Marketing excellence is the result of sound marketing decisions, and sound marketing decisions are only made if they are founded on accurate information. Market research (MR) provides invaluable insights into consumer behaviour, market trends, market demand, product/brand research, channel performance, the impact of advertising, pricing decisions, promotional efforts, and many other related activities.
These insights enable the company to better serve its customers. Businesses that have a thorough understanding of the industry as a whole are better able to design successful products and identify the types of customers who are most likely to purchase those products at a given price. Some of the common MR techniques are surveys, in-depth interviews, panel discussions, focus group discussions, perceptual mapping, lifestyle study, motivational research, and statistical dissection of the market . The MR experts also contribute a wealth of knowledge in the areas of competitor research and analysis.
Market researchers sometimes work as consultants for businesses. Some new pass-outs join the marketing research of an organization, where they become an important part of the marketing department, spreading the word about the company’s wares.
Responsibilities of a market research analyst
Although a market analyst’s specific responsibilities may vary slightly from one organization to the next, in general, they include the following:
● Create and evaluate novel methods of information gathering, such as surveys, polls, focus groups, and questionnaires.
● Run the data through a statistical program.
● Make sense of the acquired data using statistical tables and reports.
● Make data-driven decisions regarding product releases, iterative changes, and marketing strategies with the use of charts, graphs, and other visual representations of
information requested by executives and clients.
● Help companies predict how well their products will do by creating a detailed picture of the market and the competitors.
● Check how well marketing campaigns are doing.
● The management consulting, scientific consulting, technical consulting, computer systems design, and advertising/public relations industries are some of the most
popular places where you’ll find openings for market research analysts.
Qualification required to start a career as market research analyst
Those with advanced degrees and credentials have an easier time finding work in this industry.
A Bachelor’s degree in marketing, market research, statistics, computer science, mathematics, the social sciences, business administration, communications, or a related
field is required to work as a market research analyst.
A master’s degree in business administration (MBA) or a related field is sometimes required for managerial positions. Certification by an appropriate body is not required but strongly encouraged to demonstrate competence.
Skills required
To succeed as a market research analyst, you will need to have specific personality attributes and also specialized academic background.
● Having experience with Microsoft Office (viz., 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 analysing research data.
● You should feel completely at ease presenting your findings to management and other internal team members, and you should have no trouble doing so in front of an
audience of strangers.
● Multitasking skills mean you can take on several projects at once and complete them all on time.
You need excellent communication skills to work well with people at all levels of the organisation, as well as with external clients and vendors.
Career path for market research analyst
Market research and data analysis are expected to grow by 18% between 2016 and 2029, making the job outlook for market research analysts much brighter than that of other l occupations.
This anticipated growth is largely due to the current trend of using data to determine consumer preferences for products and services and to narrow marketing efforts to specific consumer niches. You will also have the opportunity to excel in emerging fields such as Neuromarketing, Semiotics, and Prosumer Research, to name a few.
