Marketing excellence is the result of the right marketing decisions, and the right marketing decisions are made only if they are based on correct information. Market Research (MR) provides invaluable insights into consumer behaviour, trends in the market, demand in the market, research on products /brands, channel performance, the impact of advertising, pricing decisions, promotional efforts, and many such related activities.
These insights enable the company to serve customers better. When businesses have a thorough grasp of the industry as a whole, they are better able to design successful products and identify the types of customers most likely to purchase those products at a given price. Some of the common MR techniques are surveys, in-depth interviews, panel discussions, focus group discussions, perceptual mapping, lifestyle study, motivational research, and statistical dissection of the market . The MR experts also contribute a wealth of knowledge in the areas of competitor research and analysis.
Market researchers sometimes work as consultants for businesses. Some new pass-outs join the marketing research of an organization, where they become an important part of the marketing department, spreading the word about the company’s wares.
Responsibilities of a Market Research Analyst
Although a market analyst’s specific responsibilities may vary slightly from one organization to the next, in general, they include the following:
● Create and evaluate novel methods of information gathering, such as surveys, polls, focus groups, and questionnaires.
● Run the data through a statistical program.
● Make sense of the acquired data using statistical tables and reports.
● Make data-driven decisions regarding product releases, iterative changes, and marketing strategies with the use of charts, graphs, and other visual representations of information requested by executives and clients.
● Help companies predict how well their products will do by creating a detailed picture of the market and the competitors.
● Check how well marketing campaigns are doing.
● The management consulting, scientific consulting, technical consulting, computer systems design, and advertising/public relations industries are some of the most popular places where you’ll find openings for market research analysts.
Qualification Needed To Start a Career As A Market Research Analyst
Finding work in this industry is easier for those with advanced degrees and credentials.
To work as a market research analyst, you need at least a Bachelor’s degree in marketing, market research, statistics, computer science, mathematics, the social sciences, business administration, communications, or a related field.
Managerial positions sometimes necessitate a master’s degree in business administration (MBA) or a related field. Certification by an appropriate body is not required to demonstrate competence but is strongly encouraged.
Skills Required To Be A Successful Market Research Analyst
To succeed as a market research analyst, you will need to have specific personality attributes and also specialized academic background.
● Having experience with Microsoft Office (viz., PowerPoint and Word) and statistical analysis software (such as SPSS, WinCross, SAS, or Market Sight) is beneficial for managing large amounts of data and presenting results visually.
● Calculation and reasoning skills are essential for analysing research data.
● You should feel completely at ease presenting your findings to management and other internal team members, and you should have no trouble doing so in front of an audience of strangers.
● Multitasking skills mean you can take on several projects at once and complete them all on time.
You need excellent communication skills to work well with people at all levels of the organisation, as well as with external clients and vendors.
Career Path For A Market Research Analyst
The need for market research and data analysis is expected to increase by 18% from 2016 to 2029, making the job outlook for market research analysts much brighter than other l occupations.
The present trend of using data to determine consumer preferences for products and services and to narrow marketing efforts to specific consumer niches is largely responsible for this anticipated growth. You will also have a chance to excel in emerging fields like Neuromarketing, Semiotics, Prosumer Research to name some.
Looking to advance your career as a Market Research Analyst?
The most common choice is to work as Senior Market Data Analyst and Manager of Market Research. Most people who work in market research management rise to the levels of Chief Scientist, Chief Marketing Officer, and Chief of Consumer Insights.
The following are some of the attractive designations acquired by successful market researchers-
Professional Business Intelligence and Market Research Analyst, Director Business Intelligence, Research Director etc.
It’s not uncommon for a Data Analyst to climb the corporate ladder and take on roles like: The Administrator of Data Sciences, Expertise in Data Science and Experienced Data Analysts
If you are fascinated by consumer behaviour, statistics, and the business world, a career as a market research analyst may just be your cup of tea.
You should invest now because there will never be a better moment to do so. Earning a degree in a field like marketing, statistics, analytics, psychology, or business administration is the first step in becoming a market research analyst. It could be the first step in the right direction.
— Authored by Prof. Anil Somani, Chairman, FOSTIIMA Business School
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