What is a market research analyst
So, what is a market research analyst? A market research analyst is a professional who uses market research techniques to collect and analyze data about customers, competitors, and market trends. Market research analysts use this information to help businesses make decisions about products, services, and marketing strategies.
What does a market research analyst do
Market research analysts are responsible for conducting market research studies, analyzing data, and preparing reports summarizing their findings.
They use market research to identify their businesses’ opportunities and threats and decide what products or services to offer, how to price them, and where to sell them.
Example market research projects:
– Conducting a customer survey to gather feedback about a new product
– Analyzing data from a competitor’s sales records to understand their market share
– Studying market trends to identify opportunities for new products or services
What are the skills of a market research analyst
Market research analysts need strong analytical skills and can use market research software programs to analyze data. They must communicate their findings to clients or company decision-makers.
Some market research analyst jobs may require experience in a particular industry or niche or knowledge of a specific market research methodology.
Market research specialties
- Quantitative vs. qualitative research
- B2B vs. B2C
- Competitive analysis vs. voice of the customer
How much does a market research analyst make
The average salary of a market research analyst ranges between $61,309-$63,920.
- Salary.com: $61,309
- U.S. Bureau of Labor Statistics: $63,920
The job market for market research analysts is expected to grow by 22 percent from 20220 to 2030, much faster than the average for all occupations.
Career potential for a market research analyst
The demand for market research will come from businesses that want to understand what consumers think about their products and services and how they can improve them.
Starting as a market research analyst is an excellent opportunity to gain marketing experience. You can move into many other marketing positions with the experience you gain in this position.
Or you can continue in marketing research to become a consultant. Marketing research consultants charge significantly more. Many market research consultants charge over $100/hr, and some can charge up to $1000/hr for their research and advice.
Where do market research analysts work
A market research analyst typically works in market research firms, advertising agencies, or management consulting firms.
However, many market research analysts work for themselves with the growth of remote and freelance work.
Education and skills required to become a market research analyst
There are no specific education requirements to become a market research analyst, but most analysts have at least a bachelor’s degree. Market research analysts typically have a bachelor’s degree in market research, business, statistics, or a related field.
Again, some market research analyst jobs may require a master’s degree.
How to become a market research analyst
Step 1 – Determine if market research is the right career for you
You should take some time to learn more about what market research analysts do. You can find information about this career by reading our article, “What is marketing research.”
Consider reaching out to Market Research Analysts on LinkedIn. Ask if they have a few minutes to speak with you about their career.
Step 2 – Get a bachelor’s degree
While there are no specific education requirements to become a market research analyst, most market research analysts have at least a bachelor’s degree.
Many different majors can prepare you for a career as a market research analyst. Some examples include market research, business, statistics, psychology, and related fields.
Step 3 – Consider getting a master’s degree
While a bachelor’s degree is the typical educational requirement for market research analysts, some jobs may require a master’s degree.
If you are interested in pursuing a master’s degree, many different programs offer market research as a concentration. These programs can prepare you for a career as a market research analyst or a related position.
Step 4 – Find a market research analyst job
Once you have the education and skills required to become a market research analyst, you can start looking for jobs. Market research analysts work in many places, including market research firms, advertising agencies, management consulting firms, and more.
Market research analyst jobs are posted on job boards online. For example, you can search for market research analyst jobs on Indeed.com, LinkedIn.com, and Glassdoor.com.
Step 5 – Advance your career
You can advance your market research analyst career in many ways. You can move into management positions, start a market research firm, or become a consultant.
You can also pursue certifications to improve your skills and marketability. For example, The International Institute of Market Research and Analytics (IIMRA) offers four certifications for market research professionals.
Wrapping up – What is a market research analyst
Becoming a market research analyst is an excellent step if you’re interested in pursuing a career in market research. You’ll learn much about market research, business, and analytics while developing essential skills.
With the proper education and experience, you can pursue many different types of market research jobs. You can move into many other marketing positions with the experience you gain in this position. Or start a market research firm.