Becoming a market research analyst is a great way to use your business and analytical skills to help companies understand and stay up to date with consumer trends.
The market research analyst career field is growing at a rate much faster than the average job growth. According to the U.S Bureau of Labor Statistics, Market Research analyst jobs are projected to grow 22 percent from 2020 to 2030. This means that there will be an increasing demand for market research analysts in the years to come.
While backgrounds and skill sets for market research analysts may vary, there are several core areas and skills that make a great market researcher.
A college bachelor’s degree is the most common requirement for becoming a market research analyst. A business degree or a degree in statistics is ideal, but many market researchers have degrees in other areas such as marketing or sociology.
According to Zippa, 72% of market research analysts hold a bachelor’s degree while 19% hold a master’s degree or higher. In addition, several universities have certificate programs in market research.
Experience is key for market research analysts. Most companies want to see at least two years of experience in data analysis, survey design, and market research before hiring an analyst. This experience can be obtained through internships or working in a related field.
The skillset for a market research analyst can vary depending on their focus or area of expertise, but most market research analysts need to be able to:
– Collect and analyze data
– Understand consumer trends
– Communicate effectively
– Work independently
They also need excellent math skills, as much of the work of market research analysts revolves around statistical analysis. Strong writing and communication skills are also important, as analysts must be able to clearly report their findings to their clients.
Natural interests that will help
If you’re interested in becoming a market research analyst, start by getting a college degree in a related field, gaining experience in data analysis and survey design, and sharpening your skills. Naturally, there are certain skill sets and traits that help make a great market research analyst.
Be data oriented
Data analysis is the process of transforming data into information and insights that can be used to make decisions. This process involves identifying patterns and trends in the data, and then using this information to make predictions or recommendations.
Data analysis is an important skill for market research analysts, as they need to be able to understand and interpret the data they collect. They also need to be able to use this data to make informed decisions about consumer trends. The skills you learn in data analysis can also be used in other fields, such as business, finance, and marketing.
Understanding of consumer-oriented trends
Consumer behavior is the study of how people buy and use products and services. Market research analysts need to understand consumer behavior so they can interpret data to understand what products and services people want and need. Market research analysts also need to understand how to target audiences, and market products and services so that they can apply research findings in a marketing context. Understanding consumer behavior and marketing fundamentals is essential for designing and conducting successful marketing research projects and studies.
When it comes to human behavior, there are many different factors that can influence it, and researchers must understand these factors. Culture, lifestyle, and age are just a few of the things that can have an impact on how people behave.
Enjoy working with people
Establishing rapport with clients is essential for a market researcher. Clients must trust the researcher they work with to enable collaboration and the free flow of ideas and concerns. The research analyst is often the primary contact, or a key contact with clients. Being approachable, accessible and likable strengthens relationships, results in more successful projects and keeps clients returning.
The ability to create rapport with research participants is also critical. A large part of qualitative market research involves focus groups and one-on-one interviews. A market research analyst may assist a moderator with recruiting and conducting focus groups or interviews (or they may participate as a moderator or interviewer). Being comfortable in meeting new people and in helping participants feel comfortable in a group discussion or interview, is an important trait for a market research analyst to have.
According to Payscale.com, new market research analysts can earn a median salary of $41,000 – $75,000 per year. In the United States, it is predicted that the best states to work as a market research analyst according to pay are Washington, Delaware, New Jersey, and New York.
In summary, If you want to succeed in this field, it’s important that you have the right education and experience. The job market for marketing research analysts is growing quickly, so there are plenty of opportunities available for those who put in the work. If data analysis sounds interesting to you or if you’re interested in a career as an analyst, we encourage you to pursue your interests. Feel free to contact us today should you have questions regarding the market research career. We’d love to help guide your journey with our expertise in researching and uncovering how human behavior influences consumer trends and purchase decisions.