Becoming a market research analyst is a challenging and rewarding career. To become a market research analyst, you will need to have a bachelor’s degree in business or marketing, with an emphasis on statistics and research methods. In addition to this, you should consider taking courses in computer programming as well as finance.
As a market research analyst, you will be responsible for working with clients to understand their business goals and develop strategies to help them achieve their objectives. You may also be required to conduct surveys or polls on behalf of clients. Market research analysts are typically employed by companies that provide services such as public opinion polling and market analysis for large corporations. They may also work for government agencies such as the Census Bureau or the Bureau of Labor Statistics.
How To Become Market Research Analyst
The primary responsibility of market research analysts is to help businesses communicate as effectively as possible with their target consumers. Market research analysts use data-driven strategies to determine a company’s customer base and how to most effectively sell them their products or services. If you are interested in marketing strategies, data analysis or consumer behavior, you might consider a future as a market research analyst. In this article, we discuss how to become a market research analyst, including the work experience, education and skills most sought-after by hiring managers for these positions.
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What is a market research analyst?
A market research analyst helps companies determine the target consumers for their goods or services. Market research analysts examine market trends in relation to their target audience’s shopping patterns and demographics to help advise companies on optimizing products, choosing their advertising channels and determining price points.
Marketing research involves gathering specific data about a company’s existing customers, current marketing conditions and the company’s existing competitors. Marketing analysis happens when this existing data is leveraged to make well-reasoned predictions about who would purchase a particular good, how to advertise the product to the target clients and what the pricing range should be. Market research analysts use both of these skills to create effective strategies for how to best market and sell a particular product.
Read more: Market Research: 5 Examples and Explanations
How to become a market research analyst
Here are some steps you can follow to start your career as a market research analyst:
1. Receive higher education in a related field
Many employers require market research analysts to have at least a bachelor’s degree in an area such as marketing. A marketing degree helps potential marketing research analysts learn about marketing principles, consumer behavior patterns, macroeconomics and business communications.
Some marketing research analysts prefer to earn degrees in social sciences, such as psychology or business administration, in order to better understand consumer habits. Other marketing research analysts study mathematics or computer science to gain more technical knowledge of data and economics.
Those interested in higher-level or managerial market research analyst positions might be interested in pursuing a master’s degree. Some universities offer graduate programs specifically in marketing research and analysis. A Master of Business Administration (MBA) might also be a useful degree in obtaining a leadership role as a market research analyst.
Related: A Guide To Marketing Degrees
2. Gain foundational work experience
Most market research analyst jobs are not entry-level positions. Companies generally prefer to hire market research analysts with experience in the marketing industry. Consider working first as a marketing research intern, marketing assistant, account representative or another related position that can provide you with knowledge of the industry and become a more competitive applicant for market research analyst jobs.
Read more: 10 Entry-Level Marketing Jobs To Jump-Start Your Career
3. Obtain certifications
Certifications can help prove your competency in market research analysis to prospective employers. However, as with the majority of market research analysis jobs, most of these certifications require previous experience in the marketing industry.
One of the most common certifications among market research analysts is the Professional Researcher Certification (PRC). Prospective market research analysts obtain the PRC by taking the Marketing Research Association (MRA) exam. Qualifying applicants must have finished 12 hours of courses and worked in the marketing field for at least three years.
Market research analyst skills
Below are some important skills for a market research analyst:
Communication
Market research analysts should be able to interact with both coworkers and clients in a coherent, amiable and professional manner. Those interested in becoming market research analysts should consider developing their communication skills, both oral and written. Most market research analysts excel at listening closely to the needs of their clients and at communicating how their marketing strategies can help address those needs.
Critical thinking
Prospective market research analysts should become proficient at collecting data on and evaluating market trends, customer behaviors, sales records and other information that can help them advise companies on engaging with target consumers. Market research analysts should be comfortable sorting through large volumes of data, finding the relevant data points and leveraging that data into marketing strategies.
As market research analysis involves qualitative and quantitative data, anyone interested in this profession should focus on developing critical thinking skills for both types of data. For example, it would be helpful to become skilled at understanding algorithms related to interpreting data, as well as reviewing studies related to human behavior.
Read more: How To Develop Critical Thinking Skills
Computer skills
If you want to increase your chances of getting a job as a market research analyst, consider gaining experience with commonly used workplace programs such as Microsoft Office. These types of programs can help you effectively display your market research analysis to companies and consumers. Hiring managers also often look for candidates with experience in statistical software platforms such as SPSS, Market Sight, WinCross or SAS. These programs aid with not only categorizing data but also creating visual images to communicate the data findings more clearly to others.
Organization
Companies often look for market research analysts with strong organizational skills. Market research analysts generally need to be able to work on multiple tasks for various projects at the same time. Prospective market research analysts may want to develop their abilities to manage time effectively and to multitask.
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Market research analyst salary and job outlook
Here’s some information about what the job market looks like for this profession:
Market research analyst salary
According to the U.S. Bureau of Labor Statistics, market research analysts make an average of $63,790 per year. Your salary as a market research analyst may vary based on factors such as your previous marketing experience, geographical location and education.
Learn more: Average Salary in the U.S. According To States and Other Factors
Projected growth of market research analysts
The Bureau of Labor Statistics expects to increase 18% by 2029, which is much faster than the national average. This is due to many factors such as the growing use of data analysis in marketing. Companies often need the expertise of a market research analyst to gather, interpret and leverage that data into effective marketing strategies.
