Market Research Analyst
What they do:
Research conditions in local, regional, national, or online markets. Gather information to determine potential sales of a product or service, or plan a marketing or advertising campaign. May gather information on competitors, prices, sales, and methods of marketing and distribution. May employ search marketing tactics, analyze web metrics, and develop recommendations to increase search engine ranking and visibility to target markets.
On the job, you would:
- Prepare reports of findings, illustrating data graphically and translating complex findings into written text.
- Collect and analyze data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand.
- Conduct research on consumer opinions and marketing strategies, collaborating with marketing professionals, statisticians, pollsters, and other professionals.
Work Schedules
Most market research analysts work full time during regular business hours.
Job Outlook
Employment of market research analysts is projected to grow 19 percent from 2021 to 2031, much faster than the average for all occupations.
About 99,800 openings for market research analysts are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Important Qualities:
Analytical skills. Market research analysts must evaluate large amounts of data and information related to market conditions.
Communication skills. Market research analysts must be able to clearly convey information when gathering material, interpreting data, and presenting results to clients.
Critical-thinking skills. To determine which marketing strategies would work best for a company, market research analysts must assess all available information.
Detail oriented. Market research analysts must pay attention to minutiae to evaluate data.
Personality
| A3 | Your Strengths | Importance |
Characteristics of this Career |
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99% | Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems. | |
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95% | Attention to Detail - Job requires being careful about detail and thorough in completing work tasks. | |
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91% | Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations. | |
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90% | Integrity - Job requires being honest and ethical. | |
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84% | Initiative - Job requires a willingness to take on responsibilities and challenges. | |
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82% | Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace. | |
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77% | Persistence - Job requires persistence in the face of obstacles. | |
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76% | Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done. | |
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76% | Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude. | |
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74% | Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks. | |
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72% | Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high-stress situations. | |
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71% | Innovation - Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems. |
| A3 | Your Strengths | Importance |
Strengths |
|---|---|---|---|
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95% | Investigative - Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behavior. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service. | |
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67% | Enterprising - Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law. |
| A3 | Your Strengths | Importance |
Values of the Work Environment |
|---|---|---|---|
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61% | Achievement - Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement. |
Job Details
What Market Research Analysts Do
Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
Duties
Market research analysts typically do the following:
- Monitor and forecast marketing and sales trends
- Measure the effectiveness of marketing programs and strategies
- Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
- Gather data on consumers, competitors, and market conditions
- Analyze data using statistical software
- Convert data and findings into tables, graphs, and written reports
- Prepare reports and present results to clients and management
Market research analysts gather data and study other information to help a company promote its products or services. They gather data on consumer buying habits, demographics, needs, and preferences. They collect data and information using a variety of methods, such as focus groups, interviews, literature reviews, market analysis surveys, public opinion polls, and questionnaires.
Analysts help determine a company’s position in the marketplace by researching their competitors and studying their marketing methods, prices, and sales. Using this information, analysts may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables analysts to develop advertising brochures and commercials, product promotions, and sales plans.
Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.
Workers who design and conduct surveys that market research analysts use are survey researchers.
| A3 | Your Strengths | Importance |
Attributes & Percentage of Time Spent |
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100% | Electronic Mail - How often do you use electronic mail in this job? | |
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91% | Spend Time Sitting - How much does this job require sitting? | |
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90% | Telephone - How often do you have telephone conversations in this job? | |
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88% | Freedom to Make Decisions - How much decision making freedom, without supervision, does the job offer? | |
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86% | Importance of Being Exact or Accurate - How important is being very exact or highly accurate in performing this job? | |
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82% | Structured versus Unstructured Work - To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals? | |
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81% | Face-to-Face Discussions - How often do you have to have face-to-face discussions with individuals or teams in this job? | |
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81% | Contact With Others - How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it? | |
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76% | Time Pressure - How often does this job require the worker to meet strict deadlines? | |
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76% | Indoors, Environmentally Controlled - How often does this job require working indoors in environmentally controlled conditions? | |
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75% | Work With Work Group or Team - How important is it to work with others in a group or team in this job? | |
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72% | Letters and Memos - How often does the job require written letters and memos? | |
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65% | Impact of Decisions on Co-workers or Company Results - What results do your decisions usually have on other people or the image or reputation or financial resources of your employer? | |
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83% | Duration of Typical Work Week - Number of hours typically worked in one week. |
| A3 | Your Strengths | Importance |
Tasks & Values |
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97% | Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources. | |
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95% | Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts. | |
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93% | Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used. | |
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91% | Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data. | |
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90% | Working with Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information. | |
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89% | Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems. | |
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83% | Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work. | |
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81% | Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time. | |
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81% | Communicating with People Outside the Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail. | |
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78% | Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job. | |
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78% | Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions. | |
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78% | Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them. | |
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77% | Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person. | |
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75% | Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events. | |
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73% | Providing Consultation and Advice to Others - Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics. | |
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72% | Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form. | |
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67% | Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions. |
Getting Started
How to Become a Market Research Analyst
Market research analysts typically need a bachelor’s degree. Some employers require or prefer that job candidates have a master’s degree. Strong research and analytical skills are essential.
Education
Market research analysts typically need a bachelor's degree in market research or a related business, communications, or social science field.
Courses in statistics, research methods, and marketing are important for prospective analysts. Courses in communications and social sciences, such as economics or consumer behavior, are also helpful.
Some employers of market research analysts require or prefer a master’s degree. Several schools offer graduate programs in marketing research, but analysts may choose to complete a bachelor’s degree in another field, such as statistics and marketing, and earn a master’s degree in business administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research.
Licenses, Certifications, and Registrations
Analysts may pursue certification, which is voluntary, to demonstrate a level of professional competency. The Insights Association offers several certifications for market research analysts, including the IPC Principal and the IPC Masters. Candidates qualify based on industry experience and passing an exam.
Other Experience
Completing an internship while in school may be helpful. Prospective analysts also may gain experience by volunteering for an organization and helping with market research or related projects.
Employers may prefer to hire candidates who have experience in other positions that require collecting and analyzing data or writing reports to summarize research.