What Are the Responsibilities of a Market Research Analyst?

Professionals with the job title of Market Research Analyst held approximately 740,900 jobs in 2020. Market research is an essential part of business growth and overall success.

But what is a market research analyst and what do they do?

In this article, we answer the question above, tell you how to become a market research analyst, and how this role can benefit a company.

What Is Market Research?

Before discussing the details of a career as a market research analyst, it's important to first understand, 'what is market research?' Market research is a data collection tool used by companies to remain competitive in their industry.

It's often used when a business wants to introduce a new product or improve a product or business feature. For new products, it shows how well they might do in the marketplace. For existing products, it shows how they're received.

What Is a Market Research Analyst?

A market research analyst has the responsibility of gathering market research on behalf of a company. They perform research, analyze current trends, and predict future trends.

Once they have a good understanding of the market, they use their creativity to put the information together. They create easy-to-understand visuals for their clients as well as a way for them to act on the information.

How to Become a Market Research Analyst

If you're wondering how to become a market research analyst, start by considering the necessary skills. The best marketing research analyst has skills in communication, creativity, critical thinking, and attention to detail.

The next step is to obtain a Bachelor's degree in marketing, business, statistics, or a similar field. However, some higher-end professionals eventually obtain their Master's degrees.

Best Industries for Marketing Research Analyst

Most professional industries rely on market research. Companies such as Apple, Humana, McDonald's, and Starbucks heavily rely on market research for brand growth.

These opportunities are varied in terms of the work environment. Some industries require individual work while others require heavy collaboration with graphic designers, artists, and more.

Market Research Analyst Salary

The average market research analyst salary is approximately $71,000 in the United States. It can range from as low as $42,000 to as high as $121,000 or more depending on individual skill and experience.

Companies continue to rely on this role, especially due to the growth of social media marketing. This means that the job outlook for a marketing research analyst is promising. Job growth is expected to reach 18% by 2029.

Benefits of Market Research

Now that we understand the details, why is hiring a market research analyst so important to businesses? Professionals in this role offer a lot of financial benefits to the companies they work for including those listed below.

• Minimize investment risk
• Identify opportunities for growth
• Facilitate business strategy development
• Help ensure early participation in trends

Especially for larger businesses, the risks of not investing in market research far outweigh the cost of investing in a market research analyst.

The Future of a Marketing Research Analyst

If you're interested in working with a market research analyst, the future of your business is bright. You can gain valuable insight and avoid serious risks to your business.

If you want to invest in the future of your business, contact us today.