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Market Research Analyst Job Description

Puja Lalwani
Conducting in-depth research, analyzing the data collected from this research, and proposing new strategies of business development, all come under the job description of a market research analyst. Here's a detailed description of this job to help you decide whether or not you wish to take it up in the future.
Market research is a field that is applicable to any kind of business, big or small. Though the work is extensive in a larger business, it does not mean a small business does not require any kind of market research. Any business needs to know what the consumer is looking for in order to be able to cater to those needs effectively.
This is what the job of a market research analyst comprises; conducting research by employing various methods, collecting data, analyzing it, and making suggestions regarding how the collected data can be utilized to change or implement various marketing and business strategies.
A field that requires maximum attention to detail and a deep technical understanding, it is highly lucrative and rewarding.

What does a Market Research Analyst Do?

As mentioned earlier, market research analysts primarily conduct detailed and deep research through online and offline methods. This they may do by carrying out surveys, studying general trends, or employing methods such as direct mail marketing and analyzing responses. 
These individuals then compile this information with their teams, and conduct in-depth analysis of this data to determine the current trends and predict future trends, in relation to the current growth trends of the organization.
These endeavors support the growth and development of any business venture. By communicating these details to business partners, they provide advice on how market trends may affect the business in the future. As such, the key responsibilities of a market research analyst include:
  • Analyzing the background of products or services being offered in relation to current market trends.
  • Using various quantitative and qualitative research tools and market research methods to obtain data at a regional, national, and international level.
  • Collecting and analyzing competitive strategies, prices, and sales methods.
  • Measuring the effectiveness of current marketing strategies in relation to consumer trends.
  • Writing reports and preparing thorough presentations of such data.
  • Proposing recommendations that will enable a connection with the direct consumer by catering to the current needs and demands.
  • Conceptualizing innovative ideas that will help reinvent marketing strategies and provide greater opportunities to attract clients.
  • Recording and maintaining information compiled through research.
  • Proposing and identifying newer methods of market research to collect and record data in a more organized manner.
  • Using advanced tools and software that capture as much data as possible in order for the organization to maintain its edge in the market.
  • Working under a pressure-driven environment and delivering results well within deadlines.
The job description suggests that being a market research analyst is highly challenging and requires the remarkable ability to look into every aspect of the market research procedure. To gain such a competitive job, you should fulfill certain educational requirements and develop the skills necessary to perform this challenging job.

Skills and Educational Requirements of a Market Research Analyst

Organizations willing to employ market research analysts are looking for the following educational qualifications, skills, and experience in a potential candidate
  • A bachelor's degree preferably in Statistics, Finance, or Economics.
  • A Master's degree in Business Administration (MBA) (preferably but not necessarily).
  • Ability to collect and interpret a variety of statistical data and understand the implications of each finding.
  • Attention to detail and the ability to connect small bits of information and connect it with the overall process.
  • Outstanding display of analytical and critical thinking skills.
  • Ability to introduce newer approaches to regular tasks.
  • Ability to work in a pressure and deadline-driven environment.
  • Knowledge of the industry that the market research analyst works for.
  • Excellent verbal and oral communication skills along with outstanding presentation skills.
  • Ability to think quickly, resolve problems, face obstacles, and take decisions in the process of market research.
It is important to note that most organizations prefer individuals who have some amount of work experience in the field. As such, make sure you get your internships to gain that basic experience, which you can further by starting at lower level jobs and then moving up the ladder. Certification is also available in the field, but only after you have displayed some level of expertise in your field.
The salary of a market research analyst is largely based upon the industry one works in, the location of the organization, and skill and experience in the field. However, on an average, such a professional is capable of earning anywhere between US $45,000 - US $85,000. Those in senior positions are capable of earning over US $100,000.
As mentioned earlier, market research analysts are employed in almost all fields, from software to health care. Based on your interest in a field and your ability, you can definitely get a job of your choice. Just be prepared for all that you have to take on with this job and do your best!