A market research analyst gathers and analyzes data that pertains to both competitors and consumers in an effort to study conditions of the market in specific segments. If you are attending school or have a degree in marketing and you are search for positions within this discipline, it is important to know which jobs you can choose from and what your roles will be in this position before you start applying. A research analyst in the marketing department is a consumer-focused professional who will use the laws of supply and demand and data that is collected through surveys to find out which products people want to buy and what people want to spend. Read on, and find out where analysts are needed and what you will do on a daily basis in this role.
What Are the Job Duties of a Market Research Analyst?
A research analyst can use several different forms of data to identify sales trends and purchasing preferences. While the analyst may not be in charge of getting consumers to fill out surveys or opinion polls, they will use surveys that have been completed or other reports that have been purchased by third-parties to understand supply and demand in the market and preferences of consumers. Based on the complex data that is gathered, an analyst will put together several reports. These reports include consumer needs, buying habits, consumer demographics, sales trends, and competitor performance.
The data that is used will help analysts determine which emotions drive sales so that marketing managers and directors have the information that they need to create and deploy the best campaigns. Because so much information is used to gauge target audiences, analysts will need a formal education to be considered for a position.
Where Do Market Research Analysts Work?
There is a need for a fully staffed marketing department in every company, so it is easy to understand why all businesses in every industry and every sector of the economy have a need for market research analysts. You can work in a range of industries, from public schools and retail to government agencies and research companies. The demand for analysts may depend upon the industry that you choose to work in because performance in the industry and strategies being used will affect how many field professionals a company needs. If you want to work as a market research analyst, you will be happy to hear that the field is projected to grow by 32 percent by 2022, which is much faster than average for all occupations in the nation, according to the Bureau of Labor Statistics.
What is the Average Salary of an Analyst?
A marketing research analyst earns a median salary of $60,300, based on information gathered by the Bureau of Labor Statistics. This is about $28.99 per hour if you are hourly rather than salary. If you would like to work in a research role in the marketing department, this role could be a great option.
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To become a market research analyst, you will need to earn a bachelor’s degree at a minimum. Many companies prefer professionals with a master’s degree to work in research. If you have strong analytical skills and you are strong in math, start studying to become a market research analyst and enter a new field.