Market analysts: what you should know before applying for market research jobs
A professional market research analyst helps clients make promotional marketing decisions to assess their needs, collecting the relevant data and analyzing the results. They evaluate demographics, competition, pricing, distribution channels, and develop sales and marketing strategies for existing and future products or services. This position requires knowledge of standard research methodologies, data analysis techniques and marketing procedures.
So, if you are looking for the market research jobs, we suggest you continue reading this article and learn if you are qualifying for the post.
Responsibilities you have
As a market analyst, you develop a research plan, analyze research results, and offer marketing strategies. You meet with clients to determine their marketing goals. You then collect customer demographic information and market data through primary research methods and secondary research. From this data, you generate reports that analyze customers, competitors and the industry using tables, graphs and explanatory text.
Skills you must have
Market analysts must have excellent written and verbal communication skills to interact with customers. You also need experience conducting research studies from start to finish. A market researcher should be familiar with advanced research methodologies and statistical analysis, along with common computer programs, online survey tools, and data sources syndicated. This job also requires time management skills, critical thinking, and problem solving skills to complete market research accurately and in a timely manner.
Many market analyst positions require a master’s or doctorate degree in business administration, market research, mathematics, statistics, social science, or a related field. Entry-level positions may be open to you with a bachelor’s degree in economics or a related field, along with work-related experience. Courses should focus on economics, marketing, mathematics, statistics, and research. Some market analysts receive bonuses based on sales performance.
Characteristics of a market research analyst
The characteristics that a professional market research analyst should have are –
- A market research analyst establishes the methodological aspects and procedures necessary to obtain the study data,
- Determines the sample of consumers to which the study is carried out,
- Establishes the model of questions to be asked and the content of the survey to obtain adequate answers,
- Defines the means by which the surveys will be carried out – email, telephone or personal contact,
- Determines the statistical techniques that will be applied to develop the investigation,
- Checks that the data collection is correct,
- Carries out quantitative and qualitative studies of the data obtained.
- Analyzes the evolution of sales in previous periods and establishes future forecasts,
- Prepare comparative reports, graphs and tables to present the results of the market research,
- Gathers the data obtained from the competitors and analyzes their prices, marketing strategies and distribution,
- Operates in the market information system and controls its operation to optimize the cost and time of access to stored information,
- Informs the company of the results obtained,
- Makes recommendations to the client company based on the information so that it can make decisions regarding promotion, distribution, product design, product or service price.
- The information obtained can also determine the advisability of opening new business lines and new marketing strategies or diversifying the operations of the company.
- Collaborates with the marketing department in defining strategies and intervenes.
Salary and career development
Many companies require market research services as they hope to expand existing product markets or develop new ones to new offers. As the globalization of the business market continues, companies also need analysts to investigate foreign markets and global competition. You’ll have the best job prospects with a master’s or doctorate degree, along with several years of experience. Total salaries and compensation vary depending on education, experience, size of employer, industry and location.