What do market research analysts do

Market research analyst

Market research analysts help companies find out what they are selling, who to market their products and services to, and how to promote them. To help them make these decisions, they design surveys that identify potential customers' preferences. These marketers then train and oversee interviewers who conduct the surveys online, over the phone, or through face-to-face interviews with individuals, or focus groups.

Brief information

  • Market research analysts earn a median annual salary of $ 63,230 in 2017
  • 595,400 people were employed in this profession in 2016.
  • You work in a wide variety of industries. Many do market research for their employers, while others work for consulting firms that specialize in providing this service to other companies.
  • Most research analysts work full-time during regular business hours. Overtime is common.
  • The career prospects for this profession are excellent. The US Bureau of Labor Statistics predicts that employment will grow much faster than the average for all occupations between 2016 and 2026, so it classifies it as a "Bright Outlook Occupation".

tasks and responsibilities

Indeed.com research analysts' job postings typically include the following:

  • "Manages all aspects of market research projects, including setting goals, designing methodologies, creating questionnaires or surveys, implementing and analyzing research and reporting results"
  • "Works with cross-functional marketing and product management teams to create and refine business cases that support the proposal definition, sales forecast, business case, and market value case"
  • "Translates data into summaries and analysis with conclusions that achieve goals and support proactive insights and recommendations"
  • "Uploads summaries of critical information that has been put into the company database and ensures that the data is available to all parties in the company"
  • "Analyze existing data and include it in the marketing strategy"

How to become a market research analyst

If you want to become a market research analyst, you must have at least a bachelor's degree in market research or a related discipline such as statistics or math. Whichever degree you choose, your coursework should include business. Marketing, statistics, math, and survey design. A Masters degree may be required for some jobs.

Which soft skills do you need?

To be successful as a Marketing Research Analyst, you must have certain soft skills - these are personal traits that you were born with or acquired through life experience. You are :

  • Verbal communication : Thanks to excellent speaking skills, you can present the results of your research to clients and colleagues.
  • To listen : Good listening skills are essential to understanding your clients' needs and the scope of the projects you are working on.
  • Write : You must be able to provide written reports on your research.
  • Reading comprehension : You must be able to understand a large number of documents, including research reports and survey responses.
  • Critical thinking : As a market research analyst, you have to choose between different strategies for marketing products. Your ability to compare and contrast different approaches in order to make an informed decision is vital.
  • Troubleshooting : You need to be able to identify problems and find solutions.
  • Analytical skills : Your research provides a lot of data that you need to analyze, understand, and draw conclusions from. For this part of your job, you also need to be detail-oriented.

Promotion opportunities

After you gain more experience helping seasoned market research analysts your employer will assign you to your own projects. To move up to a more responsible position, you need to take continuing education courses. This allows you to keep up with the latest in methods for developing, conducting, and analyzing surveys, and other data. An advanced degree can help open up more opportunities.

What do employers expect from you?

Employers post their requirements in job postings on Indeed.com. You prefer applicants with the following qualifications:

  • "Ability to learn quickly and willingness to help wherever necessary"
  • "Knowledge of Excel, PowerPoint and Office software"
  • "Ability to translate complex concepts into a language that can be understood by business partners"
  • "Proven ability to manage multiple projects"
  • "Maintain a high level of flexibility and adaptability, respond to changes and deliver solid results with the appropriate urgency at all times"
  • "Strong project management, prioritization and organizational skills"

Is this career a good fit for you?

Perform a self-assessment to find out if your interests, personality type and work-related values ​​are compatible with this career. Market research analysts should have the following characteristics:

  • Interests Holland Code: IEC Investigative, Enterprising, Conventional
  • Personality type MBTI personality types: ENFP, ENTJ, INTJ, ENTP, INTP
  • Work-related values : Performance, support, working conditions

Take a quiz : Should you become a market research analyst?

Professions with related activities and tasks

Sources: Bureau of Labor Statistics, Department of Labor Careers Careers Guide; Employment and Education Administration, Department of Labor, visited O * NET Online on April 9, 2018.