What Is a Market Research Analyst and What Does One Do?

Ever wondered what a market research analyst does? Or how can one become one? Well, you’re in the right place!

In this article, we’ll take a look at some of the exciting career opportunities available as a market research analyst.

What Is Market Research?

When a business is not able to take into account the wants and needs of its customers, it inevitably misses out on new markets, growth opportunities, and revenue streams. The term ‘market research’ describes the process of observing, assessing, and recording information about market conditions from a business perspective.

Market research is the process of collecting information about the wants and needs of customers to establish what products or services customers want and need. This can be done through surveys, interviews, focus groups, and other methods.

One of the most important aspects of market research is to understand exactly what the business wants to get out of it. Why is the business interested in knowing the current state of the market? What information will they be able to gain? What insight will they be able to gain from the results?

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What Does a Market Research Analyst Do?

As the name suggests, market research analysts conduct research and provide information on current and potential market trends. They study consumer behavior to understand their needs and expectations.

Their reports identify the areas that need attention to meet the needs of target consumers. They also assist marketing teams by identifying the target audience for a particular product or service and designing effective marketing strategies that speak directly to them.

Careers As a Market Research Analyst

A market research analyst may have a degree in marketing or another related field. But they may also just have extensive experience in the field. It’s the gathering and analysis of information from a variety of sources that are important.

A market research analyst’s main responsibility is to conduct market research for a business. There are a number of reasons a business may want to conduct market research. For example, a business may want to understand current market trends to guide product development decisions. A business may also want to identify the current and potential customers of a product or service.

Currently, employed professionals have found success in landing market research jobs by using social media platforms like LinkedIn. It’s through these platforms that professionals are able to build connections with the people who can put them in touch with hiring managers (or are the hiring managers themselves!)

How to Become a Market Research Analyst?

As with most jobs, your path to becoming a market research analyst will depend on the hiring company’s demands. You may have a specific area you’re interested in, or you may be open to a variety of opportunities.

Keep in mind, however, that entry-level positions are typically offered on a contract-to-hire basis, so it’s important to keep your eyes open for job postings. You may want to consider getting a relevant certificate and then taking some market research courses to expand your knowledge.

To become a market research analyst, you can complete a bachelor’s degree in marketing, business, or a related field. You can also look into earning a Certified Market Research Administrator (CMRA) certification. This certification is offered by the International Institute of Market Research and Analytics (IIMRA).

Key Skills for Becoming a Market Research Analyst

Some of the key skills you need to have for becoming a market research analyst include

Analytical skills: Market research analysts need to have strong analytical and problem-solving skills. They also need to be data-driven and use statistical analysis tools such as spreadsheets, databases, and graphing software.
Communication skills: Market research analysts need to be skilled communicators who can present data and findings in creative ways.
Research skills: Market research analysts need to be able to conduct thorough, high-quality research.
Cultural awareness: Market research analysts need to be culturally aware and be able to navigate workplaces and situations that involve multiple groups with different backgrounds and experiences.
Marketing experience: Market research analysts need to have experience working in marketing roles and know the ins and outs of marketing.
Web research skills: Market research analysts need to have strong research skills and be comfortable using online resources.
Time management skills: Market research analysts need to have good time management skills, including being able to prioritize their tasks while being able to manage their time efficiently.
Interpersonal skills: Market research analysts need to be skilled in communicating with people both in-person and online. They also need to be able – to work on teams and manage multiple tasks with other team members.
Maintaining professionalism: Market research analysts need to maintain professionalism in all online and in-person interactions. They also need to respect others’ time and have the capacity to handle stressful situations calmly and rationally.

Bottom line

If you enjoy understanding people and helping them navigate their lives with better information, a career as a market research analyst could be the right one for you… And if you want to work in a field that is constantly changing and provides a wealth of opportunities for career growth, then a career in market research may be for you.

We hope that you’ve learned a lot from our article and would like you to let us know what you think. Please use our comment section below to send us any feedback you have – especially if you are a market research analyst right now.