Market Research Analyst
Market research analysts analyze data to figure out what products are in demand, who wants them, and what consumers are willing to pay for them.
Sample of Reported Job Titles
Market Research Analyst, Market Analyst, Project Manager, Market Research Consultant, Client Service and Consulting Manager, Market Research Manager, Product Line Manager, Business Development Specialist, Client Services Vice President, Communications Specialist
Every company wants to boost sales, but without in-depth knowledge about market demands and preferences, the task could become considerably harder. Market research analysts analyze data to figure out what products are in demand, who wants them, and what consumers are willing to pay for them. Different methodologies are used to collect information, including surveys, questionnaires, and/or opinion polls. Collection is followed by analysis. Taking complex data, market research analysts churn out reports on sales trends, consumer demographics, preferences, needs, and buying habits, presenting it in an understandable way for management and clients alike.
According to Ken Roberts, president at the San Francisco-based marketing research company Cooper Roberts Research, working in the profession requires skills that are seemingly at odds with each other: understanding people and logic. The process of collecting data and thinking about it critically plays to the logical side. But gauging why target audiences might be attracted to a particular product requires some understanding of people on a more human and personal level. Those in the profession may begin their careers either at the corporate level or working for a smaller research company.
A bachelor’s degree is the minimum educational requirement for many market research jobs. However, a master’s degree may be required, especially for technical positions. Because of the importance of quantitative skills to market and survey researchers, courses in mathematics, statistics, marketing, sampling theory and survey design, and computer science are extremely helpful.
Median Salary 2017
According to the Bureau of Labor Statistics, the median salary of a Market Research Analyst in 2017 was $63,120.
Want to know more?
- U.S. News-Best Business Jobs
- Bureau of Labor Statistics-Market Research Analysts
- O*NET-Market Research Analysts & Marketing Specialists
- Marketing Research Association
- Council of American Survey Research Organizations
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Information retrieved from We Use Math: Market Research Analyst, Bureau of Labor Statistics: Market Research Analysts, U.S. News Money: Market Research Analyst and O*NET Online: Market Research Analysts and Marketing Specialists.
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