There is an ever-growing need to ensure businesses can stand out from the crowd and convert customers into sales in today’s cutthroat marketplace.
To make this happen, companies need someone who can look at the market and determine customers’ trends and buying habits and how much they are willing to spend on the products they buy.
That is precisely the job of the Market Research Analyst.
Market Research Analyst Information
| Official Job Title: | Market Research Analyst |
| Average Salary: | $63,920 |
| Stress Level: | Above average |
| Work/ Life: | High |
| Job Satisfaction: | Average |
| Career Advancement: | High |
Market Research Analyst Job Description
What Is A Market Research Analyst
A Market Research Analyst is a person who determines the services and products a person is interested in buying and how much they will pay for them.
They also assist companies by breaking down and simplifying market data and detailing how they can apply it to impact sales.
What Does A Market Research Analyst Do On A Daily Basis?
A Market Research Analyst has many daily responsibilities.
These may include the following:
- Researching customer data and determining marketing strategies to reach the desired customer demographic
- Creating ways to collect data through customer outreach, like polling or surveys
- Determining if existing data collection techniques are effective and, if not, devising a new way to gather information
- Connecting with other marketing professionals and evaluating data
- Creating presentations depicting collected data
Responsibilities, Duties, and Roles Of A Market Research Analyst
As a Market Research Analyst, it is also your responsibility to provide your company with a detailed plan of how they can most effectively design and price their products.
You will also provide the best course of action for advertising and distribution.
It may be your duty to contact clients and explain the best course of action to promote sales.
You may also meet with analysis groups to discuss your findings and use them to determine the company’s next steps for product promotions.
Market Research Analysts constantly watch and gauge customer engagement with various products and use that data to design and price products accordingly.
Market Research Analyst Salary
Average Salary
Listed below are three examples of a Market Research Analyst’s average salary:
- Salary.com – $62,894
- Glassdoor.com – $70,663
- Indeed.com – $73,869
Starting Salary
Listed below are three examples of a Market Research Analyst’s starting salary:
- Salary.com – $59,555
- Glassdoor.com – $64,951
- Indeed.com – $59,606
Senior Salary
Listed below are four examples of a Market Research Analyst’s senior salary:
- Salary.com – $74,797
- Glassdoor.com – $110,000
- Indeed.com – $118,717
How To Become A Market Research Analyst
The Entry Level: Certification, Training, And Degree
If you are interested in becoming a Market Research Analyst, you must first obtain your Bachelor’s degree in marketing, business analytics, statistics, or a similar field.
Most companies require applicants to have between two to five years of practical experience working in a marketing field.
Although not always necessary to become a senior analyst, it is common for companies to require a Master’s degree.
You will also need an Insights Professional Certification or IPC.
You must pass the required test and have three years of experience working in the marketing field to obtain this.
To renew your IPC, you must re-apply every two years and accumulate twenty hours of continued education.
Other Skill Sets, Requirements, And Qualifications
As a Market Research Analyst, you must have a wide range of skill sets that you’ll use every day.
These include analyzing and understanding large amounts of data, attention to detail, and strong problem-solving and critical thinking skills.
You must also communicate effectively with others, interpret statistical data, and use corresponding software.
How Long Does It Take To Become A Market Research Analyst?
Becoming a Market Research Analyst can take six to ten years, depending on your education and experience level.
Is It Hard To Become A Market Research Analyst?
Yes, it is hard to become a Market Research Analyst.
You must have four to eight years of schooling, pass a strenuous certification, and complete multi-year work experience.
Market Research Analyst Career Paths
The Market Research Analyst Roadmap
If you want to become a Market Research Analyst, you will have to follow this roadmap for success.
You must first obtain your Bachelor’s degree in business analytics, statistics, psychology, marketing, or a similar field.
Once you’ve accomplished that, you can enter the workforce as a marketing assistant.
You must have two to five years of experience in the marketing field before applying for a Market Research Analyst job.
If you want to become a Senior Analyst, you must have a Master’s degree and take the Insights Professional Certification course.
If you pass the test and have acquired three years working as a Market Research Analyst, you can apply for a senior analyst position.
Projections For Growth In Market Research Analyst Jobs
There is a high growth projection in the Market Research Analyst field, with many companies expanding and requiring guidance on properly promoting their products to the public.
According to the Bureau of Labor Statistics, there is an expected 19% job growth through 2031.
In Summary: Is Market Research Analyst A Good Career?
Yes, being a Market Research Analyst is a terrific career with long-term growth opportunities.
If you enjoy a fast-paced working environment that requires you to use analytic skills, problem-solving, statistical knowledge, and consumer relations, then you will excel with this career path.
Working Conditions
Can A Market Research Analyst Work Remotely From Home?
Yes, as a Market Research Analyst, you can work remotely from home.
However, there may be instances where you will have to work in the office or conduct face-to-face meetings.
How Many Hours Does A Market Research Analyst Work?
It is not uncommon for a Market Research Analyst to work over a forty-hour week.
Working overtime is expected if there is a crucial deadline or a new product is about to launch.
Can A Market Research Analyst Work Part-Time?
Yes, there are part-time positions for Market Research Analysts, and some companies may also offer seasonal or contract basis jobs.
What Are The Average Vacation Days Of A Market Research Analyst?
Generally, with one year of work experience, you will receive eleven vacation days; with five years of experience, you will receive fifteen days.
With twenty years, you will receive seventeen to twenty days of paid vacation time.
Alternative Careers & Similar Jobs to a Market Research Analyst
- Budget Analyst
- Operations Analyst
- Data Analyst
- Business Analyst
- Sales Analyst
- Financial Analyst
- Product Manager
- Purchasing Manager
- Marketing Specialist
Market Research Analyst Resume Tips
When writing your resume, you can use a few tips to stand out from the crowd.
Firstly, make sure you list all your skills that are an asset to the position.
Don’t leave anything out since you never know which one will catch the hiring manager’s eye. Secondly, make sure you list all relevant work experience.
Even if you think something is insignificant, include it anyway.
Third, flaunt your achievements.
Don’t be afraid to show off your successes.
Lastly, make sure your resume is formatted in a way that makes sense and doesn’t look out of order.
Market Research Analyst Interview Questions
Q1: How do you feel when you encounter a problem you can’t immediately solve?
Why it works: Asking this question during an interview gives insight into how the candidate faces challenges and whether they can push through and find an answer or crumble under pressure.
Q2: Do you feel statistics are impartial, or do they show bias?
Why it works: Asking this question shows the candidate’s perspective on data collection and can offer insight into their ability to accept data that may differ from their preconceived opinion.
Q3: Do you feel people work better alone or as a team?
Why it works: Asking this question allows you to see the candidate’s openness to working with others and may show how they will handle differing opinions when in a group environment.
Jobs Related To Market Research Analyst
If you are interested in jobs similar to Market Research Analyst, here are a few options:
- Marketing Analyst
- Brand Strategist
- Content Marketing Manager
- Internet Marketing Specialist
- E-commerce Marketing Analyst
- Analyst Relations Specialist
- Product Research Analyst
- Digital Product Marketing Manager
For HR Manager: Tips For Hiring A Market Research Analyst
Key Characteristics To Look For In A Market Research Analyst
When looking at a Market Research Analyst’s characteristics, a few will help guarantee you hire the right person.
These include curiosity, imagination, analytical, patience, creativity, strong communication skills, and a strong work ethic.
Don’t be afraid to ask questions and see how they perform under pressure.
Minimum Level Of Education And Experience
A Bachelor’s degree and two years of work experience in the marketing field are the minimum requirements for an entry-level Market Research Analyst.
If you are looking for a senior analyst, they need a Master’s degree, Insights Professional Certification or IPC, and three years of practical work experience.
To maintain their IPC, they must renew it every two years and complete twenty hours of continued education.