What Does a Market Research Analyst Do?

Market research is a crucial aspect of modern business that helps companies understand their customers and potential customers. Professionals such as market research analysts use data gathered through surveys, focus groups, and customer purchasing histories to gain insights into a company’s target audience and how to cater to that audience’s needs. 

Market research analysts use their understanding of the customer mindset and data analysis to help companies reach their target audience. Their work is vital to the success of any product or service.

Anyone interested in a career that blends psychology and marketing should consider learning more about what a market research analyst does and how earning a bachelor’s degree can help aspiring analysts reach their career goals.

Market Research Analyst Job Description

Market research analysts help companies uncover trends in the market so that their marketing strategies may be more effective. They do research to learn what customers in different demographic groups are looking for in a particular product or service and what would make a marketing campaign successful with a specific audience. They then use software models to analyze the collected data and report their findings to marketing and sales departments to help them create data-driven strategies.

Market research analysts also gather data on their company’s competitors to learn where and how they’re succeeding or failing, incorporating these findings into their marketing recommendations. 

Based on their findings and their in-depth understanding of the customer base, market research analysts’ recommendations can range from how a product should be advertised to what its price should be. Their work requires an informed interpretation of data alongside an understanding of customer psychology to predict what type of campaign will work best to achieve the company’s goals.

Market Research Analyst Job Environment

Market research is used in nearly every industry to identify what customers want from a product or service. Typical employers of market research analysts include businesses, educational institutions, and government agencies. They usually work in office settings, as most of what a market research analyst does involves using computers to analyze data and performing research. However, they may need to travel to conduct interviews or meet with focus groups.

Market Research Analyst Skills

Market research analysts need to have a firm grasp of marketing principles and customer behavior, as these skills directly relate to developing marketing strategies. Additionally, as they need to communicate their findings to other departments, they should be skilled at relaying essential information to project stakeholders. 

Here are the key skills and competencies that aspiring market research analysts need to develop:

• Research skills
• Data analysis proficiency
• Marketing knowledge
• Customer psychology knowledge
• Communication skills
• Attention to detail
• Organizational skills
• Computer and software knowledge

How to Become a Market Research Analyst

Companies typically look for market research analysts with an established background in the field. The right foundational education and experience can help applicants stand out.

Education

Most companies require candidates for marketing research positions to have a minimum of a bachelor’s degree, preferably in business, communications, or one of the social sciences, such as psychology . Psychology courses can help students learn about customer behavior and help them understand how to put purchasing habits and decisions in context. Courses that focus on interpreting research are also useful for aspiring analysts.

A bachelor’s degree is also a key requirement for graduate degree programs, which may be required for leadership positions.

Experience

Companies hiring market research analysts look for professionals with a proven track record in delivering successful strategies and big data analysis, and applicants may need to build up their resumes before becoming eligible for a position. Internships and entry-level roles such as market research assistant or data analyst can help candidates gain professional experience.

Market Research Analyst Salary and Job Outlook

According to the U.S. Bureau of Labor Statistics (BLS), the median annual market research analyst salary was $74,680 in 2023. Individuals’ salaries may be affected by factors such as their education, experience level, industry, and location.

The BLS projects 13% job growth for market research analysts between 2022 and 2032, significantly higher than the 3% average projected for all occupations. As companies increasingly rely on the power of customer data to provide insight into market trends, the job market for analysts will remain strong.

Take Your Next Career Step With Wilson College Online

The right education is essential to establishing the knowledge and skills core to what a market research analyst does. For those looking for a career that combines customer psychology and marketing, consider Wilson College Online’s Bachelor of Arts in Psychology degree program . 

The program is designed to help students gain a firm understanding of human behavior and decision-making, which are key to success as a market research analyst or in another career. Additionally, the program teaches students how to interpret research and apply their findings in a range of different industries.

Take control of your future with Wilson College Online.

Recommended Readings

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Sources:

Indeed, “How to Become a Market Research Analyst in 3 Steps”

Indeed, “Market Research Analyst Job Description: Top Duties and Qualifications”

Indeed, “What Is a Market Research Analyst? (With Duties and Skills)”

U.S. Bureau of Labor Statistics, Market Research Analysts

U.S. Small Business Administration, Market Research and Competitive Analysis