Market research analyst uses their skills and knowledge to interpret as well as analyze important data items to come up with recommendations and resorts as per the research findings. The market analyst provides valuable ideas to the companies that will play a crucial part in design production and proper promotion. They will also examine the potential sales value of the products and services of the company.
If you want to become a successful market analyst, you need to have a bachelor’s degree in a relevant field. Candidates who have degrees in Bsc Mathematics, BBA marketing, and BSc Statistics can gain a competitive advantage over others. In this article, we will help you know how you can become a successful market analyst in India.
|Average Salary||INR 1,50,000-4,50,000|
|Eligibility||Undergraduate or Postgraduate in a relevant field such as management, advertising, communications, computer science, etc|
|Career Opportunities||Digital marketing agencies, Business firms, and financial sectors, IT Industries, Startups, social media marketing, etc|
This Blog Includes:
- What is the Role of a Market Analyst?
- What Skills Do You Need to Become a Market Analyst in India?
- How Can You Become a Market Analyst?
- Types of Market Analysts
- Top Colleges in India to Become a Market Analyst
- Careers and Job Prospects
What is the Role of a Market Analyst?
This is one of the most important things you should know about market analysis. If you have plans to become a successful market analyst in India, here are a couple of roles you need to fulfill:
- Gather relevant pieces of information and examine the trends to come up with effective marketing plans.
- Pay close attention to the marketing outcomes and activities of your competitors.
- Examine the markets, trends, and common products in the market while also analyzing the marketing strategies of the competitors.
- Build proper communication with competitors, customers, and professional organizations to know more information about the current trends in the market.
- Compiling the feedback and references of the customers.
- Determine the proper as well as approachable markets as per the needs of the target audience.
- Prepare reports on the customer experience, sales volume, market trends, and outcomes of the competitors.
What Skills Do You Need to Become a Market Analyst in India?
Here are some of the most important skills you need if you want to become an established market analyst in India:
- Presentation skills
- Project management
- Interpersonal skills
- Attention to detail
- Analytical skills
- Observation skills
Also Read: MBA in Marketing
How Can You Become a Market Analyst?
There are a couple of important steps you need to keep in mind if you want to become a successful market analyst in India. Apart from obtaining a relevant bachelor’s degree, you might also have to go for a master’s degree to stand apart from the crowd. Here are some important steps that will help you become a successful market analyst:
Consider Earning a Bachelor’s Degree
You can start your journey to become a market analyst in India by earning a bachelor’s degree in a relevant field such as business administration, marketing, or psychology. These degrees will undoubtedly provide you with valuable insights. If you have a degree in marketing, you will be able to gain an advantage over others.
Develop On-the-Job Experience
Keep in mind that if you want to advance in your marketing analyst job role, you will require a few years of industry experience. This is why you need to find roles where you can work as a marketing assistant. This background will prove beneficial in terms of receiving more job opportunities.
Earn a Master’s Degree
As a market analyst, qualifying for higher-level positions would require a master’s degree. This is why pursuing a master’s degree in marketing will prove extremely beneficial for your career journey. There are some specific degrees in the market such as market research, and marketing data analytics that can help you gain new knowledge.
Types of Market Analysts
There are several types of market analysts. They can be classified into several roles Here is the list of types of Market Analysts and what they do:
A media analyst is one who produces media evaluation reports by carrying out quantitative and qualitative research. They do this by making use of several tools such as the National Readership Survey, DART etc. Their responsibilities include media coverage of products such as social media, radio, TV etc.
Operations Reserch Analyst
These are high-problem solvers who use advanced techniques, like optimization, mathematical modelling, statistical analysis and data processing and mathematical modelling, to develop solutions that help businesses and organizations operate more efficiently and cost-effectively.
This is one who gathers information using the data analysis tool. They derive meaningful results from the raw un-interpreted data. This in turn helps employers make meaningful decisions.
Top Colleges in India to Become a Market Analyst
|Symbiosis Institute of Computer Studies and Research||Pune||BCA||INR 5.5 Lakh|
|Christ University||Bengaluru||BCA||INR 3.5 Lakh|
|Stemma Maris College||Chennai||BCA||1 Lakh|
|Amity University||Noida||BCA||INR 5.7 Lakh|
|IIT Madras||Chennai||B.Tech in CSE||INR 8.7 Lakh|
|Woxsen University||Hyderabad||B.Tech in CSE||INR 13 LPA|
|New Horizon Collge of Engineering||Bangalore||B.Tech in CSE||INR 10 Lakh|
|UEM||Kolkata||B.Tech in CSE||INR 6.3 Lakh|
Also Read: Career in Content Marketing
Careers and Job Prospects
Keep in mind that you will undoubtedly receive high-paying job offers after completing your courses from a reputed university. However, the salary of a market analyst will depend on numerous factors such as the experience of the applicant, levels of specialization, and seniority.
|Organization Name||Average Annual Salary|
The top companies in India that hire market analysts are:
- IBM India
- Vinayak Solutions Pvt. Ltd.
- Growth track
Marketing analysts need to research and gather valuable information about the conditions of the market so that they can develop proper strategies accordingly.
The objectives and responsibilities of a marketing analyst include measuring the success of the marketing campaign, knowing more about the marketing and sales, gathering relevant data items, etc.
Keep in mind that marketing analysis is not a stressful job. However, depending on your designation, you might need to work harder.
This is everything you need to know to become a successful market analyst in India. Connect with us on Instagram, Facebook, LinkedIn, and Twitter to get regular updates regarding careers in India. Make sure you comment down below if you have any other questions.