Career As a Market Research Analyst: Skills, Salary and Scope

Market-Research-Analyst

Market research analysts’ focuses on how to market products and services as expected.

The objective of market analyst is to help the organisation by analysing the needs of the consumers. They take consumers preferences to provide solutions to the organisation. The solutions include: marketing, advertising and promotion of products and services.

They look out on conditions in the market with regards to products and services. They examine the costs and benefits of products in the market.

These are the people who consult customers and note their reviews regarding their use.

Market research analysts hold around 680,000+ jobs. They have very high chance of getting employment according to bureau of labor statistics, USA.

Source - Bureau of Labor Statistics, USA
Duties-of-a-Market-Research-Analyst

Market analysers work with anyone in the company to meet the requirements. Be it artists or research analysts, they analyses the data and help organisation market, advertise and sell products and services.

You must have gotten certain emails asking you to take a small survey a few times in your life. Where do those emails come from?

A market analyst asks questions based on your recent purchase or use to know your experience. For everytime you click satisfactory, good or very good for a particular question they analyses products efficiency in the market.

Through surveys they come to know what a product is doing and how it is serving the clients of the company.

Market analysts are more than just researchers. They make companies understand on the fact that what product runs the most and how much customers are willing to pay for the same.

Company realises the efficiency of their products and services through analyses done by Market analyst. They rely on Market research analysts for the growth of the company in a far better way.

They study the conditions of the market. What is happening currently and what are the trendy products that customers are impressed with. With conditions they make drafts, charts, diagrams and maps in collaboration with the team and artists to help company understand at what level their products stand in the market.

They help company better their services and market their products as per the current situations.

‘The aim of marketing is to know and understand the customer so well, the product or service sells itself’ says Peter Drucker.

Without you knowing what your customers look in your products for, you products cannot be sold. A market analyst does the job of knowing the needs of the customers so as to meet their requirements through better products and services.

Skills and duties performed by market research analysts:

1. Critical thinking

2.    Detail analyses

3.    Communication skills

  1. Critical thinking includes getting data more than expected. Finding ways to better the services. Making appropriate analytic data to help company understand their product ratings in the market.
  1. Detail analyses: Market researchers make groups, surveys and meet clients in person. They have social discussions about how a product is serving them to analyse it better.
  1. Communication skills: Market research analyst listens and communicates on professional level to meet company’s requirement. They are the active listeners. They make analytical data through documentations and arts.

What are the duties performed by Market analysts?

 – Gather information about marketing and sales trends

 – Notes down marketing programs and its strategies

 – Creates data, surveys, questionnaires, and opinion polls

 – Consults customers, listen to employers.

 – Prepare reports and present results to clients and authorities of the company

 – Collaborate with management teams, marketers, artists.

Market research analysts always prefer customers’ reviews about products and services. They study the market situations to help organisations have better output.

These people also search who are the competitors of the company they are working for. They analyses the products of the competitors.

  • At what rate they are selling
  • What are the customer’s reviews?
  • Where does their product stand?
  • What is the specialty of their services?
  • Their marketing and advertising strategies.

Market research analyses look in depth into all of the above points. They do dept research about the products and services for the business to grow and get improved. They are probably the savers of company’s reputation.

How to become a market research analyst?

Typically needs a bachelor’s degree. Be it a computer system, business analyst or a market analysts the first step to become one is bachelor’s degree.

Market research analysts hold bachelors degree at the most and for advanced master’s degree.

You can have degree in following areas:

  • Business
  • Accounting
  • Management
  • Finance

Moreover, graduation in marketing leads to better business professionals.

Certification: However, you can also go for market research analysts certification courses offered online by Udemy, Skillshare or Lynda. 

Schools and institutions offering market analyst courses:

  1. IIMRA: IIMRA is an International Institute of Market Research Analyst. The institute offers certifications in following area –
  1. IIPMR: IIPMR is another institute offering certification programs in market research analyst.
  • Duration includes 80 hours
  • Cost is $500

These are the most rates institutions for market research analysts.

Scope and salary of Market Analysts:

A market analyst focuses on researching data according to market conditions, related economics, customers and operations. They hold a standard in the company for their work.

According recent reports it is said that employment of MRA is going increase 23% from 2016 to 2026. That means market research analysts are in great demand.

Around 681,900 jobs are occupied by A Market research analysts and may result in more numbers by 2026.

Average salary of market analysts is $57,599 in US. However the best paid earn $89,200 per year. In India an average analyst with 1-3 year experience earns $5071 whereas, an analyst with 5-6 years experience earns $8522.67.

Market research analysts are in great demand with increasing number of jobs available every day.