How to become A Market Research Analyst

As a growing number of companies depend on market analysis and statistical data to make informed decisions and carry out successful strategies, Market Research Analysts have become indispensable across various industries.

• Business Director
• Marketing Specialist
• Research Analyst
• Sales Agent

What do Market Research Analysts do?

A Market Research Analyst would typically need to:

• Identify potential markets and factors influencing demand; collect and analyse consumer profiles, desires, needs, and purchasing behaviours
• Monitor marketing and sales trends; understand business objectives; make recommendations to clients
• Gather information about competitors' costs, revenue, marketing strategies, and distribution channels; catalogue findings
• Communicate and collaborate with marketing professionals, statisticians, and supervisors and provide them with information; meet with clients to negotiate on research projects
• Formulate plans, proposals, and briefs; research data on consumer demographics, preferences, needs, and buying habits; moderate focus groups; monitor the progress of research projects Conduct surveys; brief interviewers; analyse data using SWOT analysis; interpret data to determine supply & demand, potential markets, and competition; evaluate the methods used to gather data(::)
• Present the results to clients using graphs and charts; evaluate the effectiveness of marketing strategies; assess consumer satisfaction
• Use statistical software; convert data to tables and graphs; set up functions; store and maintain information; process information; keep up-to-date with information processed
• Remain commercially aware; attend conferences; implement best practises; establish long-range objectives

Marketing research agencies and consultancies are typically located in and around commercial hubs. Market Research Analysts are usually desk-based, but some national and international travel might be necessary to visit clients and complete their research. You may work alone or with a multi-talented team.

In-house and quantitative Market Research Analysts usually work full time during regular business hours; project deadlines may necessitate occasional evening or weekend work.

Qualitative researchers often have to work evenings and weekends to have better contact with their respondents. Client-side roles may necessitate career breaks and secondments.

Market Research Analysts are typically employed by specialist firms or consultancies that oversee research projects commissioned by various businesses and industries. Direct jobs with such companies are uncommon.

You may be hired directly by a corporation (known as client-side) to gather data on consumer opinions, expenditure, and marketing patterns operating in manufacturing, pharmaceutical, and retail firms, as well as advertising agencies and charities.

Senior market analysts have the upper hand where short-term contracts are concerned.

Market Research Analysts are generally employed by:

• Advertising Agencies
• Charitable Organisations
• Government Agencies
• Marketing Research Agencies
• Marketing Research Consultancies
• Manufacturing Companies
• Pharmaceutical Companies
• Retail Companies
• Research Institutions

Professional associations and organisations are a crucial resource for Market Research Analysts interested in pursuing professional development. The Marketing Research Association (MRA) is a professional society for those involved or concerned with marketing and opinion research.

Joining such an organisation will provide you with the needed tools and connections for the job. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• Intense pressure due to tight deadlines in a fast-paced work environment
• An overwhelming amount of data makes it challenging to find relevant information quickly
• Manually scanned and collected data may be of poor quality
• Ability to market one’s unique value and novel contribution in comparison to competitors
• Increase in expectations of clients due to complex business dynamics
• Staying tuned to changing technological developments

It would be advantageous to have prior experience in science, statistical data analysis, and interview techniques. Job placements, shadowing, and volunteering are good ways to gain valuable work experience, and many market research firms offer formal placement opportunities.

As in any career, reading as much as possible about the profession and interviewing those working in market research analysis are other important ways to explore your interest.

Prospective Market Research Analysts must have a bachelor’s degree in statistics, marketing, market research, math, computer science, business administration, or a related field. Ensure the program includes required courses in statistics, research methods, marketing, communications in addition to social sciences, such as economics and consumer behaviour.

A master’s degree in market research, statistics and marketing, or business administration is not essential but proves invaluable when applying for leadership or technical research positions.

Specialist industrial market research posts may require a degree in a specific subject linked to the industry, such as engineering or science. An understanding and knowledge of specialist statistical software may give candidates an edge in particular fields.

Certification is optional but strongly recommended because it shows professional competency typically through work experience, training, passing an examination, or some combination of the three.

Candidates who demonstrate expertise, have at least three years of work experience, complete twelve hours of industry-related courses and pass an accredited examination are eligible for the Professional Researcher Certification (PRC).

Performance, experience, specialism and acquisition of professional qualifications drive career progression. Generally, career progression in market research can be relatively rapid; most Market Research Analysts may advance to a more senior post within two or three years of entry.

You will often progress to Research Executive before becoming a Senior Researcher and finally advancing to the role of Account Director. Responsibility for client contact, presentations, and project and team management increase with seniority, often with a corresponding decrease in the level of fieldwork undertaken.

With significant expertise in your area of specialism, you may progress to working as a Research Practitioner, either independently or in a partnership.

The rapid growth of international business and developments in information technology has created worldwide opportunities in this field.You may also want to consider setting up your consultancy or working as a freelancer, but this will only be possible after you obtain substantial experience and have a good contacts list.

Market Research Analysts with a master’s degree in market research, marketing, statistics, or business administration have the best job prospects. A solid quantitative background in statistical and data analysis or related work experience will also prove helpful.

Once hired, most training is provided informally, on the job, with support from more experienced colleagues. Various companies run in-house training courses and offer qualifications at different levels.

Continuing Professional Development (CPD) can be gained through webinars and online training in questionnaire design and business skills too. It would provide a range of events and networking opportunities specifically designed for new and young researchers. There are also various customised external courses available in statistics, marketing, social research, survey design and quantitative data analysis.

More experienced Market Research Analysts who are progressing to senior roles should get a Diploma in Market and Social Research Practice to progress to a new specialism. Usually, candidates must complete 20 hours of industry-related courses every two years to renew the certification.

Gain about ten years of work experience before seeking to market yourself as an independent consultant.

The Right Fit

A career as a Market Research Analyst is the right fit for you if you are a confident person who excels at data analysis and can handle the pressure of communicating large volumes of data.

Tools of the Trade

Market Research Analysts evaluate data with the help of statistical techniques and software. They present their research findings through charts, graphs, infographics, and other visual aids.

Quantitative vs Qualitative Analysis

Market Research Analysts may specialise in providing clients with quantitative analysis. It entails dealing with numbers and percentages and can produce quick results. Those who focus on qualitative research examine peoples’ views and may reveal the explanations behind those percentages. Qualitative analysis is a lengthier process and can take years to complete.

Potential Pros & Cons of Freelancing vs Full-Time Employment

Freelancing Market Research Analysts have more flexible work schedules and locations. They have full ownership of the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort and risk.

A full-time Market Research Analyst, on the other hand, has company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

Knowledge of SQL, a language used to communicate with databases to gather information, shows a 16% increase in the salaries of Market Research Analysts.

When companies struggle to keep up with the competition and find new ways to reach their customers, they turn to Market Research Analysts to help them make better business decisions.

More than just data analysis is required of Market Research Analysts. They must also be able to write, tell stories, think critically, and communicate with others.