Insights Industry News

August 15, 2020

Career Advice: Becoming a Great Market Research Analyst

Must-know tips to get in the door for newcomers to the field.

Career Advice: Becoming a Great Market Research Analyst
Molly Purcell

by Molly Purcell

Digital Marketing Specialist at GreenBook

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What Does a Market Research Analyst Do?

All research analysts are tasked with working with data — come will be involved in the data collection process, some will be synthesizing data from different sources. A lot of specifics depends on the industry.

Those tasked with quantitative marketing research methods will be interpreting online survey results (with potentially hundreds of people) to, e.g., determine the percentage of a population that uses a particular product or service, what their experience as a user is, what survey question options apply to them. In contrast, those working with qualitative marketing research methods might be analyzing transcripts from in-depth interviews (likely conducted with a dozen or so individuals) to understand their thought processes before making purchasing decisions, and why they feel the way they do about a product or service. Many market research analysts that work in hybrid roles will also be reviewing existing research, including market data on industry, competition, or specific population segments.

Market research analysts can work for client organizations, companies that outsource their research questions to outside firms. They can also work for supplier organizations, companies that gather data on behalf of a client. Market research analysts can work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts may work with graphic designers and artists to create charts, graphs, and infographics summarizing the research and findings.

Analysts primarily work indoors in an office setting, although some may work on location and additional hours to collect research, depending on the project. According to the GRIT Report, “the average insights professional spends about half of their time conducting research, be it designing, managing, or analyzing the results. About a quarter of their time is spent presenting and consulting, and the rest is dedicated to other research and non-research tasks. Buyers spend somewhat more time presenting and consulting, while suppliers, especially those at higher levels within their organizations, spend more time on non-research operations.”

Is a Market Research Analyst a good job option?

We’re in the industry, so for us, this is a resounding YES! But for you to make that determination, you need to weigh your skills and interests while taking a look at two other primary considerations. Is the salary potential acceptable to you, and is the role in demand … those are key questions to consider when shifting (or starting) a market research career.

According to LinkedIn, the average total compensation for a Market Research Analyst is $55,000 a year. Total compensation ranges between $39,000 and $81,000. And, according to The U.S. Department of Labor’s Occupational Outlook Handbook, demand for Market Research Analysts from 2018-2028 will grow 20%, much faster than average.

What skills should a market research analyst have?

So much of being a great market research analyst has to do with personality — we believe (and GreenBook contributor Kevin Gray would concur) that great analysts have a natural curiosity, an open mind, a tolerance for risk and ambiguity, plus problem solving mindset (including imaginative and creative thinking, or ingenuity).

For the past few GRIT surveys, we have asked respondents to tell us (open-ended) which one skill they would add to their organization in their next hire and also what skills would be most important five years from now. These are the essential skill companies are looking for both now and five years from now:

  • Storytelling (Buyers)
  • Market Research Knowledge/Comprehension(Buyers)
  • Data Science (Buyers and Suppliers)
  • Data Visualization (Buyers and Suppliers)
  • Business Acumen, Commercial Awareness and Related Skills (Buyers and Suppliers)
  • Thinking Skills (Suppliers)
  • Sales and Business Development (Suppliers)

What is the career growth for a market research analyst?

Payscale created a list of possible career paths for researchers. From most to least common, the next career step after Market Research Analyst is:

  • Market Research Manager
  • Senior Market Research Analyst
  • Data Analyst

The next step up for a Market Research Manager is usually one of the following:

  • Marketing Research Director
  • Research Director
  • Director, Consumer Insights

The next step up for a Senior Market Research Analyst is usually one of the following:

  • Market Research Manager
  • Business Intelligence (BI) Analyst
  • Research Director

The next step up for a Data Analyst is usually one of the following:

  • Senior Data Analyst
  • Data Scientist
  • Analytics Manager

How to Become a Market Research Analyst

In the midst of your education? Consider a focused degree

Market research analysts typically have a bachelor’s degree in marketing; however, some analysts may have a bachelor’s degree in math, computer science, business, or another field. According to Kevin Gray, “It’s hard to overrate the value of experience, especially in a field such as statistics. Formal university-level stats training lays the necessary foundation, but there is a great deal of material and little time, so that foundation can be rather thin.” You can also look into a few industry specific programs:

In an interview with Kevin Gray, Jennifer Priestley, Professor of Statistics and Data Science at Kennesaw State University, recommended students researching graduate-level degree programs should [look] for [Data Science] programs that include programming, statistics, modeling. But also ample opportunity to work on real-world projects with local companies, nonprofits, local governments, etc.”

Prof. Priestly cautioned against short-term certificate programs for professionals new to the industry. “It’s through hands-on experience that will help people understand the more latent aspects of data science – like the role of storytelling, creativity (which is woefully under-appreciated), and project management.”

In the industry already? Get a certification

For more on market research careers and how to land a job in this industry, check out this post by SKIM.

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careerdata analyticsmarket research skills

Disclaimer

The views, opinions, data, and methodologies expressed above are those of the contributor(s) and do not necessarily reflect or represent the official policies, positions, or beliefs of Greenbook.

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