What is a Market researcher?
Market researchers are responsible for analysing data and information to help business clients to make the correct and informed decisions.
This will be a mix of both quantitative and qualitative data. Usually, market researchers are employed by large agencies, particularly marketing, where work is carried out for a portfolio of clients across different industries. However, sometimes market researchers can be employed directly by a company, where they will collect information on customer experience, opinion and trends.
Responsibilities
In general, your responsibilities as a market researcher will include:
- Meeting and negotiating with clients to agree on research projects
- Preparing project briefs and commissioning research
- Formulating plans or proposals to present to clients or senior management
- Writing and managing the distribution of surveys and questionnaires
- Briefing interviewers and researchers
- Managing survey staff and ensuring data quality
- Moderating focus groups to gather qualitative data.
Note that specific responsibilities may vary depending on whether you work for a market research agency or client-side.
Salary
Typical starting salaries for market researchers are between £20,000 to £25,000.
Once you gain more experience, your salary can rise to £25,000 to £35,000. More senior market researchers can earn between £40,000 to £70,000+. You may also be eligible for additional benefits such as bonus packages and perks, including life insurance, medical insurance and gym memberships.
- In-house researchers generally work regular office hours, 9am to 5pm
- Some late nights or weekend work may be required to meet project deadlines
- Qualitative researchers may need to work evenings and weekends to contact respondents
- Career breaks and secondments may be possible, particularly for those working for larger client-side organisations.
Market researchers may work primarily from a desk, but some travel nationally and internationally to visit clients and complete research. With significant experience, self-employment or freelance work may be possible, usually after around ten years of experience and a good network of contacts.
Short-term contracts for more senior market research roles can be found through recruitment agencies. This is a challenging and rewarding role that can be fast-paced and high-pressure due to tight deadlines. Competition for jobs is strong, and speculative approaches may be more successful than relying on advertised vacancies. Consider applying for market research assistant roles as a first step.
Qualifications
Potential candidates interested in pursuing a career in market research are generally expected to have a degree and possess skills in communication and analysis. For those interested in quantitative research, degrees in subjects such as Business or Management, Economics, Mathematics, and Statistics are useful. For those interested in qualitative research, having a degree in Anthropology, Geography, Psychology, Social Sciences, or Sociology is helpful. Although degrees in Marketing, English, and Languages are also useful, employers often accept a variety of degrees.
Skills
must have skills:
To succeed in this field, you will need to demonstrate the following skills and qualities:
- Strong interpersonal skills, including excellent written and verbal communication
- Solid analytical and numerical abilities
- Meticulous attention to detail and a high level of accuracy
- Initiative and self-motivation
- Exceptional organizational skills
- Awareness of business practices and industry trends
- Creativity and the ability to solve problems
- Teamwork and negotiation skills
- Flexibility and a strong work ethic
- Proficiency in using technology and software tools
- A genuine interest in psychology and understanding human behaviour.
Work experience
Prior experience in areas such as research, statistical data analysis, and interview techniques can be beneficial for entering the field of market research. You can gain relevant work experience through work placements, shadowing, or volunteering. Many market research agencies offer structured placement opportunities to help you gain experience in the field.
Employers
You will typically find employment within a market research agency or consultancy, which work with various organizations including businesses, advertising and PR agencies, government bodies, and charities. As a market researcher, you will be able to work on numerous research projects that are commissioned by these organizations. Market research agencies can vary in size from small, with just a couple of employees, to large firms with hundreds of employees, and many of them are located in and around London.
You also have the option to work client-side, where you will work directly within an organization such as a manufacturing, pharmaceutical or retail company. In this case, you may be responsible for coordinating research activities on behalf of the company rather than conducting research yourself.
During your employment, you will be provided with on the job training, with support from more experienced colleagues. If you have been to university some larger urgencies will have graduate training schemes which usually run for two years. External courses are also available that are specifically designed for those seeking a career in market research.
Progression in market research can be fairly quick, with many working their way up to senior positions within two or three years of entry. Promotions will be based on performance, professional qualifications, experience and specialism. You’ll often progress to research executive, before moving on to senior researcher and finally advancing to the role of account director.You will also be responsible for all communication with clients, presenting your work, as well as project and team management.
Related Courses
Undergraduate related courses:
- BA(Hons) Business with Entrepreneurship
- BA(Hons) Business Management
- BA(Hons) Business Studies
Postgraduate related courses:
Students of the MSc in Project Management programme will gain an understanding of current issues in project management through engaging with contemporary theory and case studies. Over the course of three terms (1-year, full time), students will develop their critical thinking, problem-solving and analysis skills through a range of compulsory modules and electives. Available modules include change management and leadership, strategic management and sustainability, and professional practice. Studying these modules allows students to gain a clear insight into the practicalities of project management in different industries and prepare them for a career in this field.
- MSc Accounting and Finance
- MSc Management with Enterprise and Business Growth
- MSc Management with International Business and Development
FAQ Summary
Market researchers are responsible for analysing data and information to help business clients to make the correct and informed decisions. This will be a mix of both quantitative and qualitative data.
Typical starting salaries for market researchers are between £20,000 to £25,000. Once you gain more experience your salary can rise to £25,000 to £35,000. More senior market researchers can earn between £40,000 to £70,000+.
The expectation is that candidates wanting to go into market research will have a degree and will possess skills such as communication and analysis.
