OVERVIEW
What is a Market Research Analyst?
Positioned at the crossroads of psychology, data science, and advertising, market research analysis involves leveraging qualitative and quantitative information to enhance marketing strategies. Market research analysts and marketing specialists provide data-informed marketing guidance to companies. They’re skilled researchers who scour web analytics, sales records, social media platforms, and customer feedback to collect data and uncover valuable insights. Market research analysts translate disjointed, complex information into cohesive action plans that marketing teams use to expand their audience, increase sales, and better meet customers’ needs. If you’re an analytical thinker with an interest in marketing, the market research analyst career may be right for you.
RESPONSIBILITIES
What Does a Market Research Analyst Do?
The day in the life of a market research analyst involves a mixture of data collection, statistical analysis, reporting, presentations, and cross-team collaboration. While job duties can vary depending on the industry and marketing goals, this dynamic career typically involves the following responsibilities:
- Developing data-collection tools such as customer satisfaction surveys and questionnaires.
- Interviewing customers and conducting focus groups to understand the target audience’s opinions and perceptions of the brand.
- Collecting and analyzing data from web analytics tools, social media interactions, online reviews, sales statistics, and customer relationship management (CRM) systems.
- Estimating potential sales.
- Visualizing and summarizing numerical information using graphs, charts, tables, and infographics.
- Developing action plans detailing the suggested marketing goals and strategies.
- Recommending new marketing tactics to company leaders.
- Evaluating sales data and analytics to determine the success of the company’s marketing initiatives.
- Investigating competitors’ products, services, systems, and advertising methods.
- Closely following emerging consumer trends, market fluctuations, and industry dynamics.
EDUCATION & BEST DEGREES
How Do I Become a Market Research Analyst?
The market research field attracts individuals of diverse educational backgrounds. If you’re interested in this multifaceted and evolving profession, consider earning a degree in marketing, business, or psychology. While each educational route provides a unique skill set and knowledge base, they can all establish the foundation for a thriving market research analyst career. Professionals with a B.S. in Psychology, for example, use their understanding of human behavior to identify customers’ needs and devise persuasive marketing strategies. Psychology programs emphasize quantitative and qualitative data collection and analysis—abilities that are crucial for a research analyst job.
A B.S. in Business Administration–Marketing or B.S. in Business Administration–Business Management can also set the stage for a prosperous market research analyst career. If you want to qualify for advanced positions with greater responsibilities and higher salaries, consider earning a master’s degree. An M.S. in Marketing can provide the in-depth knowledge needed to excel in this competitive job market. Once you’ve earned your degree, you may want to acquire one or more professional certifications. Certifications can further enhance your legitimacy as a research analyst and show employers that you have the expertise needed to succeed in this challenging career. WGU offers a self-directed, competency-based Business Leadership Certificate to help you develop your leadership abilities. The certificate curriculum is deliberately chosen to align with the competencies employers seek in job candidates.
Best Degrees for a Market Research Analyst
Health & Nursing
Psychology – B.S.
An online psychology program for students who want to make a difference in...
An online psychology program for students who want to make a difference in their life, and the lives of others.
- Time: 95% of students finish similar programs in less than 4 years.
- Tuition: $4,085 per 6-month term.
- Courses: 34 total courses in this program.
Skills for your résumé included in this program:
- Social psychology
- Consumer psychology
- Adult psychology
- Mental health awareness
- Psychopathology
This degree allows you to gain valuable knowledge and experience in the field of psychology and can prepare you for additional certifications or careers.
Business
Business Management – B.S. Business Administration
Hone your business acumen and garner added respect:...
Hone your business acumen and garner added respect:
- Time: 61% of graduates finish within 19 months
- Tuition: $3,755 per 6-month term
- Courses: 40 total courses in this program
Skills for your résumé this program will teach you include:
- Business communication
- Product development
- Decision making models
- Project management strategies
- Budgeting for business
This online degree program is an excellent choice for kick-starting your organizational management career.
Business
Marketing – B.S. Business Administration
For those who want to lead brands and steer consumer markets:...
For those who want to lead brands and steer consumer markets:
- Time: 60% of graduates finish within 19 months.
- Tuition: $3,755 per 6-month term.
- Courses: 41 total courses in this program.
Skills for your résumé you will learn in this program include:
- Communication
- Marketing
- Sales
- Management
- Project Management
- Product Management
Marketing is a creative and exciting field—and one where an undergraduate degree will open better opportunities.
Business
Marketing – M.S.
Two online marketing master's degree options with a focus on either...
Two online marketing master's degree options with a focus on either digital marketing or marketing analytics.
- Time: 61% of graduates finish WGU master's programs in 18 months
- Tuition: $4,530 per 6-month term
- Courses: 10 total courses in this program
- Specialization: Students choose from two specializations to focus their marketing studies on digital marketing or marketing analytics
Skills for your résumé that you will learn in this program:
- Management
- Strategic Planning
- Digital Marketing Analytics
- Presentations
- Market Research
- Communications
A marketing master's degree will help you prepare for a wide range of exciting marketing careers.
How Much Does a Market Research Analyst Make?
$68,230
According to the U.S. Bureau of Labor Statistics (BLS), The median market research analyst salary is $68,230 per year. Annual wages range from less than $38,280 to more than $131,850. Salaries vary based on location, employer, and industry.
What Is the Job Outlook for a Market Research Analyst?
13%
Consumers have more options than ever when choosing the companies they patronize. Businesses rely on market research analysts to provide data-driven insights to help them develop effective marketing campaigns and stand out from the competition. The BLS estimates that the need for market research analysts from 2022 to 2032 will grow by 13%. This favorable job outlook is primarily driven by the increasing use of data-informed marketing across industries. During this period, there will be an estimated 94,600 openings for market research analysts each year.
SKILLS
What Skills Does a Market Research Analyst Need?
Because it’s a multifaceted profession, market research analyst jobs require proficiency in multiple domains. You’ll need the following skills:
- Data collection and analysis. Through systematic data analysis, market research analysts pinpoint the marketing strategies with the greatest potential for advancing the business.
- Research expertise. Navigating vast data sets isn’t easy, and marketing professionals must harness statistical knowledge, analytical thinking, and attention to detail to identify patterns and extract meaningful insights.
- Communication. Because they explain complex marketing recommendations to stakeholders, market research analysts need a mix of strong verbal and written communication skills.
- Strategic thinking. Strategic thinking allows market research analysts to collect data, account for relevant factors, prioritize information, and develop marketing initiatives that are practical, financially worthwhile, and aligned with the business’s broader goals.
- Continuous learning. By embracing a growth mindset, research analysts can stay abreast of market conditions and economic trends influencing their marketing strategies.
- Collaboration. Because the job intersects with so many other business sectors, teamwork is vital to being a market research analyst.
- Technological proficiency. Market research analysts need to be proficient in various digital tools and technologies. They frequently use data from CRM systems, Google Analytics, HubSpot, SEMrush, and internal databases to inform their marketing approaches.
- Project management. It’s common for marketing specialists to manage numerous initiatives simultaneously, so project management skills are essential.
- Creativity. Market research analysts use their creative talent to design innovative research methodologies and marketing tactics.
- Brand management. Ensuring that marketing tactics improve the target audience’s perception of the brand requires marketing know-how, ingenuity, and adaptability.
- Social media marketing. Proficiency in content creation, customer relationship management, and data interpretation allows market research analysts to develop successful social media campaigns.
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