The world has become digitized, as people are hyper-connected while industries use cutting-edge technology to improve customer service. New tech has made every sector more efficient and consumer-friendly.
Companies can analyze their growth rates and make strategic decisions based on predictions. Therefore, employers need people who can use these tools to help them highlight problem areas by analyzing customer data. Market research analysts help organizations shape their marketing strategies. But how do they do that?
Imagine you just completed an online purchase. Suddenly, you see a pop-up telling you about a 10 percent discount for completing a survey. You click on the button, answer a few questions, and then you are done. However, your short answers have just helped a market researcher begin his work. The analyst collects all the answers and uses software to get statistical data from the participants. Then, they interpret the data and make reasonable assumptions about it.
Most companies are gearing up their marketing campaigns to attract customers. Furthermore, the consumer marketplace is ever-evolving. So, businesses are looking for new ways to engage customers. Therefore, the demand for market research analysts is high. There is a lot of scope for market research graduates, and this article will help you explore all you need to know about market research analyst career path options available in the industry.
What are the primary responsibilities of market analysts?
While every sector has a different role for market researchers, some duties are similar.
- Analysts collect information from various sources. They use surveys, focus groups, and opinion polls to get feedback about products.
- Analysts organize the data into reports, graphs, and pie charts. They analyze the data and then interpret it with statistical software. The visual aids help others understand the information quickly.
- The visual aids help executives make decisions about the company. Organizations can use the information to predict consumer reactions.
A job in the marketing research sector is very lucrative. Graduates can earn up to 15,000 dollars. However, the pay scale depends on the experience and degree of the candidate.
Applicants with graduate-level degrees and 15 to 20 years of experience are in the top 10 percent earners.
Salaries may also vary depending upon the industry and employer. According to the Bureau of Labor Statistics, people in the publishing sector are the highest-paid.
Everyone has become aware of the significance of online marketing in the past few years. So, firms are looking for experts in marketing research. There is a trend to target the market according to a niche. Furthermore, the demand for market research analysts will increase because of increased digitalization.
According to BLS, job opportunities will grow by 18 percent by 2029.
The market analyst sector is diverse. Graduates can work in any industry, whether it is retail or construction. Furthermore, employees can choose to work alone or in a team.
Which skills can help you improve your resume?
Market analysts require diverse skills and competencies. However, a few skills are vital for a career in marketing.
- Computer skills: Analysts should know how to use Microsoft Office and PowerPoint. Furthermore, analysts have to analyze a lot of data. So, they should know how to use statistical software platforms. Tools such as SPSS and Market Sight can help users create visual trends and while sorting data.
- Math and analytical skills: These skills are necessary for a position in market research. Users can investigate issues, detect patterns, brainstorm, and integrate new information.
- Confidence: Analysts have to communicate with teams. Therefore, they must have the confidence to speak to strangers and motivate others.
- Multitasking: All jobs require multitasking because modern employees do not have the luxury to focus on one thing. Employees should know how to juggle different things and prioritize critical responsibilities. However, workers must pay equal attention to all their duties. They must know how to balance several things.
- Interpersonal skills: Employees also require analytical communication skills to discuss patterns. Workers must hone their soft skills to succeed in the marketing sector. Analysts have to lead teams and collaborate with several people to analyze information. Therefore, a good analyst should also understand his colleagues. He must be emotionally intelligent and empathetic. They also have to negotiate with executives.
Education and experience
Like other careers, advanced degrees and experience can help workers land better jobs.
Most market research analysts have a bachelor’s degree in marketing or market research. Some employees have degrees in related fields such as statistics, computer, math, or business administration.
Furthermore, a graduate-level degree such as an MBA can help workers get a leadership position. Certifications can also help employees improve their competency and help them climb the career ladder.
Employers prefer to hire analysts they know. Therefore, analysts should build their connections. They must join professional organizations like the American Marketing Association to gain an edge over other candidates.
Plus, workers should maintain relationships with former colleagues because they may become their future clients. Mentorship programs can help employers get better opportunities and hone their skills.
New technology is changing the world of marketing. Therefore, analysts should stay in touch with all the changes in the field. Analysts can set Google Alerts on related topics. However, they should subscribe to authoritative publications such as the Harvard Business Review.
Market research analysts require a diverse skill set. This emerging field is fast becoming a lucrative career option for young students. However, employees with graduate-level degrees will get executive-level positions and better salaries.