Market Research Analyst Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a market research analyst. Feel free to use our job description template to produce your own. We also provide you with information about the salary you can earn as a market research analyst.
Who is a Market Research Analyst?
Market research analysts combine data sources from multiple sources to create results that clients can use. They may be asked for recommendations based on their findings. These professionals are available for hire by both the public and private sectors, as well as charities and non-profit organizations. Research Analysts can also be employed as consultants and freelancers.
Details of the research will be affected by the industry and type of employer. Market research analysts can be skilled in both qualitative and quantitative research. Quantitative research involves the collection of large amounts of data using structured questionnaires. It is used to identify trends and patterns in sales.
Focus groups and one-to-one interviews are the most common methods of qualitative research. These data are not as structured and must be interpreted correctly by market researchers. When this is done, then the data can reveal the underlying motivations, opinions, and reasons. They may take longer to complete.
Companies can use market analysts to help them understand their target markets. Market research analysts conduct in-depth research to understand market trends and consumer buying patterns, as well as other relevant metrics. A thorough understanding of these areas will help companies develop the best products, and decide which customers will purchase them at specific prices. This can be done by market research analysts using various methods, such as interviews and market research. They can also analyze and research competitors.
Many businesses across industries are increasingly relying upon market research and statistics to make informed business decisions and create effective plans. Market research analysts are an integral part of many organizations.
Market research analysts also help companies to maintain or improve their competitive edge. They provide data-backed insights on potential markets and competitors.
They are essential to any company’s overall marketing strategy and are highly sought after in many industries. According to the US Bureau of Labor Statistics market research analysts’ employment is expected to grow by 22 percent over the next ten years.
Market Research Analyst Job Description
Below are the market research analyst job description examples you can use to develop your resume or write a market research analyst job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The job and duties of a market research analyst include the following:
- Combining data from consumers, competitors, and the market, and creating actionable presentations, reports, and presentations.
- Learning more about the company and conducting surveys to discover the preferences of potential customers.
- Analyzing and collecting statistical data using modern and traditional methods
- Implementing a valid and reliable SWOT analysis of the market
- Creating reports, making recommendations, and interpreting data
- Doing a market analysis to compare the offerings of different companies.
- Identifying market trends, pricing/business models, sales, and other methods of operation.
- Assessing program methodology and key information to ensure that accurate data is collected and the right angle is used for releases.
- Creating different databases by using online market research and catalog results
- Staying current on market trends, as well as other parties’ research.
- Designing and evaluating data collection methods such as surveys, focus groups, polls, surveys, or questionnaires.
- Analyzing data using various statistical software
- Evaluating effectiveness and efficiency of marketing programs and strategies.
- Forecasting and monitoring trends in sales and marketing.
- Analyzing the collected data and arranging it into statistical tables and reports.
- Assisting in the development of marketing strategies.
- Carrying out in-depth market research.
- Analyzing consumer preferences to determine the potential sales of a product or service.
- Measuring the effectiveness and efficiency of marketing programs and strategies.
- Assessing and developing data collection methods.
- Collecting data on consumers, competitors, market conditions, etc.
- Utilizing statistical software to analyze and interpret data
- Securing sensitive information with strict confidentiality
- Analyzing prices and marketing strategies.
- Using graphs, charts, or other visual aids to simplify complex data.
- Preparing and presenting reports to clients and managers.
- Identifying and clarifying the objectives of marketing research projects assigned to you; recommending the best way to accomplish them.
- Drafting questionnaires, polls, and surveys.
- Collecting data about current product demand, customer demographics, and interest.
- Collects information on competitors’ products such as pricing, sales, and marketing methods.
- Analyzing and summarizing data.
- Using reports that include data, graphs, and text to explain complex findings.
- Making use of strategic research methods to find new markets and products.
- Forecasting and tracking industry sales and marketing trends.
- Reporting to the management and/or executive leadership to present research findings.
- Using charts, graphs, and other visual tools to present their findings and make informed decisions about product launches, modifications, and marketing campaigns.
- Helping different companies by the visual representations of industry trends and competition
Requirements
- Experience in market research analysis
- Multi-tasking ability
- Ability to interpret large quantities of data
- Communication and presentation skills are essential
- Have a fundamental knowledge of statistical packages (SPSS or SAS, or similar), MS Office, search engines, web analytics, and business research tools
- Must be familiar with the use of CRM programs
- Knowledge of data collection methods (polls and focus groups, surveys, etc.)
- Knowledge of data warehouse, modeling, and mining
- Strong analytical and critical thinking skills are required for this role
- Must have a BS degree in Statistics, Marketing, or a related field
How to Become a Market Research Analyst
- Learn more about this field
Market research analysts are sought out by companies in every industry to help them understand their target audience, channel preferences, and the product’s needs.
Market research analysts are hired by companies when faced with important decisions. Companies with larger budgets might have their product or marketing departments.
Karen Munson, president of Mazur Zachow Inc. in Brookfield (Wis.), says market research comes with two sides. Interviews and focus groups are part of the qualitative side. Surveys are part of the quantitative side.
Market research analysts are crucial in helping companies find the answers to key questions when they want to introduce new products and services to the market. These analysts can answer questions like:
- Who are our customers?
- What price will people be willing to pay?
- Which product should we name it?
- Is your customer located in the following area?
Once they have the answers, the company can refine its marketing efforts. Munson explained that market researchers convert marketing information into concrete strategies for clients, regardless of whether it is internal or external.
- Do more of what you love
Munson says that writing and math are the most important skills for this job. Surveys and data collection will be your main duties. You will then be able to use the data you have collected as numbers. You will be able to identify statistical significance in the data if you have a solid background in math or statistics.
Market research analysts must be able to meet with key stakeholders, answer their questions, collect data and analyze it. They must communicate clearly and be able to speak clearly.
Critical thinking is essential. These professionals gather large amounts of data to answer clients’ questions. This requires more than simply solving math problems or memorizing data sets. You must be able to see the details because you will often be performing granular data analyses without getting lost in the details. These details must allow you to conclude.
Marketing professionals often overlook creativity as a crucial skill. Once data has been collected, it is important to use an open and creative approach to analyze and generate insights. Creating solid guidebooks and questionnaires for interviews takes a lot of thought.
Include relevant skills and experience in your resume. It will be easy to find the right experience and skills for the position of the market research analyst. These skills might include:
- Analyzing data
- Creating surveys
- Communication verbally and in writing
- Calculating statistics
- Reporting and presenting
- Marketing experience and background should be highlighted
- Highlight your education and experience
Market research analysts have many options for educational backgrounds. Market analysts do not need to have specific educational qualifications. However, those who are interested in working in quantitative research will need to have a strong background in math, statistics, and other analytical disciplines. Qualitative research involves more time with focus groups and interviews, so communication skills will be essential.
Munson recommends that you take English classes. Research can be beneficial. Your job is to make sure clients understand the data.
Although an advanced degree is not necessary to get a job in market analysis, having an MBA will help you move up the ladder. Market research professionals account for 25% of all those who have a master’s.
An internship in marketing or marketing research, like many other fields, can help you network and build skills that will help you stand out from the crowd. When writing your resume, you can consider relevant work experience that could help you as a market analyst.
It’s a smart idea to include any jobs that require you to meet customers or clients (such as retail sales) in your resume. This applies to any job that requires data analysis or research. If you worked during summers in campus labs, you can still apply.
- Connections are vital
Every job seeker should have a LinkedIn profile. This profile will allow you to build professional relationships as well as let you see the people you know at companies where you are applying. You can also connect with former classmates, professors, and friends from college to expand your network.
Marketing associations that are relevant to market research offer great mentoring opportunities and educational opportunities. These are two organizations you should look into joining.
American Marketing Association offers classes and certifications, as well as a job board that allows you to search for internship and entry-level positions. This will allow you to get started in your career as a marketer. Learn from mentors about the latest trends in marketing.
- Cover letter and resume editing should be done
A well-written cover letter and resume are required for market research analyst positions. This profession requires excellent communication skills. LiveCareer will teach you how to write a cover letter and how to create a resume.
Munson believes it is essential to be able to communicate verbally and have a broad knowledge. It is possible to spend a lot of time on the computer but it will all lead to clients communicating what you have learned. They want to see your research results and how they are translated into useful information. They don’t care what trends or statistics you’ve found. Your job is to answer that question.
Your cover letter and resume should be customized for each job. Highlight specific accomplishments and experiences. Relevant examples can be taken from internships or volunteer work.
To ensure you can pass any screening software used to screen potential employers for qualified candidates, use the same relevant words and phrases in your resume as they are in the job descriptions.
Once you find the right job as a market research analyst, it is important to be ready to apply.
Essential Skills
Market research is a vital tool in today’s globally competitive economy. Market research is what entrepreneurs use to refine their startup ideas and increase their chances of success. It’s what established businesses use when evaluating the viability and feasibility of new products or services. Modern businesses don’t make any moves without conducting market research.
This makes market research analysts highly valuable in today’s job marketplace. However, it’s not as easy as you might think to learn how to become a market researcher analyst. It’s not an easy job. Market research is a science-art discipline. You’ll need to have a wide range of skills to excel at this job.
These are the key skills required to be a market researcher analyst.
- Data Analysis Skills
Market research is fundamentally about gathering large quantities of data that you can use to gain valuable insights into a particular industry or line of business. Data analysis is therefore the most important aspect of a market research analyst’s job.
Market research analysts need to be able to understand four types of data analysis. This includes the following:
- Descriptive data analysis – This is a technique to organize and classify historical data to identify trends. This can be used to quantify past business practices in their raw terms (like sales, product manufacturing, site visits, etc.).
- Diagnostic Data Analysis – This involves techniques for comparing data sets to identify causal relationships. A diagnostic analysis will look for reasons why sales increased over some time, such as a marketing campaign or a price increase.
- Predictive data analysis – This is a technique that uses existing data to predict future trends and outcomes. This involves the use of complex mathematical models and machine learning algorithms to extract meaningful predictions from data sets.
- Prescriptive data analysis – This is a more advanced form of predictive analysis. The prescriptive analysis attempts to forecast possible outcomes from hypothetical business practices changes. This could be used by an existing company to assess whether the discontinuation of production of a product will have unintended consequences or if it might lead to new products being introduced.
- Data collection skills
Market research analysts are often required to collect additional data even though they work with data already in place. This means that they must be proficient in many data collection techniques. These include the following:
- Interpersonal and interview skills –Market research analysts make use of customer interviews and focus groups to gather specific data for their research. To get usable data, it is imperative to have excellent interpersonal and interview skills. It is crucial to get useful information without potential biases.
- Survey Creation – Market researchers must be able to create valid, scientifically sound surveys to concentrate on the data they are trying to collect. To create and publish digital versions, they must also be proficient in using form builder software.
- Data Curation –This is the ability to organize and reduce data to make it useful for market research. It is the ability to remove irrelevant data and prepare for market research.
- Communication skills
Market research serves a major purpose: to discover business insights that can be used to inform strategy. Data alone is not enough to understand a business context. Market research analysts need to communicate well. They can communicate the importance of their findings to stakeholders who might then use them in decision-making. They wouldn’t be able to work effectively in a business hierarchy without this skill.
- Data Visualization Skills
Data visualizations are visual representations of data that highlight relevant trends and takeaways. These visualizations allow stakeholders to understand and see the work of market research analysts without having to be experts in data analysis.
- Psychology and Human Behavior
A market researcher analyst’s role is to understand how consumers react to products, services, and business strategies. They need to have a deep understanding and appreciation of psychology and human behavior. Because market research does not always provide clear answers to all business questions, Market research analysts are more of an art than a science.
Market research analysts must use their psychology knowledge to create the right investigations that yield valuable insight. They need to have a keen sense of intuition and insight into consumers’ behavior. Without this, it would be impossible to limit the possibilities of inquiry. This knowledge is valuable and helps market researchers make base assumptions that will guide their work.
Where to Work
A Market Research Analyst is a key member of the marketing team that can help organizations achieve their goals. Market Research Analysis is a skill that can be applied to any industry.
As a part of a marketing team, you’ll be working in an entry-level role. As you gain experience and grow in your career, you may choose to become a consultant or a marketing manager.
These are just a few of the industries that actively seek the services of market research analysts:
- Wholesale traders
- Manufacturing
- Consultancies
- Finance and Insurance
The majority of jobs are found in market research agencies and consultancies. These agencies are responsible for overseeing research projects that have been commissioned by various organizations, including advertisers, PR agencies, and charities.
There are many sizes of agencies, with a range from two to hundreds of employees. They offer general or specialist consultancy.
There are also opportunities for the client-side where market researchers can work in commercial and industrial organizations such as pharmaceutical, retail, and manufacturing companies as well as advertising agencies or charities. These roles may include the coordination of research for the company and assisting with the development of marketing strategies.
Market researchers are also employed by government departments and research institutions.
Market Research Analyst Salary Scale
The average salary for market research analysts in the USA is $60,000 per year or $30.77 per hour. Entry-level positions start at $43,896 annually, while more experienced workers can earn up to $90,000.