Market research analysts conduct research, employ strategies and gather data to assist a company in marketing its products or services or to help the government to learn what the public thinks. They utilise various tactics, methods and digital tools (such as focus groups, statistical software and telephone polling) to gain insight into consumer demographics, buying habits, preferences and opinions.
Duties and responsibilities
- Conduct quantitative and qualitative research on consumer preferences and voter opinions
- Put together a research strategy to gage competition, prices, sales and industry trends
- Manage telephone survey, focus group, written study and in-person survey projects
- Gather findings, organise data and input information into a report, chart or white paper
- Translate data into actionable insight and recommendations for private enterprises
- Work with companies or public agencies to determine the purpose of the study and methods
- Follow industry statistics and market trends for internal reference for future clients
- Forecast market trends by utilising the data your firm collected from research studies
- Upload summaries of all kinds of information into internal databases
- Collaborate with other marketing professionals to devise plans
- Use various statistic software programs to help execute market research campaigns
- Return to past campaigns and measure the efficacy of these endeavours on a regular basis
Skills and knowledge
AVERAGE WORKING HOURS
Standard business hours
Market research analysts typically work 40 hours a week, from Monday to Friday. That said, they may be required to work evenings or weekends occasionally, such as when deadlines are tight or when a project-related event is unfolding.
The job will be mostly carried out in an office setting, but there may also be times when research needs to be conducted in the field.
Annual salary estimates are based on percentile wage data collected through the Occupational Employment Statistics (OES) survey of US workers.
Bachelor’s degree in market research
To become a market research analyst, you will need to complete a four-year bachelor’s degree in market research or a similar field, or in subjects like maths, statistics, business administration or computer science.
That said, some employers prefer candidates with a master’s degree, especially for leadership positions.
Certification is voluntary but can increase your job prospects.
With experience, you can advance your career to a leadership positions such as business development specialist, product marketing engineer, research director or client services vice president.