What is a Market Research Analyst?
A market research analyst explores detailed information on the trends, buying habits and demographics of different kinds of consumers. This information provides companies with critical details that can help them develop new products and services targeting these groups. For example, Information on the likes and dislikes of millennials and baby boomers was based on research conducted by market research analysts.
How Market Research Analysts Work
They investigate details
Market research analysts are always digging for details. Their job is to comb statistics, search databases, write reports and continuously explore all the information on various consumer groups and subgroups. Market research analysts want to discover new buying trends, likes and dislikes and other information that yields a complete picture of targeted consumer groups. The information gives companies the data they need to tweak current products and services or to develop new ones. Bottom line, market research analysts are worth their weight in gold to industry.
They have valuable skill sets
Successful market research analysts provide a rich variety of information for businesses. They conduct market research tests on consumers, coordinate focus groups and one on one interviews. Market research analysts also design phone and online customer surveys. These analysts must be extremely detail-oriented with outstanding analytical and organizational skills. Many market research analysts pride themselves on working well in teams as well as developing solid negotiation skills. Market research analysts are highly valued because they help businesses understand what goods and services they need to provide in order to gain a competitive edge.
Their training and salary
Market research analysts experience a rigorous training as students. They are required to take courses in not only marketing, but also in business administration, mathematics, statistics and even in psychology. After all, market research analysts have to understand why consumers purchase the way that they do. Most companies require a minimum of a bachelor's degree for a position. The salary range for an Analyst I fluctuates between $52,000-$65,000 and $78,000 for a senior marketing research analyst position. Of course, these salaries can change significantly depending on where the jobs are located.
Why Market Research Analysts Matter
They understand customer motivations
Market research analysts are hired because they know how to discover what makes customers choose one product over another or even one brand over another. Analysts have been instrumental in describing the preferences for various demographic groups as well as dispelling any tired stereotypes that keep customers from getting products that they need. For example, market research analysts were able to help plus-size women get the flattering fashions and services they desire.
They understand business needs
Market research analysts do valuable in-depth research to advise companies on how better to serve their companies and boost their bottom lines. This information is instrumental in helping businesses discover new customers and develop new products.
They predict cultural changes that affect business
Market research analysts realize that it is not enough to know what customers want but why they want it. Armed with this information, trends emerge that show up in popular culture as well as in industry. For example, hip hop culture transcends its origins to affect fashion, music, film and other segments of society globally. Market research analysts helped to foresee these changes as a benefit to business.