Before a company debuts a new product or service, the wise thing to do is to research their competitors. So, who has time to do that, right? Well, that is why the role of market research analyst is created. This position fulfills the need to gather data from a variety of resources. The objective is to gauge competition and have an accurate analysis of potential sales. If you are counting on a successful launch, you want knowledge and statistics on your side. Otherwise, you might have fewer and fewer launches in your future. This is especially significant if you have investors watching your every move. For this reason, the market research analyst role is crucial. This online course gives you everything you need to get on the market research fast track.
Continue reading to learn more about the market research analyst job description.
The most prevalent task a market research analyst must perform is to collect and analyze data. This includes looking at customer demographics, preferences, buying habits and needs. The goal is to determine potential markets for new products and services. You might also gather secondary research from sources such as Nielsen, Gallup, Forrester and Gale Research. In addition, you want to identify factors, such as macroeconomic conditions, that might affect the product or service launch. This information will need to be consolidated in order to get it to executives and shareholders. Of course, you want to start out by learning the fundamentals of marketing research.
In order to get data, you will have to create and construct questionnaires and maybe even set up interviews and/or focus groups. There could be taste tests and studies done at shopping malls and shopping centers. Sometimes you work with outside agencies, so you have to give them the full description of what their work would entail. You also have to organize field work and letting your staff know when the project needs to start and end.
Once you have amassed enough information regarding potential sales, you need to put together reports of your findings. These need to be illustrated graphically. To get these going, you need to be proficient in the use of statistical software. This way, you can efficiently show potential demand and optimal pricing. Some of your findings might be very complex, so you need to have to the ability to convert your information in order to be understood by a wide variety of people. It is critical that you are very detail-oriented with good analytical thinking skills.
Types of Studies
Some of your research might also center around customer service, client satisfaction, advertising, product awareness and demand. For example, say you are testing the product launch for a new chocolate candy bar made with chia seeds, pop rocks and mango. Since this combination is rare, you want to ensure that a sampling of consumers would like you. You also want to test different forms of advertising to see which resonates best with viewers. So, might go out to have taste tests at shopping malls or grocery stores and record your findings. You could hire focus groups to have a blindfolded taste test.
You might also show three advertising commercials and find out which one testers like best. The results of your research will then be presented to your company’s executives for them to make the final decisions on the product. So, it is critical that you provide comprehensive findings to help your company be as successful as possible. The more detailed information you can present, the better for you and your career. To illustrate, you could learn more about the various market research methods by reading this blog post.
Part of the market research analyst description is to have a bachelor’s degree in either market research, or you could even get a degree in computer science, math or statistics. To get into management, it is helpful to have a master’s degree in market research, marketing, statistics or business administration. This course on introductory statistics gives you a solid foundation. You can also start off interning to gain experience in creating surveys, as well as all the tools needed for performing the research and conveying the data. Not to mention, showing an internship on your resume might make you much more competitive when applying for your first entry-level position. In addition, while not mandatory, certification from The Professional Researcher Certification from the Marketing Research Association might be a boon for your job prospects.
Many large companies will need to hire market research analysts in order to keep track of their customers and to make intelligent business decisions. Some boutique firms and startups also hire market research analysts, although you might have a larger role since the company is smaller. Because many companies answer to investors and the stock market, hiring for market research analysts are better than average. Your role is to assist sales and marketing departments. You could also work for a market research company that offers market research as their service. In addition, data collection and processing firms need market research analysts. Software vendors also rely on market research analysts to sell their products to market research firms. As you can very well see, there are a variety of options when pursuing this intriguing career choice.
Having a successful career as a market research analyst can give you a firm footing on a comfortable life. As long as you don’t spend more than you make, of course. On average, market research analysts earn about $61,000 annually. According to the Bureau of Labor Statistics 2011 report, the majority earn between $43,930 and $84,960. That’s certainly enough for rental payments, a car payment, food and necessities with some left over for old bills or savings. Moreover, he Bureau of Labor Statistics reports that jobs for market research analysts are projected to increase by 41 percent between 2010 and 2020. Furthermore, experienced experienced market research analysts can make over $100,000 per year.
Working as a market research analyst gives you much insight into how consumers think. You help businesses grow while making the right decisions. And, you get to ask lots of questions. How is that not fun? So, what’s stopping you from getting started this instant?