The market research analyst job is a relatively new one, but it’s growing in popularity. If you’re interested in entering the world of market research, this is a great place to start. The market research analysts jobs entail a lot of different tasks and responsibilities. The main thing that all companies want from their market research analysts is information. They want to know what products their customers want and how they can improve their business to better serve them.
A key part of this job is analyzing data collected from surveys, focus groups, and customer interviews. So, that companies can make informed decisions about whether or not they should change something about their product or service.
This article will cover what market research analysts do and explore some of the industries where these analysts can put their skills to work.
What Do Market Research Analysts Do?
Market research analysts work to understand and interpret the needs of a customer base, which can be done using several different tools. They conduct surveys, interview customers, and do a market analysis to determine what products are needed in the marketplace. Market research analysts also look at competitors’ products and services, as well as consumer trends that affect the market.
They then use this information to create reports and presentations for decision-makers within their organizations. These reports can include product recommendations based on consumer needs or suggestions on how to improve marketing campaigns based on consumer feedback.
Market research analysts spend most of their time working with spreadsheets and databases, so they must be comfortable with numbers. They also need excellent organizational skills because they have to keep track of all the information they collect from different sources.
There are many different types of market research analyst jobs, from those that only require a bachelor’s degree to those that require advanced degrees. The type of degree and level of experience required will determine the salary range for each job title.
As market research is used by virtually every sector, these analysts may be found working in just about any economy. The vast majority of analysts put in 40 hours a week in the office.
In May 2021, a market researcher might expect to earn a median salary of $63,920. From 2021-2031, jobs for market research analysts are expected to expand by 19%, much faster than the average for all occupations.
As per BLS, they expect that there will be a total of around 99,800 new jobs available annually for market research analysts over the next decade. Many of these vacancies will arise as a direct result of people leaving their current industries for new ones or retiring.
Market Research Analyst Job Responsibilities
Market research analyst performs many different tasks within their role. The duties of a market research analyst vary depending on the size of the company, the industry, and the specific job description. Some things that an analyst may be responsible for include:
- Use data to understand how consumers behave and make buying decisions
- Analyze customer data to improve sales and marketing efforts
- Use data mining techniques to identify patterns in consumer behavior
- Conduct surveys focus groups, and interviews to get feedback from customers and potential customers about their preferences and needs.
- Write reports based on the data collected
- Analyzing competitors’ strengths and weaknesses to develop strategies for beating them at their own game
- Recommend changes in product pricing based on sales trends
Skills For Market Research Analysts
The following skills can help market research analysts succeed in doing their market research analysts jobs:
· Research Skills
Market research analysts must be able to collect data from multiple sources and organize it into an understandable format that makes sense for their audience — whether it’s another employee at the company or a client who needs information before deciding on a product or service.
Market research analysts need to be able to tell stories with data. They must have an eye for trends and patterns that would be interesting for others to read about or hear about. This can require a high level of storytelling skill, as well as the ability to find the right kind of data that will support those stories.
· Composing Memos
Market researchers often create memos about their findings for their managers or clients. They may also need to compose presentations for their bosses or clients based on their findings from the field. These memos and presentations need to be easy for others to understand, even if they aren’t familiar with the topic being discussed by the analyst.
· Software Skills
Market research analysts need to have strong technical skills in the analysis of data and presentation. This means they should have a firm grasp of statistics and the ability to use software such as Excel, SPSS, and Access. They must be able to make use of various data research analysis tools like speak.ai.
Scope Of Market Research Analysts
Market research analysts’ jobs are in demand in a variety of industries, including consumer goods, healthcare and pharmaceuticals, technology, retail, financial services, telecommunications, and more.
· Analytical Thinking
Market research analysts must be able to analyze large amounts of data to draw conclusions and make recommendations. They may also have to identify trends in the data and predict what they mean for future sales.
· Communication Skills
Market research analysts often work with clients on their projects, so they need strong communication skills to explain their findings clearly and answer questions in a way that doesn’t confuse or frustrate the client.
In the consumer goods industry, market research analysts conduct studies to identify consumer preferences and purchase behaviors. They analyze consumer data to help companies understand what products are being bought and how they can be improved. Market research analysts also help determine pricing strategies for new products or services.
Market research analysts employed by healthcare providers and pharmaceutical companies use their skills to help develop new drugs and improve existing ones. They gather data from surveys or focus groups that help these companies decide what types of treatments will be most effective for specific patient populations. Market research analysts might also track sales trends for various medications so that doctors can make informed decisions about which drugs to prescribe for different conditions.
Technology firms employ market research analysts to study the needs of their customers. These professionals track emerging technologies and trends in the marketplace so that their employers can stay ahead of the competition by developing products that appeal to consumers’ growing interests in smartphones, laptops, and other devices. They also help advertisers reach target audiences using social media platforms such as Facebook or Twitter.
The finance industry employs many Market Research Analysts who are responsible for gathering information about consumers’ financial habits, such as how much they spend on goods or services and what information they require when deciding whether or not to purchase something.
The manufacturing industry is another important sector where you can find jobs as a market research analyst. Manufacturing firms use market research information to increase sales, decrease costs and improve quality control measures across their supply chain networks. They also use this information to reach new markets through advertising campaigns or trade shows.
Market research analyst jobs are a great fit for people who like working with data and enjoy analyzing trends to make decisions. The scope of Market Research Analysts is broad and growing in complexity, but the skills required to succeed in this field are not. The most important qualities you need are the ability to understand people, the ability to communicate your findings clearly, and the ability to learn quickly.
As long as you have those qualities, there are plenty of ways for you to grow your career as a Market Research Analyst. You could specialize in one area or another or work for a specific company or industry. You could even work with AI platforms like Speak Ai that help you analyze data so that you can provide better insights to businesses.
Therefore, you must join 7000+ individuals and teams relying on Speak Ai to create dependable data analysis for their companies. Start your free trial or book a demo to automatically analyze language data, unlock easier ways to earn revenue, and keep doing what you love.