Career Development

What Does a Market Research Analyst Do?

Find out what a market research analyst does, how to get this job, and what it takes to succeed as a market research analyst.

Market research analysts are responsible for gathering and analyzing data related to the market for a particular product or service. They work with companies of all sizes, from small startups to multinational corporations.

Market research analysts may focus on one area of research or many areas depending on their company’s needs. Some common areas of focus include consumer behavior, customer preferences, competitive analysis, pricing strategies, etc.

Market Research Analyst Job Duties

A market research analyst typically has a wide range of responsibilities, which can include:

  • Conducting surveys, interviews, focus groups, and other research methods to collect information about customers’ preferences, needs, and purchasing habits
  • Collecting, analyzing, and interpreting data in order to draw conclusions about market trends
  • Communicating findings to executives in written reports, presentations, or at meetings with clients or the public
  • Developing new products or services based on research findings, such as new advertising campaigns or retail store layouts
  • Recommending improvements in business operations based on research findings
  • Conducting market research on specific industries or topics to identify potential business opportunities for corporations
  • Identifying target customers and marketing strategies that will help a company achieve its goals
  • Conducting research on competitors’ products, pricing, sales promotions, and marketing campaigns to identify opportunities for improvement
  • Analyzing demographic data to predict future trends in an industry, such as population growth in an area or changes in income levels across a region

Market Research Analyst Salary & Outlook

Market research analysts’ salaries vary depending on their level of education, years of experience, and the company size and industry. They may also earn additional compensation in the form of bonuses.

  • Median Annual Salary: $66,500 ($31.97/hour)
  • Top 10% Annual Salary: $122,000 ($58.65/hour)

The employment of market research analysts is expected to grow much faster than average over the next decade.

Employment growth will be driven by the increasing use of data and analytics in marketing research. As more companies conduct market research online, demand for these workers will increase.

Market Research Analyst Job Requirements

A market research analyst typically needs to have the following qualifications:

Education: Market research analysts are typically required to have a bachelor’s degree in a field such as statistics, mathematics, economics, psychology or business. Some employers prefer to hire market research analysts who have a master’s degree in business administration (MBA). An MBA can provide market research analysts with a deeper understanding of business concepts and strategies.

Training & Experience: Most market research analysts receive on-the-job training to learn the specific processes and procedures of their role. Training may include shadowing current analysts or learning from a supervisor or senior market research analyst. Training may last for a few weeks to a few months.

Certifications & Licenses: Though not required, many research analysts choose to pursue certifications to make themselves more competitive job candidates.

Market Research Analyst Skills

Market research analysts need the following skills in order to be successful:

Data analysis: Data analysis is the ability to interpret large amounts of data and find the most important information. Market research analysts use data analysis to review large amounts of research data and find the most important information. This includes being able to read and interpret large amounts of data and identify trends and patterns.

Communication: Market research analysts often communicate with other members of a research team, clients and other stakeholders. They also need to be able to clearly explain their research findings to others. Effective communication skills can help you to collaborate with others, ask questions and answer questions.

Critical thinking: Critical thinking is the ability to analyze information and make decisions based on the information you have. Market research analysts use critical thinking skills to make recommendations based on the data they’ve collected. For example, if a company is trying to decide whether to launch a new product, a market research analyst might analyze the potential success of the product and the potential risks involved.

Problem-solving: Market research analysts often work in teams, so they need to be able to collaborate with others to find solutions to problems. For example, if a company wants to know how to attract more customers, a market research analyst might need to find a way to conduct a survey that will provide the information the company needs.

Research: Market research analysts need to be able to conduct research to find the information they need. This can include searching for data, finding sources and verifying the accuracy of the information.

Market Research Analyst Work Environment

Market research analysts spend most of their time in an office, working on a computer. They may also travel to meet with clients or to attend conferences. Market research analysts typically work full time, and some work more than 40 hours per week. They may work evenings and weekends to meet deadlines or to attend meetings or conferences. Market research analysts may experience periods of high stress when deadlines are approaching or when they are working on several projects at the same time.

Market Research Analyst Trends

Here are three trends influencing how market research analysts work. Market research analysts will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Growth of Digital Marketing

The growth of digital marketing has led to an increased demand for market research analysts who can help businesses understand how to best utilize new technologies.

As more and more businesses move towards digital marketing, market research analysts will need to be able to keep up with the latest trends and developments. This includes understanding how to use social media, search engine optimization, and other digital tools to reach customers.

More Focus on Data-Driven Decision Making

Data is becoming increasingly important in business decision making, as companies are realizing the value of using data to make informed decisions. This trend is leading to a greater focus on data-driven decision making, which requires market research analysts to have strong analytical skills.

Market research analysts who are able to collect and analyze data will be in high demand, as they will be able to provide valuable insights into customer behavior and preferences. In order to stay ahead of the competition, market research analysts should focus on developing their data analysis skills.

Greater Use of Big Data

Big data is being used by businesses in a variety of ways, including to improve customer service, develop new products, and make better strategic decisions. As a result, market research analysts are needed to help gather, organize, and analyze this data.

By understanding how to use big data, market research analysts can help businesses make better decisions and improve their operations. They can also help to create a better customer experience by providing accurate and timely information.

How to Become a Market Research Analyst

A career as a market research analyst can be very rewarding. It offers the opportunity to work with a variety of industries and products, and to help businesses make informed decisions that will positively impact their bottom line.

To become a market research analyst, you’ll need a degree in business administration or marketing. You’ll also need to be familiar with statistical software programs such as SPSS and Excel. Additionally, it’s important to have strong writing and communication skills so that you can effectively present your findings to clients.

Related: How to Write a Market Research Analyst Resume

Advancement Prospects

Market research analysts typically need at least a bachelor’s degree, and many have a master’s degree in marketing research or a related field. Certification within a specific field of market research also may be beneficial.

As experience is gained, market research analysts may advance to supervisory or managerial positions. Some may become research directors, chief executives, or consultants. Many market research analysts eventually start their own consulting firms.

Market Research Analyst Job Description Example

As a market research analyst at [CompanyX], you will play a critical role in helping us understand our target consumers and what they want from our products and services. In this role, you will be responsible for designing and conducting market research studies, analyzing data, and presenting findings to the marketing team. The ideal candidate will have experience with market research methods and statistical analysis, as well as strong communication and presentation skills. He or she will be able to work independently to identify research objectives, develop research plans, and execute studies.

Duties & Responsibilities

  • Understand and analyze customer needs, wants, and perceptions through market research surveys
  • Develop survey questions that will elicit the information needed to make sound business decisions
  • Conduct primary and secondary research using a variety of methods, including online surveys, focus groups, interviews, and literature reviews
  • Analyze data collected from surveys and other sources, identify trends and relationships, and develop actionable insights
  • Present findings to clients and internal stakeholders in a clear and concise manner, verbally and in writing
  • Generate reports detailing research findings and recommendations
  • Stay up-to-date on industry trends and developments, as well as changes in methodology, to ensure that the research is of the highest quality
  • Manage multiple projects simultaneously while meeting deadlines
  • Train and supervise junior market research analysts
  • Negotiate contracts with research vendors
  • Develop budgets for research projects
  • Identify new business opportunities through market analysis

Required Skills and Qualifications

  • Bachelor’s degree in market research, business, statistics, or related field
  • 3-5 years of experience in market research, data analysis, or similar role
  • Proficient in statistical software programs (SPSS, SAS, R, etc.) for analyzing data
  • Strong Excel skills for manipulating and visualizing data
  • Excellent written and verbal communication skills for presenting findings
  • Ability to work independently and as part of a team

Preferred Skills and Qualifications

  • Master’s degree in market research, business, statistics, or related field
  • Experience with qualitative research methods, such as focus groups and interviews
  • Experience with online survey tools, such as SurveyMonkey, Qualtrics, or Google Forms
  • Advanced Excel skills, including VBA programming

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