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Market research consultant hiring summary. Here are some key points about hiring market research consultants in the United States:
Here's a step-by-step market research consultant hiring guide:
A market research consultant specializes in developing and recommending strategies to optimize a company's marketing operations. They perform extensive market research and analysis, gather and analyze client feedback, spearhead surveys and studies to determine how the current marketing projects affect the consumers, and develop social media techniques to raise brand awareness and public interest. Using their research findings, a market research consultant develops conclusions and recommendations that adhere to the company's goals. Moreover, there are instances when a market research consultant participates in planning and creating marketing programs and materials.
The market research consultant hiring process starts by determining what type of worker you actually need. Certain roles might require a full-time employee, whereas part-time workers or contractors can do others.
A market research consultant's background is also an important factor in determining whether they'll be a good fit for the position. For example, market research consultants from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
Here's a comparison of market research consultant salaries for various roles:
| Type of Market Research Consultant | Description | Hourly rate |
|---|---|---|
| Market Research Consultant | Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price. | $25-63 |
| Research Director | Research Directors oversee the research initiatives of the company. They are usually deployed in the academe, research facilities, or companies with research and development departments... Show more | $32-82 |
| Research Leader | Research Leaders are academicians who oversee a group of researchers conducting a study. They are usually well-known researchers in their field of study or area of interest... Show more | $30-85 |
Including a salary range in your market research consultant job description helps attract top candidates to the position. A market research consultant salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.
For example, the average salary for a market research consultant in Florida may be lower than in Washington, and an entry-level market research consultant usually earns less than a senior-level market research consultant. Additionally, a market research consultant with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Washington | $119,390 | $57 |
| 2 | New York | $100,257 | $48 |
| 3 | California | $92,010 | $44 |
| 4 | Oregon | $90,886 | $44 |
| 5 | North Carolina | $86,494 | $42 |
| 6 | Connecticut | $82,852 | $40 |
| 7 | Minnesota | $82,692 | $40 |
| 8 | Pennsylvania | $82,433 | $40 |
| 9 | District of Columbia | $81,162 | $39 |
| 10 | Massachusetts | $81,142 | $39 |
| 11 | Illinois | $79,704 | $38 |
| 12 | Michigan | $78,453 | $38 |
| 13 | Maryland | $77,446 | $37 |
| 14 | Texas | $68,993 | $33 |
| 15 | Louisiana | $68,504 | $33 |
| 16 | South Carolina | $65,226 | $31 |
| 17 | Colorado | $65,062 | $31 |
| 18 | North Dakota | $64,406 | $31 |
| 19 | Missouri | $64,199 | $31 |
| 20 | Georgia | $64,151 | $31 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Invesco | $123,765 | $59.50 | 3 |
| 2 | Bank of America | $115,350 | $55.46 | 28 |
| 3 | Eli Lilly and Company | $113,850 | $54.74 | 16 |
| 4 | Wells Fargo | $112,546 | $54.11 | 35 |
| 5 | Kibble and Prentice | $106,549 | $51.23 | |
| 6 | QuintilesIMS | $106,399 | $51.15 | 61 |
| 7 | U.S. Bank | $106,236 | $51.08 | 42 |
| 8 | Vistex | $105,210 | $50.58 | |
| 9 | HCSC | $101,728 | $48.91 | 16 |
| 10 | Caterpillar | $101,404 | $48.75 | 4 |
| 11 | Sigma | $99,124 | $47.66 | |
| 12 | NW Natural | $98,077 | $47.15 | |
| 13 | MetLife | $95,804 | $46.06 | |
| 14 | MPG | $92,365 | $44.41 | |
| 15 | Technomedia | $92,006 | $44.23 | |
| 16 | Informa Plc | $91,308 | $43.90 | |
| 17 | Population Services International | $91,275 | $43.88 | |
| 18 | Delta Air Lines | $89,757 | $43.15 | 2 |
| 19 | Paychex | $87,536 | $42.08 | |
| 20 | Fidelity Investments | $85,401 | $41.06 | 15 |
A market research consultant job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of a market research consultant job description:
There are a few common ways to find market research consultants for your business:
During your first interview to recruit market research consultants, engage with candidates to learn about their interest in the role and experience in the field. During the following interview, you'll be able to go into more detail about the company, the position, and the responsibilities.
It's also good to ask about candidates' unique skills and talents to see if they match your ideal candidate profile. If you think a candidate is good enough for the next step, you can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the market research consultant position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
It's equally important to follow up with applicants who don't get the job with an email letting them know that the position has been filled.
To prepare for the new market research consultant first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.
Hiring a market research consultant comes with both the one-time cost per hire and ongoing costs. The cost of recruiting market research consultants involves promoting the job and spending time conducting interviews. Ongoing costs include employee salary, training, benefits, insurance, and equipment. It is essential to consider the cost of market research consultant recruiting as well the ongoing costs of maintaining the new employee.
You can expect to pay around $85,073 per year for a market research consultant, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for market research consultants in the US typically range between $25 and $63 an hour.