Do you like working with numbers are are also fascinated by people? Are you fascinated by the reasons people buy things. Consider a career as a market research analyst. This professional puts statistics to work determining:
- what a business should sell
- who will buy it
- how to promote it
The career lets you combine your analytical skills with your curiosity about people. It also has a booming job outlook.
A Market Research Analyst’s Role
Not quite sure what a market research analyst does? These business professionals don’t launch advertising campaigns themselves. However, the work they do plays an important role in how a company markets, sells and prices its products and services.
Market research analysts investigate and evaluate market conditions. They:
- explore sales trends
- research what competitors are doing
- collect demographic information
- survey responses from consumers
They use statistical software to analyze data and present it in formats like graphs, charts and tables.
The purpose of all of this work is to help companies:
- figure out what products and services to sell who their target audience is
- how much they can charge
Market research analysts assess how effective a particular marketing campaign has been and who to advertise a new product or service to. This helps the marketing team create more effective promotional material and advertising strategies.
An Education in Market Research
To develop the skills necessary for success in market research analysis, you’ll need a college education. A bachelor’s degree in market research is a popular path into this career. Aspiring market research analysts also major in:
- mathematics
- statistics
- computer science
Even a background in communications, business administration or the social sciences can be adequate preparation for the career. Just make sure you take necessary courses such as:
- statistics
- marketing
- research methods
Other subjects of study that can prove useful include:
- psychology (particularly consumer psychology)
- sociology
- economics
During your education, you may get to gain hands-on experience through an internship.
A high chance of upward mobility into management and senior research roles is just one of the perks of this career, according to U.S. News & World Report. To improve your options for career advancement, you can pursue a graduate degree in a field like:
- marketing research
- statistics
- business administration
Once you have some experience under your belt, you can earn the Professional Researcher Certification from the Marketing Research Association.
Work as a marketing research analyst can be rewarding. These professionals earn a comfortable median salary of $60,300 per year. You can often advance into leadership roles with even higher salaries. Expect opportunities in the field to increase by 32 percent over 10 years. U.S. News & World Report ranked the career number one on its list of the Best Business Jobs and highly among the 100 Best Jobs.
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