Market Research Analyst - Career Information

Market Research Analyst - Career InformationMarket Research Analyst - Career InformationMarket research analysts help companies figure out what to sell, to whom to market their products and services, and how to promote them. To help them make these decisions, they design surveys that discover potential customers preferences. These marketing professionalsthen train and supervise interviewers who conduct the surveys online, by telephone, or through in-person interviews with individuals or focus groups. Quick Facts Market research analysts earn amedian annual salaryof $63,230(2017).595,400 people are employed in this occupation (2016).They work in a variety of industries. Many do market research for their employerswhile others work for consulting firms that specialize in providing this service to other companies.Most market research analysts work full-time during regular business hours. Overtime is common.The job outlookfor this occupation is excellent. The U.S. Bureau of Labor Stat istics predicts that employment will grow much faster than the average for all occupations between 2016 and2026, and thus classifies it as a Bright Outlook Occupation. Job Duties and Responsibilities Job announcements on Indeed.com revealed market research analysts typically have the following job duties Manages all aspects of marketing research projects including identifying objectives, designing methodology, creating questionnaires or polls, implementing, and analyzing research and reporting resultsCollaborates with cross-functional marketing and product management teams to establish and refine business cases that support the offering definition, revenue forecast, business case, and go-to-market value caseTranslates data into summaries and analysis with conclusions that deliver on objectives and support proactive insights and recommendations Uploads summaries of critical information identified to company database, and ensures the data is readily available to all parteies with in the companyAnalyze existing data and incorporate into marketing strategy How To Become a Market Research Analyst If you want to become a market research analyst, you will need to earn at least a bachelors degree in marketing research or a related discipline like statistics or math. Regardless of what degree you decide to pursue, your coursework should include business, marketing, statistics, mathematics, and survey design. Some jobs may require a masters degree. What Soft Skills Do You Need? To be successful as a marketing research analyst, you must have specificsoftskills,which are personal qualities you were born with or acquired through life experience. They are Verbal Communication Excellent speaking skills will allow you to present the results of your research to clients and colleagues.Listening Strong listening skills are essential to understanding your clients needs and the scope of the projects on which you are working.Writing You must be able to present written r eports of your research.Reading Comprehension You will have to be able to understand a large number of documents, including research reports and survey responses.Critical Thinking As a marketing research analyst, you will have to decide between different strategies to market products. Your ability to compare and contrast different approaches to make an educated decision is essential. Problem Solving You must be able to detect problems, and come up with solutions.Analytical Skills Your research will yield a lot of data that you must be able to analyze, understand, and from which you must draw conclusions. This part of your job will also require you to be detail oriented. Advancement Opportunities After getting experience assisting more seasoned market research analysts, your employer will assign you to your own projects. To advance to a position with greater responsibility, you will have to take continuing education courses. This will allow you to keep up with the newest methods of developing, conducting, and analyzing surveys and other data. An advanced degree can help open up more opportunities. What Will Employers Expect From You? Employers indicate their requirements in job announcements on Indeed.com. They prefer job candidates with the following qualifications Ability to learn quickly and willingness to help out wherever neededExpertise with Excel, PowerPoint, and Office related softwareAbility to articulate complex concepts into language that can be understood by business partnersProven ability to manage multiple projectsMaintain a high level of flexibility and adaptability, reacting to changes and delivering solid results with the appropriate level of urgency at all timesStrong project management, prioritization, and organizational skills Is This Career a Good Fit for You? Conduct a self assessment to find out if yourinterests,personality type, andwork-related valuesare compatible with this career. Market research analysts should have the f ollowing traits Interests(Holland Code) IEC(Investigative, Enterprising, Conventional)Personality Type(MBTI PersonalityTypes) ENFP, ENTJ, INTJ, ENTP, INTPWork-Related Values Achievement, Support, Working Conditions Take a Quiz Should You Become a Market Research Analyst? Occupations With Related Activities and Tasks DescriptionAnnual Salary (2016)Educational RequirementsBuyerBuys goods and services for a business or organization$53,340Bachelors degree in business, finance, or supply managementFundraiserRaises money for organizations through events and fundraising campaigns$54,130Bachelors degreeManagement AnalystConsults with businesses to improve their efficiency or increase profits$81,330MBALogisticianHelp companies manage their supply chains (the process of getting goods to customers)$74,170Bachelors degree in business, systems engineering, or supply chain management Sources Bureau of Labor Statistics, U.S. Department of Labor,Occupational Outlook Handbook Employment and Trai ning Administration, U.S. Department of Labor,O*NETOnline(visited April 9, 2018).