After every online purchase you make, there is a small survey that pops up asking you to fill it out, but where does it go and what is the benefit of doing so? This is exactly where the market research analyst starts doing his job.
Although surveys are a crucial part of their work, it does not end here, so grab your undivided attention, coffee, and a notebook and get ready to take your first step in one of the most promising careers in the next few years.
How to become a market research analyst
Beyond simply gauging demand and identifying target audiences, the market research analyst role involves a deeper mission than understanding consumer behavior and market dynamics. From quantitative to qualitative approaches, a diverse skill set is essential, laying the foundation for success in this field. After having a quick look at the job description, let's dive deep into the education requirements and workplace skills vital for thriving as a market research analyst.
Market research analyst job description
As a quick answer, the market research analyst helps companies understand what products and services people need and who are the perfect customers willing to pay for them. But according to the Bureau of Labor Statistics (BLS), the main goal of the market research analyst is to make an accurate analysis of market conditions, assessing potential sales for a certain product or service.
This research can take various forms as long as it supports the company's understanding of its industry and audience, marketing its products effectively, and maximizing its profits. The research varies from quantitative to qualitative data research, in addition to a wide range of skills that we will know in detail later on in this article.
Education you need to become a market research analyst
To become a market research analyst, you need to have a bachelor’s degree in market research, business development, communications, or social science. Additionally, you need to add some courses in statistics, research methods, data analysis, and marketing. The market research degree program often includes courses in the following fields:
- Branding and product promotion
- Audience targeting
- Consumer behavior and psychology
- Statistics analysis
Now, after getting a quick glimpse of the market research analyst job description and the education needed to become one, it is time to have a magnified look into the workplace skills needed to become a market research analyst.
Market research workplace skills
To be a successful market research analyst, there is a combination of some important skills that you have to use. Market research workplace skills involve having the ability to gather and analyze data related to potential customers, products, and services.
Data analysis is the foundational skill for market researchers, in addition to the ability to use this data to make informed and useful recommendations to the company or the client you work with. The four key types of data analysis you have to learn are:
- Descriptive data analysis: This type is used to identify trends; it depends on the results of the previous business strategies.
- Predictive data analysis: It leverages current data to predict future trends and potential results.
- Prescriptive data analysis: This type of data analysis is so similar to the predictive one as it forecasts outcomes from hypothetical changes the organization might make. It is used especially to predict whether the new products companies are willing to introduce will have an impact on the existing ones.
- Diagnostic data analysis: It usually compares data to identify relationships between them and aims to find the reasons behind patterns as well as the links between data.
Although data analysis is one of the most important skills to have as a market research analyst, it is not the only one needed, as you also need some additional skills next to it including:
- Data visualization: After analyzing data, you have to communicate your findings to the stakeholders, and here is where the data visualization skills come out. The graphic representations of data and statistics are very useful in highlighting key trends and identifying areas for improvement. The importance of this skill lies in allowing non market researcher staff members to understand the data to help them make well educated decisions in their fields.
- Interpersonal skills: In addition to helping you communicate effectively with your team members and colleagues, having strong interpersonal skills helps you communicate with consumers and conduct interviews, providing you with key insights that will help you with your research process.
With all those skills in your hand, you are ready to start working as a market research analyst, Let’s zoom in and take a look together at a day in your practical life as a market research analyst, exploring your different duties.
Market research analyst duties
We have seen how market research analysts play a key role in tracking and predicting sales trends, evaluating the impact of marketing campaigns, and assessing the effectiveness of sales strategies through various tools and methods. On a day-to-day basis, their responsibilities typically involve:
- Conducting detailed research to forecast the probability of a product’s or service’s success.
- Communicating with the marketing and sales departments on a daily basis to determine promotional objectives.
- Use location data to target consumers in specific regions.
- Conducting deep research on competitors' positions and measuring the success of the strategies they use.
- Offer advice to the company on the best design, promotion, and packaging to catch the consumer's eye.
What type of research does a market research analyst conduct?
Research is the bigger umbrella that includes everything the market research analyst does, but it has many types and comes in different forms, such as:
- Quantitative research: this type depends on numbers and statistical data, to make accurate numerical decisions.
- Qualitative research: It depends more on the responses about people’s beliefs, opinions, and experiences than tangible number statistics.
The last part of our article is about the salary range of market research analysts, as it is predicted to be one of the most profitable careers.
Market research analyst salary range
The salary of a market research analyst in the United States of America ranges from $68,000/ year to $99,000/ year, according to the latest statistics.
Final thoughts
As the digital age continues to shape consumer behavior, the role of market research analysts becomes increasingly pivotal. From deciphering trends to fine-tuning strategies, their expertise fuels the success of businesses across industries. Armed with a blend of analytical prowess, interpersonal finesse, and a keen eye for detail, aspiring market research analysts can embark on a fulfilling journey in a field ripe with opportunities for growth and innovation.
So, seize the moment, dive into the depths of this dynamic career, and chart your course towards a promising future in market research analysis.
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