Market research analyst assist their clients in determining who their customers are, what they want, and how much they’ll pay for it. Traditional approaches such as focus groups and surveys, as well as modern technologies, are used by analysts to obtain these results.
Let us discover Career as Market Research Analyst!
Who is a Market Research Analyst?
A Market Study Analyst use her or his professional abilities to analyse and understand data in order to make recommendations and develop strategies based on the findings of the research. Market Research Analysts’ recommendations to businesses are critical in the creation, development, and promotion of a design. She or he analyses potential sales of a service or product by assisting businesses in understanding demographics.
Responsibilities
- Market research analysts collect data on consumers and market place and then consolidate information into actionable items and reports.
- They have an understanding of business objectives that helps in designing surveys for discovering prospective customers’ preferences.
- Market research analysts also compile and analyze statistical data using modern and traditional methods to collect it. Moreover, they also perform a SWOT analysis.
- They perform tasks like interpreting data, formulating reports, and making recommendations. Further, they also provide a competitive analysis of various companies’ market offerings and identify market trends.
- Lastly, they also evaluate program methodology and key data for ensuring that data on the releases are accurate and the angle of the release is correct.
Eligibility
A bachelor’s degree in marketing, market research, statistics, computer science, math, social sciences, business administration, or communications is often required of market research analysts. Although an MBA or other higher education is not needed for leadership jobs, it is frequently preferred. Certifications are optional, however they are strongly advised because they help to establish professional competency.
Types of Job Roles
Given below are the job roles that a Market Research Analyst will have to play in her/ his career –
Data Analyst – A Data Analyst collects and analyses obtained data in order to assist businesses and organisations in making better business decisions.
Business Analyst – A Business Analyst is responsible for obtaining, documenting, and analysing a company’s needs and requirements. They design technology solutions to solve challenging commercial problems.
Project manager – A project manager (PM) is in charge of planning, implementing, directing, and monitoring an entire project. Because a project manager is always part of a team, candidates must be able to work well with others.
Financial Analyst – A financial analyst gathers financial data and researches microeconomic and macroeconomic situations in order to give recommendations to a company. They develop investment strategies to help a company’s portfolio grow.
Research Coordinator – A research coordinator is responsible for overseeing the activities of their research team.
Skills Required
Analytical abilities – Analysts in market research must be able to comprehend enormous amounts of data and information.
Communication abilities – When obtaining information, evaluating data, and presenting results to clients, market research analysts require great communication skills.
Skills in critical thinking – Market research analysts must evaluate all available data to determine which marketing approach will perform best for a company.
Detail Oriented – Because they generally undertake accurate data analysis, market research analysts must be detail-oriented.
Market Demand and Average Salary
Market research analyst job opportunities are predicted to rise by 23% from 2016 to 2026, substantially faster than the average for all occupations, according to the US Bureau of Labor Statistics. This expected rise is primarily due to trends toward leveraging data to better understand consumer preferences for products and services, as well as to focus marketing to specific customer niches. This is a full-time position that is usually available during regular business hours. Due to looming deadlines and high business volume, some overtime may be required.
Salaries differ depending on the company and sector. Those in the publishing industry are often the highest paid, although only by a little margin over those in management.
- $63,120 ($30.35/hour) is the median annual salary.
- Annual Salary in the Top 10%: More than $121,080 ($58.21/hour)
- Annual Salary in the Bottom 10%: Less than $34,310 ($16.49/hour)
Resources for role of a Market Research Analyst
Before you can become an expert in desired areas, you must first build a solid base. Before you can move on to practical teaching, you’ll need to have the right applied skills. To gain a full understanding of the domain, you can use the following tools:
- Firstly, Online Tutorials for Market Research Analyst
- MBA in Research or any other allied field
- Also, Certification Courses from verified sources such as Vskills, Coursera, Udemy and so on.
- In addition, Online communities
- Moreover, Blogs and study material from experts in this field and many more.
Here are some examples of how you can improve your abilities:
- Freelancing
- Internships
- Apprenticeship programs
The above steps will help you to get this domain started. It’s a long way to go, however. You can take an advanced course to reach a new level of skills.
Some resources offered by Vskills
Vskills offer Market Research Analyst certification for all those interested in working in this field. This certification course covers the following topics –
- Marketing Research
- Marketing Research Process
- Scientific Method and Research Design
- Research and Data Objectives
- Research Communication
- Primary Data Collection
- Secondary Data Collection
- Sampling and Hypothesis
- Data Processing and Analysis
- Multivariate Data Analysis
- Forecasting Methods
- Presentation and Report writing
- Ethical Issues in Marketing Research
- Sales Analysis and Forecasting
- Advertising Research
- Market Segmentation and Brand Positioning
- Export Marketing Research
Vskills also offers free practice tests and online tutorials to supplement the learning process. You can check them by clicking on the following links –
Discover the career opportunities and other prospects of career as Market Research Analyst. Hurry up and start preparing now with Vskills.in!
