferences, and examines potential sales of a product or a service. They gather, assimilate and interpret data in order to identify changes and forecast trends. Basically, they help companies figure out what products or services to sell in what order, which consumer bracket are potential buyers, and how to better promote and advertise their products or services. They help determine where the company stands in the marketplace by researching the sales and marketing methods of its competitors. Through that process, they get to determine potential market pricing and demands. The results from that will be the foundation of marketing strategies moving forward.
Work Environment of a Market Research Analyst
Market research analysts either work directly for employers as part of the marketing team or are hired on a contract or project basis. Some of the research trends for one specific company while others work in consulting firms where they get to work with a variety of clients. These guys usually work with professionals from the marketing department of institutions or corporations and report to marketing managers.
Market Research Analyst Salary
According to the 2018 U.S. Bureau of Labor Statistics, the average salary of a market research analyst is $63,120 or $30.35 per hour which may vary depending on the industry. Below are the top industries to look into when it comes to working as a market research analyst:
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- 1. Publishing industries - $74,360
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- 2. Management of companies and enterprises - $73,490
- 3. Finance and insurance - $69,680
- 4. Wholesale trade - $61,410
- 5. Management, scientific, and technical consulting services - $60, 870
Skills Needed for a Market Research Analyst to Succeed:
- Ability to collect data and transform it into meaningful insights
- Strong attention to detail
- Experience in evaluating methods for data collection
- Ability to convert complex data into understandable graphs, tables, and reports
- Ability to work in a fast-paced environment
- Good organizational skills
- Excellent written and oral communication skills
- Ability to work under pressure and meet deadlines
- Strong analytical skills
- Ability to monitor and forecast marketing and sales trends
Becoming a Market Research Analyst
For the most part, market research analysts are expected to have at least a bachelor’s degree. Background in business administration, social sciences, and communication may be really helpful. Courses and training in research methods, statistics, and marketing are essential to becoming a market research analyst. Exposure to the global market research industry is crucial if the position entails working with clients that expand their operations on an international scale. Depending on the complexity of the responsibilities, some companies require that they possess a master’s degree. This is especially crucial for leadership positions or those required to perform more technical research and analysis.
Market research analysts may also pursue certification exams to establish their level of professional competency. The Marketing Research Association, for instance, offers Professional Researcher Certification (PRC) for market research analysts.
Sources: thebalancecareers.com, careerexplorer.com, targetjobs.co.uk, resources.workable.com, truity.com, corporatefinanceinstitute.com, collegegrad.com, photoroyalty, pch.vector