Market research analyst is professions having communication and data analysis skill. They study market conditions to examine the potential sales of various products. They have to gather information from as well present information to the clients. They help companies to understand competitor’s activities and customers demand.
Market research analyst have to study the performance of a particular product or service and in order to do so they have to interpret data, prepare report and based on the findings, make recommendations. The price of the product is determined based on the marketing research.
Market research analysts work with the client to understand the business objective. They apply qualitative as well as quantitative techniques to interpret the data.
Responsibilities of a market research analyst includes communicating with the clients with a view to understand and document the business objective, formulating of analysis plans, designing of questionnaires, moderation to make sure that the necessary data is captured, conducting in-depth analysis employing various methods, authoring reports with recommended actions, making presentations if needed.
As such there is no specific degree requires to work as a market research analyst, a bachelor’s degree is preferred. A bachelor in marketing, statistics, computer science and business administration, mathematics can take a career in this field. You can also take courses in social sciences which help you understand consumer psychology and economics.
An internship done in a market research as a student is a very good way to gain some experience in the marketing field. Another way to learn marketing research techniques as a student is that you can work as a survey taker. You need to develop good quantitative abilities and have to be detail oriented.
To be successful as a marketing research analyst, you need to develop some important skills. You have to sift through large amounts of data and have to work out data connections and current trends. You also need to be skilled at developing analysis strategies andpresenting data analysis results to clients
It will also be of advantage if understand how to work with sales, marketing and business departments. Some of the general abilities desired in marketing research analysts are very good communication and presentation skills, knowledge of computers and various analytical tools, ability to work individually or as a team member, multi-tasking skills, organizational skill etc.
You can also consider getting the Professional Researcher Certification (PRC) from the Marketing Research Association (MRA). In order to qualify to appear for the PRC examination, you are required to have at least three years of experience in a related field.
The written exam covers topics such as research and legal aspects, designing of questionnaire, qualitative and quantitative techniques, analytical skills, design, report writing, government affairs, research methodologies, ethics of the profession etc.Every two years, you have to renew your certification by completing and submitting 20 continuing education hours.
Experience of 3 to 5 years, within the custom Market Research industry, powerful analytical and critical thinking skills, expertise in presentation software and SPSS/SAS will pave a way for a very challenging career as a marketing research analyst.
Pros and Cons of a Marketing Research Analyst Career
A job of amarketing research analyst does have its pros and cons. It is a very lucrative job and you can make decent earning. There are various opportunities in many industries. It is avery challenging and creative field to work with. If you have aptitude towards research and like to work with voluminous data, you will enjoy your work.
Many a times it is very stressful to work as a market research analyst. You have to meet deadlines and might need to work overtime. There is a very tough competition for the job among candidates having bachelor’s degree. Lots work is done on the computer, and for that you might have to work in solitude.
Your research may be used to determine future pricing and sales. Even after your data analysis is implemented, you may be required to monitor continued sales statistics and consumer response to make additional marketing campaign adjustments.
Salary and Career Outlook
Marketing research analyst professionals do make good earning. The median income of a marketing research analyst is about $60,000. The top 10% professional gets salary up to $113,000. Now-a-days, most of the companies rely on market research in order to survive in the competitive market. According to the BLS report, it is expected the number of jobs will increase by 2020.
If you are interested in a career in the marketing field and have aptitude to do data analysis and research work, you can think of career as a marketing research analyst. You also get good salary and of coursethe comforts in life!