Become a Market Research Analyst in 5 Steps 2024

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Market Research Analyst

This role might sound lesser known but Market Research Analyst is one of the most in-demand roles in current scenarios. The Market Research Analysts are also often called Market Researchers. The name itself is pretty straightforward, professionals in this field research the data to analyse the behaviour of potential customers and how products and services can be marketed to them. So, if you look at the current scenario, marketing research analysts are required in every industry these days. Here are the seven steps to become one. 

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What is the Job of a Market Research Analyst?

Market research analysts conduct detailed research on social media posts, surveys and responses towards various keywords to accumulate data on consumer behaviour. They use this data to design marketing strategies and projects to boost the company’s marketing value. 

With the data at hand, they can also predict the performance of a product or service at launch, and suggest the current launch timings and strategies. The objectives of promotion and research are also communicated by them to the marketing and sales team. It also helps in tracking location-specific data for various consumer communities. 

They also help in planning the packaging and design of the product for better marketability. The performance and data of competitors and their planning are also taken into consideration by them. They use cutting edge software and tools to gather and analyse this data. 

Research Domains for a Market Research Analyst

What he has mentioned in the previous section is a lot of information. To break it down and put it simply, let’s look at the research domains of a Marketing Research Analyst one by one. 

Customer

The demographics of the niche customer base, their opinions, behaviour and interests are essential for every company. This helps in understanding the tone of selling a product. It also helps the company answer questions such as what problems the customer does the company solve and why they understand the problem more than anyone else. This helps in the retention of the customer base. 

Markets

Awareness about the market helps in scaling a product or service in the right direction and also expanding the product or service base. What products can benefit the brand at what time, the demand and supply difference of the product at a time is analysed? Moreover, sometimes it also becomes mandatory to follow the competitors to stay in the market. 

Brands

It is not enough to have answers, it takes branding those of those solutions to get the desired result and profit from a product. From choosing the right platform to market your product to the ads and campaigns associated with it, all add to the branding of a product. Nowadays branding is not just establishing a name but establishing an emotion with the customers. To have better customer acquisition, retention and loyalty it is necessary to do the right branding. 

Campaigns

Campaigning affiliate’s branding and marketing of a product. The campaign has to be timed as precisely as a product launch and sometimes is more important than that. It showcases a brand’s values and also communicates emotions with direct marketability. Campaigns are so essential that they are sometimes planned yearlong before execution. 

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5 Steps to Become a Market Research Analyst

There is no shortcut to success but you can have a multifold roadmap to success. Major landmarks in the roadmap of a Market Research Analyst are mentioned below. 

Understand the Requirements

What are the requirements of the jobs? To have a dream and to begin anywhere, the first thing that you need to know is this. Basically, you need a proper education, in-office experience like part time work or internships and the desired skill set to land a perfect Marketing Research Analyst job. They are mentioned individually over here but the first point is to make sure you understand these points before beginning your career and make progress in the right direction. 

Education

The next big step is education. What field of education should you pursue to become a marketing researcher? Commerce or humanities is a desirable field in class 12th to study relevant subjects further. For graduation, certification or post graduation you can choose from the following or a related field; 

  • Audience targeting
  • Business administration 
  • Branding and product promotion
  • Consumer behavior
  • Economics 
  • Marketing
  • Marketing strategy and research
  • Psychology
  • Sociology  
  • Statistics

Job Description

Go through various job descriptions before making applications. This helps you make smart applications and understand the keywords used by the recruiters who look for them in your resume and cover letter. Going through job descriptions also helps you figure out if there are any gaps in your profile. You can fill those with relevant certifications, internships and part time work

Build Experience for an Experience

People often get confused about how they can show experience for a job they are applying for as freshers. Here employers consider your part time work experiences, internships and leadership roles at college or university. 

Moreover, for experienced candidates, it is essential to use the right vocabulary in their CV. The keywords used in your resume should coincide with that of the job description and the work profile should be relevant to the position applied for. 

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Hone Your Skills 

There are many skills required to become a successful Marketing Research Analyst anywhere in the world. Some of them are technical skills while others are soft skills or workplace skills. Here is a list of skills required to become a successful Market Research Analyst. 

  • Critical thinking
  • Communication
  • Interviewing 
  • Analytical skills
  • Market Strategies
  • Computational skills
  • Organizational skills

Market Research Analyst Salary 

According to the US News Report, the median salary of a market research analyst in 2021 was $63,920 per year. The salary is highly dependent on the industry chosen by an expert and the consequent experience in years. The highest average salary reported for a market researcher was $97,600 per year. In the same year, the lowest reported salary was $48,400 per year.

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FAQs

Do you need an MBA to be a market research analyst?

No, you do not need an MBA to become a market research analyst. However, an MBA in Marketing would definitely help in the process. Otherwise, a degree in Audience targeting, Business administration, Branding and product promotion, Consumer behaviour, Economics, Marketing, Marketing strategy and research, Psychology, Sociology and Statistics are good fields to get a degree in. 

What is the role of a market researcher?

Market research analysts conduct detailed research on social media posts, surveys and responses towards various keywords to accumulate data on consumer behaviour. They use this data to design marketing strategies and projects to boost the company’s marketing value. 

What is the salary of a marketing research analyst?

According to the US News Report, the median salary of a market research analyst in 2021 was $63,920 per year. 

This was all about becoming a marketing research analyst. For more such information on jobs abroad follow Leverage Edu.

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