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July 31, 2024
Market research analysts pore over trending keywords, survey responses, social media mentions, and more to understand markets, customers, and competitors. Learn more about this high-demand role.
Market research analysts—sometimes called market researchers—help companies develop or maintain a competitive edge by finding and delivering data-backed insights into potential markets, competitors, and even customer behavior.
They’re an integral part of a company’s overall marketing strategy and are in demand across multiple industries. Look at the role of a market research analyst and what you can expect working in the field.
Market research analytics is the process of extracting information about target markets, customers, and marketing efforts through data visualization tools in order to generate valuable business insights and report on obtained results in an effective way. It has that specificity to be focused on real market feedback.
In simple words, Market research analytics means looking at data to learn what your customers and the market are saying. It's like taking a close look at your customers, what they want, and how your marketing is doing, and then showing the results in an easy-to-understand way to help your business.
Market research analysts help companies understand target markets. They do this through in-depth studies of data from market trends, market conditions, consumer buying behaviors, and other related metrics.
Here are some responsibilities of a Market Research Analyst:
Data analysis involves collecting data through surveys, interviews, and online research, employing tools like web analytics and social media monitoring. The Analyst conducts the process of data analysis and data visualization to identify patterns and trends and present their findings to stakeholders in comprehensive reports and presentations.
Analysts evaluate the market's size, potential for growth, and competitive landscape. This information helps organizations make informed decisions about entering or expanding in a market.
Understanding consumer behavior is essential. Market research analysts track buying habits, preferences, and trends to help organizations tailor their products and marketing strategies.
They assess competitors' strengths and weaknesses, identifying opportunities and threats in the marketplace. This information guides organizations in refining their strategies.
Analysts play an essential role in helping organizations develop marketing, pricing, and product strategies. They also provide guidance on product development and market positioning.
In India, the average salary for a Market Research Analyst varies based on experience and location. Entry-level analysts typically earn around ₹3.5 lakhs per year, while those with mid-level experience (4-9 years) can expect around ₹5-7 lakhs annually. Senior Market Research Analysts, with over 10 years of experience, can earn between ₹8 lakhs and ₹10.5 lakhs annually. The highest salaries in the field can reach up to ₹12.2 lakhs per year, particularly in top companies or specialized roles.(According to Talent Website)
In order to become a Market research analyst, You'll need strong analytical skills, attention to detail, and excellent communication abilities. You should be a pro at data analysis and have a grab on spotting trends.
Let's get started with a complete comprehensive guide to become one in 2024.
Start with a bachelor's degree in marketing and business administration. Each one provides unique insights into consumer behaviour and preferences. Marketing covers business theories and consumer behavior. Business administration delves into finance, law, and stats.
To qualify for higher-level positions, market research analysts should consider pursuing a master’s degree. There are degrees that focus specifically on market research analysis related fields, such as marketing, market research, or data analytics; however, professionals may also choose to earn a Master of Business Administration (MBA).
As a market research analyst, you'll need strong analytical skills, attention to detail, and excellent communication abilities. You should be a pro at data analysis and have a grab on spotting trends. Plus, staying up-to-date with industry knowledge is key to your success.
Technical skills for market research analysts include proficiency in Excel for managing tabular data, SQL for database queries, and knowledge of tools like SAS, SPSS, Python, or R for handling both structured and unstructured data. Additionally, expertise in dashboarding tools such as Tableau, PowerBI, Qlikview, or Plotly is also valuable in this role.
Market research analysts should develop proficiency in Data processing which involves tasks like gathering, organizing, and cleaning data to make it useful and accurate.
Statistical skills like understanding Mean (average), Median (middle value), and Standard Deviation (variation) help in making sense of the data. These concepts help in summarizing and interpreting information effectively.
For a Market Research Analyst, these skills are like tools in their toolbox, helping them draw meaningful conclusions from the data they work with.
Step 3: Understand Market Research Analytics
Now focus on understanding market research analysis by either taking a course or reading books and learn how to interpret data to drive marketing strategies and decision-making.
Learning Resources
Step 4: Get proficient in Marketing Research Tools
Marketing research tools help businesses understand their target market and gather feedback and determine how the consumers feel about the company's products or services. Here is a list of some commonly used marketing tools:
These tools play a vital role in data collection and decision-making for marketing professionals.
Step 5: Build On-the-Job Experience
Before you become a full-fledged market research analyst, spend a few years gaining experience. Roles like marketing assistant or account representative can be useful. This practical experience not only opens up better job prospects but also helps with certifications.
Step 6: Apply for job
Try applying for internships, volunteering, or entry-level jobs in market research. This practical experience helps you understand how markets function, the issues they face, and how to analyze market data effectively.
You can easily find jobs, internships on the following sites:
Step 7: Build a Network
Building a network in the market research industry involves attending relevant events, joining online groups and associations, seeking mentorship, collaborating with peers, and staying informed about industry trends. These steps help you connect with professionals, share knowledge, and stay updated on market research developments, facilitating career growth and opportunities in the field.
Conclusion
In summary, becoming a market research analyst in 2024 involves a clear roadmap. Start with the right education, develop essential skills in data analysis and statistics, and get hands-on experience. Understand market research analytics and the tools of the trade. Building a network is crucial for career growth. With dedication and continuous learning, you can build a successful career in this dynamic field.
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