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Market Research Analyst
A Bachelor’s degree in Business Administration (BBA) in marketing & finance with specialization in marketing & operations research, communications, mathematics, statistics, computer science, or social sciences, or a Bachelor’s degree in engineering accredited by the Accreditation Board for Engineering and Technology (ABET); A Master’s degree – MBA in Marketing & Finance would be an added plus; along with market research study programs or related market research certifications like the Certified Research Expert (CRE), Certified Research Analyst (CRA), Certified Research Professional (CRP) with the credentials of the International Institute for Procurement and Market Research (IIPMR) or Certified Market Research Analyst (CMRA), Certified Market Research Expert (CMRE), Certified Market Research Professional (CMRP), Data Analysis Certification (DAC) and Business Analysis Certification (BAC) from the International Institute of Market Research and Analytics (IIMRA); encompassing at least 4-year requisite study and practice credit hours in the area or field of Market Research & Analysis; combined with – On the Job Training (OJT) programs, Apprenticeships, Market Research Analysts Workforce Job Training or Experience; covering work topics including marketing fundamentals, concepts and principles, market research, qualitative & quantitative methods; market dynamics, demand & supply, data visualization, competitive analysis, branding, customer value and satisfaction, measurement metrics and indicators; questionnaires design, opinion surveys, market segmentation, factors influencing consumer behaviour, target audience, Focus group scoping & selection, sampling & interviewing techniques, result analysis, extrapolation, projections and forecasting; visual representation of data points into visual charts, graphs, and its conversion to findings; reporting & communicating findings, modern marketing information system, tools and technologies including “hands-on” planning, prepping and designing questionnaires & opinion surveys – both paper-based & online, conducting opinion surveys, data collection and analysis, interpretation, summarizing the findings, etc.
AVERAGE ANNUAL PAY
|Entry-level (0-12 months)||$ 49,708|
|Early career (1-4 years)||$ 54,087|
|Mid-career (5-9 years)||$ 64,508|
|Experienced (10+ years)||$ 77,435|
Market Research Analyst is an in-demand career pathway, in which employment is expected to grow at a blistering 18 percent from 2019 to 2029.
SKILLS/ TRAITS NEEDED
Market Research Analysts, as multi-taskers, must be intellectually curious, “process-oriented” and “people-centric” and tech-savvy, with great market research, surveying, and data visualization skills; with the ability to understand, interpret, analyze and assimilate vast amounts of feedback and information, from various angles and sources; tracking and leveraging the emerging technology trends for preparing efficient and effective questionnaires, opinion surveys and conducting market research; they must possess great numerical and statistical ability, listening skills, adaptability, resilience, problem-solving, critical and structured logical thinking, and observation skills – with transparency, objectivity, fairness, trust, and impeccable integrity. They need to be “always switched on” result-oriented “go-getters”, an excellent communicator with strong market research knowledge & networking skills; also, they must be measurement & data-driven, familiar with measurement metrics, survey design, risk mitigation, and overall market research processes and procedures; in their quest to research, collect, collate and analyze well-researched data inputs from their market research endeavors, and gain & report clear actionable insights into the findings, passing them to the company management – in alignment with and to proliferate & progress the organization goals. They must be well-versed in preparing a lucid, objective questionnaire, scoping/ interviewing/ surveying an accurate target audience and focus groups, and have an understanding of human behavior and psychology. Also, they must be ethical, accountable, maintain confidentiality, and need to be proactive & research-oriented individuals with an organization-level vision, cool temperament, memory, imagination, enthusiasm, trust, strong conviction, planning, and execution; coupled with strong decision-making, with excellent verbal & written communication, and interpersonal/ soft skills; ability to work under pressure in a fast-paced work environment, delegation, a cool temperament, resilience, tactfulness, self-learning abilities, managerial skills, ability to motivate the target audience; and follow-up, time management, people & stakeholder management, prioritization, presence of mind, creativity and innovation; an open mind with an aptitude for research & controlled experimentation, patience, persuasiveness, perseverance, persistence & presence. They must be detail-oriented & self-organized with a “can-do attitude” and a strong passion for their work.
Market Research Analysts, based on the business objectives – research, and design traditional paper-based or online questionnaires, scope the target audience & focus groups, and conduct market research and opinion surveys for a targeted audience; to collect and collate data on the customer satisfaction or preferences, demand, products, and services; seeking opinions and answers to questionnaires and opinion surveys from the consumers, customers, competitors, employees, voters, the marketplace, etc. to understand the market conditions and impressions; then they analyze the data collected, slicing and dicing them to identify patterns and indicators, distilling and cataloging the findings into specific takeaways; culminating into deep reporting & actionable insights into market trends, competitive analysis, consumer preferences, customer or employee satisfaction, voter behavior, etc.; making market projections and unraveling the reasons for the high or low demand/ sales of their products, levels of customer or employee satisfaction or dissatisfaction; and provide analysis of the strengths and weaknesses of competitors, products, etc. – finally, creating actionable items. For instance, based on these market research indicators, insights, and data-points, companies may want to focus more on and produce/ sell higher volumes of the high-demand products, instead of wasting valuable resources on producing or selling the low-demand products. This will generate a lot of economies of scale, resulting in cost savings and increased sales, revenue, and profitability of the company. Similarly, insights into the strengths and weaknesses of the competitors will help the organization evolve and implement winning strategies to stay ahead of the competition. Also, gauging employee and customer satisfaction will help improve the relationship, goodwill, and trust between the company and their customers and employees, and brand building; creating a “win-win” situation for all stakeholders. Thus, market research done by Market Research Analysts is extremely critical to increasing the competitiveness & effectiveness, and for ensuring the success of any organization. Besides these activities, Market Research Analysts may also prepare and deliver presentations, and assist top management in providing statistical analysis & reporting, etc., train & mentor juniors, ensuring compliance, facilitate staff training, and perform other administrative functions. Hence, Market Research Analysts play a pivotal role in the sustainability and growth of any organization, ensuring positive organizational outcomes and maintaining business continuity. They generally work with corporate entities, institutions, and other market research organizations, or may have their own marketing research consulting business.