A Closer Look at a Career as Market Research Analyst
Have you ever wondered how new products are launched into the market? Sure, through TV shows like “Dragon’s Den” (or its US counterpart “Shark Tank”), we have obtained a general idea about product designers or service operators seeking finance to bring their product or service into life. However, there are actually professionals who analyze whether these products or services have market viability before the product or service can step into the market.
These individuals are referred to as market research analysts, and they gather much-needed data to determine whether there is a need or not for a new product or service and who will the target market be. Their ultimate goal is to help their respective company’s profits grow, and thus they have to have expertise in the consumer’s market to know whether a product or service will be successful enough to generate income for the company.
If you’re targeting a career as a market research analyst, you can read on for more information.
Market Research Analysts – What You Need to Know
Market research analysts accumulate marketing and sales data and trends to measure the market potential of a product or service. Once they obtain the necessary data, they must analyze in order to prepare reports and forecasts based on their findings. Often, they must use a variety of methods to conduct their research and analyze customer preferences, such as doing surveys or focus group discussions. They also have to research on other factors to determine marketability such as geographical location and competitors.
Depending on the industry they are employed at, whether at a product development company or a marketing firm, they are often asked to join the meetings or brainstorming sessions so they can help in devising marketing strategies based on their market research. To be able to do that effectively, they have to have brand awareness and be well-versed in brand marketing strategies and best practices.
According to PayScale.com, a market research analyst can earn an average of $38,583 to $69,591 a year with potential for profit sharing.
Having exceptional research and analytical skills is definitely a must for any market research analyst. A plus is possessing a sharp business acumen to be able to hone in on opportunities and capitalize on chances for sales growth.
Having a bachelor’s degree in marketing is typically common for market research analysts. However, since they deal with a large amount of data and relevant statistics, it does pay to have further studies in math, computer science, business, or other fields. In lieu of a bachelor’s degree, they can obtain certification from the Market Research Association.
Pros and Cons
A career in market research analysis can prove to be exciting experience as you would work with different types of projects according to the requirements of the product or service for market launch. As they are tasked to deduce whether a product or service will prove to be a success in the market or not, they are constantly in touch with the consumers and are well-aware of consumer behavior. Most of the time, the work of a market research analyst is not done once a product or service is launched. They also have to keep track of the sales to redefine future marketing efforts.
Being a market research analyst though can be extremely demanding in terms of work schedule when there is a deadline to beat as per the client’s demands. At times, data gathering can be an excruciating process especially when you have limited resources or the requested parties are not providing you with the necessary information. Eventually, if you don’t have enough data to analyze and you have insufficient variables to prepare a comprehensive report, you may not be able to arrive at an conclusion regarding the saleability potential of a product or service.