Market Research Analyst

What is a Market Research Analyst?

The following responsibilities are common for individuals in the Market Research field:

• Exploring different marketing strategies
• Forecasting sales trends
• Gathering and analyzing market research data
• Converting market research data into tables, charts, graphs and reports
• Presenting the market research findings to clients and companies

A Day in the Life
Market Research Analysts work by providing clients and companies with consumer and industry data analysis and information needed to identify new target consumer groups and adequately market their products and services.

Some companies and clients require tight deadlines and strict time frames so this could require a them to work long hours. And they can work independently or as a team.

They spend a lot of time on the computer preparing and producing tables, charts, graphs and reports with the data acquired from specific demographic audiences.  They will need to keep up to date with the news, popular trends, and keep up with different market sectors.

Every day can be different.  One day they will be designing a questionnaire or developing an online survey, to then consulting with various clients and/or companies to present the research findings.  The findings and recommendations produced are vital for companies to make informed decisions based on the information they provide.

Typical Work Schedule
They will typically work an 8 or 9 hour day Monday through Friday, depending on the client and project being carried out and emerging projects and deadlines.

Typical Work Schedule

Most of the market research analysis work tends to be full-time and office-based jobs following the standard business hours of about 40 hours per week. However, sometimes Market Research Analysts’ schedule have to be flexible enough to consider the peak times where they have to work under pressure or to keep up with a tight schedule. This can happen on few occasions and the working hours can then extend to work on evenings and even weekends when there is new stock sharing or a major merge between large companies.

Projected Job Growth

According to the US bureau of labor statistics, the demand for market research analysts is expected to increase by about 18 % from 2019 to 2029 which is one of the highest job growth rates. This makes this job one of the most attracting choices for college graduates with the availability of work opportunities. Market research analysts mostly focus on Analyzing the data of the products and customers to reach an understanding about the needs of their customers. They have to figure out different ways to improve their perspective business and develop better marketing strategies. Currently, big data is a major tool essential to reach efficient and valid solutions in this field.

Therefore, you should develop analytical skills as well as decent background in statistical and data analysis to manage the job perfectly and advance your career.

Career Progression

Early Career – Obtain a bachelor’s degree in mathematics, statistics or sociology and pursue an entry-level position with a marketing research firm
Mid-Career – Obtain an MBA and achieve a management position in a company or start pursuing technical research analyst positions.
Late Career – Obtain a doctorates degree to teach Market Research in a university

Typical Employers

Market research analysts can essentially to any company providing services or goods that needs to be marketed. However, they mainly work for consulting agencies that provide services to companies of different fields including management, technical and even scientific fields. They may also work for publishing companies and government agencies. Other employers include different finance and insurance companies as well as controlling the management of larger companies and enterprises. Most industries employ market research analysts to better manage its production. Some Market research analysts prefer to work independently and create their own teams which requires solid experience in collecting, analyzing, and presenting the data. This team may include graphic designers and artists to create charts, graphs, and infographics to better represent different research findings.