What is a Market Research Analyst?
Market Research Analysts assist brands and businesses in determining which products and services are in high demand, which demographics make up their target audience, and how much their target audience is ready to pay for their product or services.
This data may assist companies in making educated decisions regarding their offers, marketing tactics, and sales approaches in order to get the best possible outcomes. Market Research Analysts employ a range of tests, analytics, data collecting, and statistical tools to forecast the success of a product or service, track sales patterns, and assess the effectiveness of marketing efforts. Companies are increasingly depending on data and research to successfully target customers. Increased business revenues result from the capacity to contact the correct consumers as a result of more successful marketing and advertising methods. This makes the job role of a Market Research Analyst crucial for any business striving to succeed in today’s market. If you have a passion for understanding marketing research, statistical data, and human psychology, a career as a Market Research Analyst might be an excellent choice for you.
Responsibilities
Market Research Analysts’ daily activities and responsibilities might vary depending on the company that they work for and their specific field of business, however they often involve the following:
- Evaluating the efficacy of marketing initiatives and sales techniques.
- Developing and disseminating data collection methods such as surveys and opinion polls.
- Assessing the findings of surveys and polls
- Conducting research to ascertain the likelihood of a product or service’s success.
- Tracking and anticipating sales trends
- Coordinating with marketing and sales divisions to establish promotional goals.
- Conducting competitor research and evaluating the effectiveness of their strategies.
- Compiling and assessing consumer data using software.
- Determining consumer preferences
- Providing guidance on product design, promotion, and packaging.
Salary
Salaries for Market Research Analysts vary due to the large variety of job roles offered in a number of industries. Not only does pay differ by industry, but also by geography. Furthermore, your income will be affected by your degree of seniority or experience.
The salary for a Market Research Analyst in the UK ranges from £22,000 to £60,000. In comparison Market Research Analysts in London earn between £23,000 and £68,000 with the average salary of £39,318.
Working hours and work location
Market Research Analysts frequently operate in an office or business setting. Market Research Analysts often work full-time, 37-39 hours a week, while specific job demands, such as time-sensitive marketing initiatives, may necessitate overtime. You may also attend industry events like conferences and seminars to further your education and network with other industry experts.
What to expect
As a Market Research Analyst, you may be required to collaborate closely with sales and marketing teams, as well as engage often with high-level management and executives. Market Research Analysts do research and data collection to assist a firm in marketing its products or services. They collect information on customer demographics, preferences, requirements, and purchasing habits. Interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature studies are some of the methods they use to acquire data and information. Market Research Analysts aid in determining a company’s market position by studying and evaluating rivals’ prices, sales, and marketing tactics. They can use this information to identify future markets, product demand, and price. Because they understand the target consumer, they can create advertising brochures and commercials, sales strategy, and product promotions. Many of your activities as a Market Research Analyst will need you to work on computers and do administrative tasks, so you should be prepared to sit for extended amounts of time. Statistical tools and software are used by Market Research Analysts to analyse data. They must analyse the data in terms of what it means for their customer and may foresee future trends. To communicate the findings of their study, they frequently create charts, graphs, infographics, and other visual aids.
Qualifications
A bachelor’s degree in market research or a similar discipline is often required for Market Research Analysts. Many of them have degrees in statistics, maths, or computer science. Others have degrees in business, administration, social sciences, or communication. These courses give vital knowledge and training to aspiring Market Research Analysts in order for them to be successful in their career. To qualify for higher-level positions, Market Research Analysts should consider pursuing a master’s degree. Apart from providing you with the opportunity of landing a higher-level position, a master’s degree will have a positive effect when it comes to your salary and it will make your employment process much faster.
Skills
Several skills and competences may be useful in your job as a Market Research Analyst, including:
must have skills:
- Analytical skills- Many of Market Research Analysts’ jobs include evaluating data and statistics to increase the performance of marketing operations. It is critical to be able to properly evaluate charts, graphs, and other statistical data in order to flourish in this job.
- Advanced understanding of marketing strategies- As a Market Research Analyst, it is critical to gain advanced knowledge of marketing strategies. You may use this knowledge to develop successful plans and give vital insight to brands or businesses in order to assist them enhance their marketing efforts and reach their promotional objectives.
- Advanced communication skills- As a Market Research Analyst, you must be able to successfully interact with your coworkers. This may assist you in understanding your organisation’s promotional and sales goals, developing successful marketing strategies, communicating the progress or success of campaigns, and collaborating with other departments to reach common goals.
- Organisational skills– As a Market Research Analyst, you may be responsible for monitoring various campaigns and working with multiple persons or departments at the same time. It is critical to have great organising abilities in order to complete each of your assignments on time and to promote successful, proactive communication among team members.
- Reading comprehension: As a Market Research Analyst, you will most likely be required to read and analyse a range of papers and data. Having a high degree of reading comprehension will help you appraise market surveys, consumer data, and sales research, which can help you succeed in this sector.
- Computer skills: As a Market Research Analyst, you may need to utilise a range of tools to fulfil your job. Advanced computer abilities might help you traverse sophisticated software applications for data collecting and analysis more successfully.
Work experience
While certification is not required in this sector, it may provide you with the chance to further your training and distinguish yourself from the competition. The Market Research Society (MRS) is the professional association for research, insight, and analytics in the United Kingdom, and they offer several Market Research and Analysis foundation courses and certificates. The MRS Certificate in Market Research (MRS Certificate) will provide you with essential understanding of market research, which will allow you to assist businesses and public sector organisations in making feasible and suitable decisions.
A few years of industry experience in a capacity such as marketing assistant or account representative is normally required for advancement to the post of Market Research Analyst. You can gain that experience through apprenticeships, internships or volunteer work. This background facilitates access to further work prospects, such as becoming a Market Research Analyst, as well as qualifying for certain qualifications.
Career prospects
The career opportunities for aspiring Market Research Analysts are countless.
Read more: What Can I Do With A Leadership Degree?
Starting out in market research will teach you fast how to comprehend customers and clients – their motivations, goals, and how their actions impact the prospective strategy of all sorts of firms, large and small, in a variety of industries. Market research experience is essential for entrepreneurship, communications, and company strategy. Because of its consultative character, it might be an excellent starting point for transitioning into a consultancy business. As a result, you may be headhunted to work at a consultancy or even for one of your clients in-house, analysing insights, views, and statistics on consumer behaviour. All of the big businesses, from newspapers and publishers to high-street and worldwide names, have in-house individuals in similar positions, and your abilities will be in great demand. You might simply want to move across completely into a different type of role that uses the skills and qualities you’ve developed. Many people move into positions in marketing, PR, communications, business, and management from market research – it’s really a case of seeing what’s out there and deciding which direction you want to go in.
Furthermore, you may find yourself specialising in digital statistics and research, and therefore your next step may be a tech start-up, consulting, or even a digital agency. If you opt to stay with a market research business, the career ladder might be fairly broad. If you have the drive and ambition to work hard as a graduate, you can advance fast to senior level within two years, and management level within four years, depending on the business. Typically, it might take 10 years to reach a managerial level, but unlike other businesses, there isn’t as much of a time constraint, which benefits the bright, proactive, and motivated.
Some of the Market Research Analyst job roles include:
- Market researcher
- Marketing Expert
- Forecaster of Marketing
- Marketing Analysts
- Marketing advisor
- Marketing and Research Analyst
- Market Research Expert
With experience, you could progress into management, or become a self-employed market research consultant.
Related Courses
The MBA with Leadership program at the University of West Scotland’s London campus is an excellent opportunity to develop your leadership career by acquiring a solid academic foundation. This one-year, full-time program is designed for graduates with prior business or managerial experience who wish to further their careers and take on leadership responsibilities.
Other related courses
FAQ Summary
Market Research Analysts assist brands and businesses in determining which products and services are in high demand, which demographics make up their target audience, and how much their target audience is ready to pay for their product or services.
The salary for a Market Research Analyst in the UK ranges from £22,000 to £60,000.
A bachelor’s degree in market research or a similar discipline is often required for Market Research Analysts.
