How to Become a Market Research Analyst?

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Marketing excellence is the result of the right marketing decisions, and the right marketing decisions are made only if they are based on the right information. Market Research (MR) provides invaluable insight into consumer behavior, trends in the market, demand in the market, research on products/brands, channel performance, advertising impact, pricing decisions, promotional efforts and many other related activities.

These insights enable companies to better serve customers. When businesses have a thorough understanding of the industry as a whole, they are better able to design successful products and identify the types of customers who are most likely to buy those products at a given price. Some of the common MR techniques are surveys, in-depth interviews, panel discussions, focus group discussions, perception mapping, lifestyle studies, motivation research, and dissection of market statistics. MR experts also contribute a lot of knowledge in the field of competitor research and analysis.

Market researchers sometimes work as consultants for businesses. Some recent graduates join an organization’s marketing research, where they become an important part of the marketing department, spreading the word about the company’s goods.

Responsibilities of Market Research Analyst

While the specific responsibilities of a market analyst may vary slightly from one organization to the next, in general, they include the following:

Create and evaluate new information collection methods, such as surveys, polls, focus groups and questionnaires.
Run data through a statistical program.
Understand the data obtained using statistical tables and reports.
Make data-driven decisions about product releases, iterative changes, and marketing strategies using charts, graphs and other visual representations of information requested by executives and clients.
Help companies predict how well their products will perform by creating a detailed picture of the market and competitors.
Check how well the marketing campaign is performing.
Management consulting, scientific consulting, technical consulting, computer systems design, and the advertising/public relations industry are some of the most popular places where you will find vacancies for market research analysts.

Qualifications Needed To Start A Career As A Market Research Analyst

Finding work in this industry is easier for those with advanced degrees and credentials.

To work as a market research analyst, you will need at least a Bachelor’s degree in marketing, market research, statistics, computer science, mathematics, social science, business administration, communications, or a related field.

Managerial positions sometimes require a master’s degree in business administration (MBA) or a related field. Certification by the proper body is not required to demonstrate competence but is highly recommended.

Skills Required To Be A Successful Market Research Analyst

To succeed as a market research analyst, you must possess certain personality attributes as well as a specific academic background.

Having experience with Microsoft Office (ie, PowerPoint and Word) and statistical analysis software (such as SPSS, WinCross, SAS, or Market Sight) is beneficial for managing large amounts of data and presenting results visually.
Calculation and reasoning skills are essential for analyzing research data.
You should feel completely comfortable presenting your findings to management and other members of the internal team, and you should have no trouble doing so in front of an audience of strangers.
Multitasking skills mean you can work on multiple projects at once and get them all done on time.

You need good communication skills to work well with people at all levels of the organization, as well as with external clients and vendors.

Career Path For Market Research Analyst

The need for market research and data analysis is expected to increase by 18% from 2016 to 2029, so the job prospects for market research analysts are much brighter than for other occupations.

The current trend of using data to determine consumer preferences for products and services and to narrow marketing efforts to specific consumer niches is largely responsible for this anticipated growth. You will also have the opportunity to excel in emerging fields such as Neuromarketing, Semiotics, Prosumer Research, and others.

Want to advance your career as a Market Research Analyst?

The most common option is to work as a Senior Market Data Analyst and Market Research Manager. Most people who work in market research management move up to the levels of Chief Scientist, Chief Marketing Officer, and Chief of Consumer Insights.

Following are some of the interesting designations earned by successful market researchers–

Professional Business Intelligence and Market Research Analyst, Director of Business Intelligence, Director of Research, etc.

It is not uncommon for a Data Analyst to climb the corporate ladder and take on roles such as: Data Science Administrator, Expert in Data Science, and Experienced Data Analyst

If you’re fascinated by consumer behavior, statistics, and the business world, a career as a market research analyst may just be your cup of tea.

You must invest now because there has never been a better time to do so. Earning a degree in a field such as marketing, statistics, analytics, psychology, or business administration is the first step to becoming a market research analyst. This could be the first step in the right direction.

— Written by Prof. Anil Somani, Chair, FOSTIIMA Business School

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