Investing in market research analysts is integral to a company’s marketing strategies. From pouring over social media trends, consumer behavior, key trending words, or surveys, these professionals gather information to help companies grow. And given the highly competitive nature of today’s markets, such analysts are becoming more critical than ever, making a career in the field lucrative and stable. If you’re new in this field, let us discuss what skills you need and why you should consider a long-term career.
Why Choose a Career in Market Research
The global marketing industry is worth $1.7 trillion, and the average salary is $76,080 annually. As businesses continue to invest in market research for long-term growth, the job pays well without layoff risks.
As a market research analyst, you will collect, compile and analyze data on consumers, competitors, conditions, and new markets to help companies understand what people want, and identify effective marketing strategies.
You can work in-house with a single company and market their products or with an agency, where you will manage the marketing portfolios of various clients. The two mainstreams of market research that you can opt for are:
- Quantitative market research: Here, you’ll deal with number-based results and statistics, allowing organizations to make better decisions. Data analysis can let you prove or disprove hypotheses, get industry insight, discover trends, and test relationships.
- Qualitative market research: You can opt for this approach for problems that require context-rich insights. It lets you understand customer behavior by generating in-depth information through interviews or focus group discussions.
A third approach, hybrid market research or mixed method research, combines qualitative and quantitative methods, such as in prediction market research.
Succeeding as Marketing Research Analyst
Here is how you can succeed in a market research analysis career.
- Understand the Skills a Marketing Research Analyst Need
Before you apply, you need to know what you offer. You need a combination of soft and hard skills:
- Communication skills: Gathering and interpreting data and presenting them to the client in an easy-to-understand manner
- Analytical skills: Process quantitative and qualitative data and be accurate
- Computer skills: Work with different software programs
- Organizational skills: Timely completion of tasks and ensuring successful communication between team members
- Knowledge of multiple marketing strategies: Suggest the best campaigns and strategies to your clients.
- Pursue Higher Education in Related Fields and Gain Work Experience
Most employers require you to have a bachelor’s degree in marketing, business, and communications. However, getting a masters in applied statistics or marketing can develop your skills for the job market and allow you to opt for higher administrative positions, such as director roles.
With applied statistics, you can learn skills in demand such as data analysis, probability theory, forecasting, and more and increase your earning potential and job security. You may need to work as a marketing research intern or assistant to gain experience and industry knowledge to apply, as you may not find entry-level positions.
- Prepare for Your Interview
Thoroughly prepare for your interview by researching questions and preparing solid answers; ask questions and develop bold ideas to make yourself stand out. Here are some questions you can prepare for:
- Describe your experience with statistics and how it links to this role.
- Describe how you should communicate research outcomes to clients.
- Have you persuaded management not to release particular products because of your research? How?
- How would you improve your strategy if a product isn’t marketed well?
Research the company thoroughly: go beyond reading the company website, talk to employees, understand the work culture and skills they require, and ensure your resume matches the hiring managers’ expectations.
The first step is knowing what you want and working hard to reach the position. Research, hone your skills, and prepare thoroughly for the interview. The field continues to grow, and there is a demand for workers and professionals. Be bold and set yourself apart; the job is yours.