What Does a Market Research Analyst Do?
Companies need data and intelligence about business marketing—that is, who their customers are, what they want, and how much they might be willing to pay for things. That’s where market research analysts come in.
Market research analysts are multifaceted experts who help companies understand and grow businesses. Trained to discover valuable information about a client business’s market, these analysts collect data, convey their discoveries to clients, and provide advice on marketing and media strategies. At the most basic level, they answer questions such as:
- Who are the business’s customers?
- What do those particular people want?
- How much are they willing to spend on what they want?
An educated market research analyst—someone with an MS in Marketing, for example—is trained to identify and understand the impact of sales trends and data, communication technologies, and other emerging marketing techniques; find the answers to the types of questions above; and more.
Beauty may be in the eye of the beholder, but how do you know who the beholder is? Identifying the demographics of a client base is the purview of a market research analyst. Using both traditional and more modern research methodologies, market research analysts set out to collect information, interpret their discoveries, and present the answers to their clients.
Traditional methods include collecting and analyzing data via surveys, focus groups, questionnaires, public opinion polls, and sales figures. On the more modern front, social media marketing tools are constantly evolving, but some that have shown real staying power include Google Analytics, Twitter, and Facebook.
Do You Have What It Takes?
Market research analysts need to be good at math and statistics. They also need to be strong communicators, presenters, and critical thinkers. It’s not enough to merely collect and analyze data—they must be able to translate and present complex information so that it is understandable to others. When it comes to making presentations, an analyst may team up with a graphic designer to create engaging visuals like charts, infographics, and illustrated reports.
Market research analysts are adept at focusing on multiple, intertwined goals for their client businesses. These goals could include:
- Increasing sales
- Cutting costs
- Competing effectively
- Measuring customer satisfaction
Careers and Job Outlook
According to the Bureau of Labor Statistics, the job outlook for market research analysts is excellent. Employment is projected to grow 23% from 2016 to 2026—much faster than the average for all occupations. This growth is a reflection of the increased use of data and market research by all industries.1
Analysts may work individually or within a larger marketing team. And because every industry needs help, market research analysts can choose to focus their expertise in a particular field of interest or diversify. This means that you can enjoy enormous flexibility in your choice of workplace, industry, and office culture.
If you’re looking to excel in this thriving field, Walden University’s online MS in Marketing program can prepare you to apply current trends to analyze marketing problems, make ethically and socially responsible decisions, and communicate professionally with stakeholders.
Walden University is an accredited institution offering an MS in Marketing degree program online. Expand your career options and earn your degree using a convenient, flexible learning platform that fits your busy life.
Walden University is accredited by The Higher Learning Commission, www.hlcommission.org.