Market Research Analytics
|Quick Facts: Market Research Analysts|
|2017 Median Pay||$63,230 per year
$30.40 per hour
|Typical Entry-Level Education||Bachelor's degree|
|Work Experience in a Related Occupation||None|
|Number of Jobs, 2016||595,400|
|Job Outlook, 2016-26||23% (Much faster than average)|
|Employment Change, 2016-26||138,300|
Join Nextstep Career Mentorship Programs in Market Research Analytics with our partners:
Equity Communications - Pleasantville, NJ
Market Research Analytics Career, Salary and Education Information
What Market Research Analysts Do
Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
Market research analytics
Duties of market research analysts
Market research analysts typically do the following:
Monitor and forecast marketing and sales trends
Measure the effectiveness of marketing programs and strategies
Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
Gather data on consumers, competitors, and market conditions
Analyze data using statistical software
Convert complex data and findings into understandable tables, graphs, and written reports
Prepare reports and present results to clients and management
Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.
Analysts help determine a company’s position in the marketplace by researching their competitors and analyzing their prices, sales, and marketing methods. Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions.
Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.
Workers who design and conduct surveys are known as survey researchers.
Work Environment for Market Research Analysts
Market research analysts held about 595,400 jobs in 2016. The largest employers of market research analysts were as follows:
Management, scientific, and technical consulting services: 12%
Finance and insurance: 10%
Wholesale trade: 9%
Management of companies and enterprises: 8%
Publishing industries (except Internet): 3%
Because most industries use market research, these analysts are employed throughout the economy.
Market research analysts can work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts may work with graphic designers and artists to create charts, graphs, and infographics summarizing the research and findings.
Most market research analysts work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work.
How to Become a Market Research Analyst
Most market research analysts need at least a bachelor’s degree. Some research positions may require a master’s degree. Strong math and analytical skills are essential.
Market research analysts typically need a bachelor’s degree in market research or a related field. Many have degrees in fields such as statistics, math, or computer science. Others have backgrounds in business administration, the social sciences, or communications.
Courses in statistics, research methods, and marketing are essential for these workers. Courses in communications and social sciences, such as economics or consumer behavior, are also important.
Some market research analyst jobs require a master’s degree. Several schools offer graduate programs in marketing research, but many analysts complete degrees in other fields, such as statistics and marketing, and/or earn a master’s degree in business administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research.
Licenses, Certifications, and Registrations
Certification is voluntary, but analysts may pursue certification to demonstrate a level of professional competency. The Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts. Candidates qualify on the basis of experience and knowledge; they must pass an exam, have at least 3 years working in opinion and marketing research, and complete 12 hours of industry-related education courses. Individuals must complete 20 hours of industry-related continuing education courses every 2 years to renew their certification.
Analytical skills. Market research analysts must be able to understand large amounts of data and information.
Communication skills. Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients.
Critical-thinking skills. To determine what marketing strategy would work best for a company, market research analysts must assess all available information.
Detail oriented. Market research analysts must be detail oriented because they often do precise data analysis.
salaries for Market Research Analysts
The median annual wage for market research analysts was $63,230 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $34,510, and the highest 10 percent earned more than $122,770.
In May 2017, the median annual wages for market research analysts in the top industries in which they worked were as follows:
Publishing industries (except Internet): $73,070
Management of companies and enterprises: $72,680
Finance and insurance: $71,190
Wholesale trade: $60,890
Management, scientific, and technical consulting services: $60,800
Job Outlook for market research analysts
Employment of market research analysts is projected to grow 23 percent from 2016 to 2026, much faster than the average for all occupations. Employment growth will be driven by an increasing use of data and market research across all industries. They will be needed to help understand the needs and wants of customers, measure the effectiveness of marketing and business strategies, and identify the factors affecting product demand.
Market research provides companies and organizations with an opportunity to increase sales and cut costs. Companies increasingly use research on consumer behavior to develop improved marketing strategies. By doing so, companies are better able to market directly to their target population.
Job prospects should be best for those with a master’s degree in market research, marketing, statistics, or business administration. Those with a strong quantitative background in statistical and data analysis or related work experience will have better job opportunities than those without it.
Employment projections data for Market Research Analysts, 2016-2026:
Employment, 2016: 595,400
Projected Employment, 2026: 733,700
Change, 2016-2026: +23%, +138,300
Careers Related to market research analysts
Advertising, promotions, and marketing managers plan programs to generate interest in products or services. They work with art directors, sales agents, and financial staff members.
Cost estimators collect and analyze data in order to estimate the time, money, materials, and labor required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular product or industry.
Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.
Mathematicians and statisticians analyze data and apply mathematical and statistical techniques to help solve real-world problems in business, engineering, healthcare, or other fields.
Operations research analysts use advanced mathematical and analytical methods to help organizations investigate complex issues, identify and solve problems, and make better decisions.
Public relations specialists create and maintain a favorable public image for the organization they represent. They craft media releases and develop social media programs to shape public perception of their organization and to increase awareness of its work and goals.
Survey researchers design and conduct surveys and analyze data. Surveys are used to collect factual data, such as employment and salary information, or to ask questions in order to understand people’s opinions, preferences, beliefs, or desires.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Market Research Analysts,
on the Internet at https://www.bls.gov/ooh/business-and-financial/market-research-analysts.htm