Market Research Analyst

Industry:
Marketing
Last Updated:
July 20, 2023

Job Description Overview

A Market Research Analyst job description involves studying market conditions to help businesses understand what customers want and need. They gather data on consumer behaviors, trends, and preferences, analyze it, and then share their findings with their team. The Analyst helps businesses make strategic and informed decisions by identifying opportunities or threats in the market. 

On a typical day, the Analyst may use tools such as surveys, focus groups, and questionnaires to collect data from customers. They analyze this data to identify trends, patterns, and insights that can be used to develop marketing strategies that drive sales. They also create reports to share their findings with their team, as well as clients or stakeholders. 

To become a Market Research Analyst, a Bachelor’s degree in market research, statistics, business administration, or a related field is required. The Analyst should also have strong critical thinking, analytical, and communication skills. They should be able to work in a fast-paced environment and have excellent attention to detail.

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Job Duties and Responsibilities

• Collect and analyze data on market trends and competitors

• Develop surveys and questionnaires to gather feedback from customers

• Use statistical software to analyze and interpret data 

• Present findings and recommendations to management 

• Monitor and report on the effectiveness of marketing campaigns 

• Identify potential target markets and develop strategies to reach them 

• Collaborate with other departments, such as sales and product development 

• Stay current on industry trends and developments 

• Conduct focus groups and interviews with customers and stakeholders 

• Maintain a database of market research findings for future reference.

Experience and Education Requirements

If you want to become a Market Research Analyst in the Marketing industry, you'll need both education and experience. Usually, employers require a Bachelor's degree in marketing, statistics, or a related field. But having a Master's degree can give you an edge over other candidates. In addition to formal education, employers also look for candidates who have experience working in the field. You can gain experience through internships, volunteering, or working part-time jobs in market research. It's also helpful to have skills in data analysis, communication, and critical thinking. So, if you're interested in a career as a Market Research Analyst, start by getting the education and experience you need to succeed.

Salary Range

The average salary range for a Market Research Analyst in the Marketing industry in the United States is between $45,000 to $85,000 annually. However, this can vary depending on the location, experience level, and company size. For example, in San Francisco, the salary range can be higher, averaging around $65,000 to $130,000 due to the higher cost of living. In contrast, in smaller cities, the range may be lower, averaging around $40,000 to $70,000. Good data for other countries is limited, but in Canada, the range is around CAD $40,000 to $75,000. These figures are based on data from Glassdoor and Payscale.

Sources:

  • Glassdoor
  • Payscale 
  • SalaryExpert

Career Outlook

If you're interested in becoming a Market Research Analyst, you'll be happy to know that the job outlook for this field is positive. According to the United States Bureau of Labor Statistics, job growth for market research analysts is projected to be 18% from 2019 to 2029. This is much faster than the average for all occupations. 

This growth is attributed to the increasing demand for data analysis to inform business decisions. As companies become more data-focused, there will be a need for skilled analysts to handle this information. Market Research Analysts help businesses to identify market trends, understand customer behavior, and assess competition. Their valuable insights help companies to make informed decisions and stay ahead of their competitors.

Overall, the outlook for Market Research Analysts is promising. If you're interested in this career path, it's worth considering further education and training to set yourself apart from other job applicants.

Frequently Asked Questions (FAQ)

Q: What does a Market Research Analyst do?

A: As a Market Research Analyst, you collect and analyze data about target markets for products and services.

Q: What are the necessary qualifications for this job?

A: Generally, you'll need a bachelor's degree in marketing, statistics, or a related field, as well as knowledge of statistical analysis software.

Q: What skills are essential for this role?

A: Strong analytical skills, knowledge of data analysis software, and advanced communication skills are crucial for a Market Research Analyst.

Q: What types of companies employ Market Research Analysts?

A: Companies in various industries, including healthcare, finance, and consumer goods, employ Market Research Analysts to gain insights into target markets and improve their products and services.

Q: What kind of salary can you expect as a Market Research Analyst?

A: As of 2021, the average annual salary for a Market Research Analyst was around $67,000, though this can vary based on company size, location, and experience level.


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