The role of a Market Research Analyst is to analyze a company's business and marketing strategies and standings within the market itself and to report on and suggest how the organization might do better in selling its various products and services.
This often involves researching competitive firms, selling the same items or services, as well as studying and researching the various behaviors and habits of consumers already purchasing from the company and also those that are yet to do so. This might be done through surveys, interviews, analysis of social media and user engagement, and so on. The methods vary from one Analyst to the other.
A Bachelor's degree in Market Research or a closely related field of study is highly necessary for this market, as well as some actual experience working in a position that had to do with marketing and research. Further education might be necessary, as well as proficiency with certain data analysis and marketing software.
There is more than meets the eye when it comes to being a market research analyst. For example, did you know that they make an average of $23.87 an hour? That's $49,648 a year!
Between 2018 and 2028, the career is expected to grow 20% and produce 139,200 job opportunities across the U.S.
There are certain skills that many market research analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed analytical skills, communication skills and detail oriented.
When it comes to the most important skills required to be a market research analyst, we found that a lot of resumes listed 15.7% of market research analysts included market research, while 9.4% of resumes included data analysis, and 7.2% of resumes included powerpoint. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the market research analyst job title. But what industry to start with? Most market research analysts actually find jobs in the technology and manufacturing industries.
If you're interested in becoming a market research analyst, one of the first things to consider is how much education you need. We've determined that 68.3% of market research analysts have a bachelor's degree. In terms of higher education levels, we found that 18.3% of market research analysts have master's degrees. Even though most market research analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a market research analyst. When we researched the most common majors for a market research analyst, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on market research analyst resumes include associate degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a market research analyst. In fact, many market research analyst jobs require experience in a role such as internship. Meanwhile, many market research analysts also have previous career experience in roles such as research assistant or marketing internship.