Market research analysts, often referred to as market researchers, are there to help your company maintain or develop a competitive edge. They do so by finding and delivering data-backed insights into new markets, customer behavior, and competitors. They play a vital role in a company’s entire marketing strategy and are in demand in most industries. A fun fact is that according to the US Bureau of Labor Statistics, the job growth for a market research analyst will increase by 22% over the next few years.
With that said, you may be wondering what a market research analyst does and whether you, too, can do that job. Let’s now find out together.
What Does a Market Research Analyst Do?
Market research analysts spend their days looking at trending keywords, social media mentions, survey responses, and other types of data to find new insights. Essentially, their job is to take this raw information and turn it into actionable insights that will help an organization develop everything from innovative products to effective marketing campaigns.
That being said, each company has its own unique needs, and so responsibilities as a market research analyst may include things such as
- Using data modeling software
- Analyzing sets of data and communicating what was found
- Developing data collection tools and techniques
- Giving data-backed insights to the marketing team
- Conducting brand research and product testing
What Kind of Research Does a Market Research Analyst Conduct?
A market research analyst’s job is to conduct quantitative and qualitative research. In other words, his task is to collect statistical data and solicit responses about people’s opinions, experiences, and beliefs. That is why an analyst’s research may span over several different areas that we will take a look at below.
Primary and secondary customer research – everything from demographics to opinions – helps an organization develop better marketing and align its products and services to what its customers want and need. Market research analysts may also try to identify how businesses acquire, find, and retain customers while simultaneously avoiding the loss of customers.
As the company starts to develop new offerings such as products, services, and even ideas, market research about similar products, potential sales, and competitors can help a business better position for each launch. Market research analysts need to look into both new and existing markets, learning as much as possible so that they can deliver the best possible insights.
When it comes to strengthening their positions in the market, both new and existing companies rely on brand research. Conducting a competitive analysis helps a company see how its brand compares to brands of competitors. At the same time, it also helps a business learn more about its brand image and remain relevant over a more extended period of time. These findings can help market research analysts find insights into customer acquisition, retention, and loyalty.
Understanding how a company’s customers feel about its advertisement campaigns can help the company craft a better and more specific message that will make its campaigns more successful. A marketing analyst typically conducts this type of research; a market research analyst can take over the role at smaller companies.
What Kind of Education and Skills Do You Need to Have as a Market Research Analyst?
Most market research analyst jobs require a bachelor’s degree and some years of experience when it comes to education. You may also need to have a master’s degree for more senior-level jobs. Some of the majors that can help you prepare for a role as a research analyst include
- Business administration
When it comes to technical skills, as a market research analyst, you will need to have knowledge of quite a few things:
- Data collection tools: Market research analysts gather data from many sources, including social media platforms, audience insights, and keyword trends. Then they have to use different tools that enable them to analyze all the data and find insights.
- Statistical analysis: Any market research analyst needs to work with a ton of quantitative data, so it’s essential to know how to apply different statistical techniques to help group data into relevant findings.
- Data visualization: When a market research analyst has already collected relevant data, then it’s time to visualize it in an understandable way. Knowing how to use data analytics suites or data dashboards can help convey important findings to other teams.
- Programming languages: This skill is not always required; however, some companies do require a market research analyst to know at least one programming language, such as SQL, SAS, and SPPS, which helps with data interpretation and gathering.
Finally, a market research analyst needs to have some workplace skills:
- Interpretation: After gathering data, it’s vital to be able to interpret those findings in light of a company’s product and marketing needs.
- Critical thinking: Doing market research means knowing how to ask the right questions in order to be able to gather the best data, find the best insights from the data that already exists, and then apply them to a marketing strategy.
- Communication: Turning insights into recommendations that other teams can work with will help with your line of work. An ability to voice ideas clearly is a big asset in this role.
- Interviewing: A lot of market research analysts mainly rely on online surveys to get responses from customers, but in some companies, they’re also required to conduct customer interviews or focus groups. Talking to strangers and getting them to open up may be a vital skill.
Should You Look at Becoming a Market Research Analyst in 2022?
As already mentioned, it’s expected that the demand for market research analysts will only grow in the future and so developing yourself into one may turn out to be a very smart decision. Not only will you be able to find work easily, but you will also likely get the chance to work at terrific companies, which will only become better in the future (and that might happen thanks to your influence and ability to decipher data).
With that said, you should approach a career as a market research analyst as you would approach any other job. You have to remember to work on your craft constantly and to be ready to face setbacks (especially in the beginning). Hopefully, the information in this article and the insights we provide in the entire Camberlion blog will help you get a headstart in your career as a market research analyst.