With many marketing careers becoming highly in-demand, many students are considering becoming a market research analyst. Market research is critical to companies looking to launch a new product. Executives understand this and hire market research analysts to do that job. The guide below will give an overview of the profession and why it is important in nearly every industry.
What They Do
Market research analysts primarily study markets to determine how well a service or product will sell. The role is essential because it gives company executives invaluable insight into the behavior and buying patterns of customers as well as overall demand for a certain product or service. These professionals often assist in the creation of marketing plans and work closely with the rest of a marketing department to form a company’s marketing strategy. Specific questions they look to answer include who will buy what kinds of products and at what price. Working on multiple projects at once and possibly working longer hours to meet deadlines are not uncommon in this profession.
A bachelor’s degree in marketing or a related field is required to get a job as a market research analyst. A background in business administration or communications is also acceptable. According to the Bureau of Labor Statistics, this occupation is expected to grow a whopping 19 percent through 2031, which is classified as much faster than average. While marketing jobs are popular and there may be competition for positions, a high demand for workers will likely result in good job opportunities for qualified candidates.
Skills They Use
A market research analyst needs to be able to collect and analyze data accurately and efficiently. They must be highly familiar with technology such as social media platforms, survey systems and statistical software. Tech skills and familiarity with digital marketing are essential to the position. Market research analysts who choose to work in a specific industry need to know everything there is to know about that industry, its history and the historical behavior of its customers. Market research analysts must be able to take complex data and information and parse it down into understandable language, graphs and charts that are easy for non-marketers to understand. They need to have good interpersonal skills in order to deliver their findings to company executives.
Where They Work
A market research analyst usually works for a private business as part of their in-house marketing department. They may also work for a dedicated marketing firm and therefore perform market research for many different companies. An experienced market research analyst may even be able to offer their services on a freelance basis to smaller businesses and startups that cannot afford to hire in-house marketing professionals but still understand the value of conducting market research. Some entrepreneurs may require the aid of a market researcher before they even create their company to ensure their business idea is viable. Market research analysts can work in any field because all industries have need of marketing services.
This job has multiple layers of responsibilities and thanks to an ever-changing market landscape it is unlikely to be boring. This is a position ideal for people who are good at conducting research and want to help businesses succeed in selling their products. A market research analyst undeniably plays a critical role in helping companies grow and better serve their customers.