How To Become A Market Research Analyst
A market research analyst studies business and economic trends. They study what people are buying, what trends are happening at the moment, and what market conditions are. They bring this data to business owners in order to create products and services that customers will enjoy. This career involves a high degree of education and experience, including understanding of math, research, statistics, and computer science.
Why Become a Market Research Analyst
It takes a lot of work to run a business. Business owners are responsible for delivering products and services that customers will enjoy. Sometimes it can seem like a guessing game trying to figure out what customers will purchase. Luckily, today’s technology makes it possible for market research analysts to understand the market conditions. Market research analysts are able to know what customers have purchased in the past; what services and products are most successful; what the biggest competitors are; what market trends are and what will likely be a trend in the future.
Market research analysts monitor sales trends. They look at the marketing campaigns of a business and measure their effectiveness. They send out surveys to customers, and gather data. They write reports and present their findings to teams within the business, who use these findings to make more effective business strategies. Businesses may use this information to develop better products and services, change their pricing, create a new advertising campaign, and more.
Market Research Analyst should possess the following qualities and skills:
- Research skills
- Attention to detail
- Enjoys data
- Computer literacy
- Business mindset
Market Research Analyst Work Environment
Market research analysts work in an office environment. Their job often involves working with computers and other technology, looking at data and trying to understand market trends. This job involves a high degree of computer literary. Market research analysts work alongside a group of other people inside of the business. Together they come up with an effective business strategy, based on the data collected. This job is typically full time with regular hours.
Market Research Analyst Salary
The median annual salary for a market research analyst was $62,560 in 2016, according to the United States Bureau of Labor Statistics.
Like many careers, the industry that a person is employed in determines the salary that one has. People who work in finance and insurance tend to make higher salaries, approximately $70,000 per year. Those who choose to work as consultants for other companies tend to make lower salaries, about $58,000 annually. It is important to think about which industry you would like to work in and how that will affect your salary. Market research analyst who have more experience and education may make a higher salary.
Market Research Analyst Career Outlook
Employment for market research analysts is expected to grow by 19 percent from 2014 to 2024. This is much faster growth than other occupations within the United States.
Companies want to make good business decisions. They want to develop good marketing strategies in order to get more customers, increase sales, and grow their business. New technology makes it possible for market research analysts to understand how to attract customers to a business. Analysts can look at data and see what products and services sell the best, and which do not sell well. This data helps companies create new products and services that will attract new customers and make their current customers happier. Market research analysts are an important part of businesses because they help companies create effective business strategies.
Market Research Analyst Degree
If you would like to become a market research analyst, read below for more information.
Step 1: Undergraduate degree. The first thing you will need to become a market research analyst is a bachelor’s degree. Choose from programs such as marketing, business, economics, statistics, or another related field. Courses in math, business, computer science, statistics, research methods, and marketing will help you in your understanding of this occupation. These programs will give you a strong foundation and help you understand if being a market research analyst is the right field for you. It takes four years to earn your bachelor’s degree.
Step 2: Graduate school. You can find entry-level positions as a market research analyst with a bachelor’s degree. It is not required to have graduate education for this career. Many people choose to pursue a master’s degree because it opens them up to more career opportunities and higher salaries. You can receive a Master’s of Business Administration (MBA) or a master’s in marketing research, statistics, or a related field. It takes two years to receive a master’s degree in this field.
Step 3: Certification. The Marketing Research Association offers a professional researcher certification (PRC) for market research analysts. In order to qualify for this certification, you must have at least three years of experience working as a market research analyst. You can then take an exam administered by the association. Certification is given upon successfully passing the exam.