Ever wondered why you bought that new pair of shoes, or why you prefer the color red to the color green? Chances are, if you bought something or showed a preference for one product over another on a shelf, there was a marketing research analyst somewhere behind your decision. Marketing researchers specialize in helping companies understand the buying preferences of their customers, as well as seeking out new products and services those customers might need. They also help the business in determining the best prices to ask for their products, what packaging or advertising will be most effective in attracting the customer, and even the best ways to display the product for sale.
How They Do It
Market research analysts use many methods to find the information they need. They organize surveys to find out customer interests, using to door canvassing, internet questionnaires, mall-based information booths, and focus groups. Market researchers also gather information on competitor's products, prices, marketing methods and distribution, all to better aim their clients towards the best way to pitch their own products at potential customers.
Market research analysts not only gather information; they also evaluate the data and use it to make recommendations to their clients. These reports help management spot new trends, new services, or new markets where a product or service can be introduced. Market research analysts also work with advertising teams to develop packaging, sales displays, commercials, sales rollout plans, and sales promotions.
Survey Research Analysts
Survey research analysts are a special category of market research analysts. They are specially trained to work directly with the customer, asking questions that are designed to elicit information on tastes, preferences, and subconscious interests. Many market research analysts begin their careers working in survey research, moving on to market research as positions become available.
What's the Job Like?
Like most professionals, market research analysts work regular business hours in clean, well-lit office, although overtime and travel may be required by deadlines or the nature of a particular project. The nature of the job means that market research analysts often work alone; writing charts and reports doesn't require a large group—although if a researcher is involved in a more complex project, he may be one of a team of researchers with each member handling one part of the research. Work schedules are very structured, and computers and other office hardware are a big part of the job. If you're in the survey analyst area, you may spend a lot of time working with the public, taking surveys and interviewing focus groups.
Qualifications
A Bachelor's degree in mathematics, statistics, survey design, computer science or a related field is the minimum requirement for this position, although with increased competition for technically oriented jobs (such as in computers, advertising and product marketing) often call for a master's or Ph.D. in marketing or a related field. Applicants looking for positions in teaching or higher education may find that even a Ph.D. is still no guarantee. Strong quantitative skills and a knack for working with the public are very important.
As of 2006, there were approximately 234,000 market research analysts working in the U.S. Most of these are employed in private companies, where they support management, technical, and scientific consultation firms. Market research and public opinion polling occupied the larger balance of these researcher's tasks, with varied specializations in university and professional schoolwork. Many market research analysts work as consultants, while another large percentage have government or academic jobs supplemented by private consultancies. In addition, computer software design companies, software publishers, financial service firms, advertising firms, health care institutions and insurance companies, hold excellent opportunities for market research analysts. The best opportunities for growth in the market research industry will most likely come from the public opinion polling industry, which is expending as new products and uses of polling come to light.
Where the Jobs Are
Not every market analyst works for a high-powered advertising firm or massive mega corporation. While the bulk of market research analyst jobs are found in businesses financial services, there are a large number of positions to be found in government service and the academic world. No matter what service you're offering, whether it's a government program or a new social theory, having someone who can get to the heart of what the people who will be affected by it really think. Most market researchers eventually parlay their knowledge into self-employment as consultants, covering a wide variety of contract jobs in the process.
Salaries
As of 2006, the average market research analyst salary was approximately $43,457. According to U.S. Labor Department surveys, over 50% of marketing research analysts earned between $35,493 and $45,205 per year.
Conclusion
If you're looking for a career that puts you right on the edge of the next trend—a job that lets you shape the products and services people may not even know they need yet, then a career as a marketing research analyst may be the perfect fit for you.
