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Career profile Market Research Analyst

Also known as Business Development Specialist, Communications Specialist, Demographic Analyst, Market Analyst, Market Research Analyst, Market Research Consultant, Market Research Specialist, Market Researcher

Market Research Analyst

Also known as Business Development Specialist, Communications Specialist, Demographic Analyst

Interests Profile
  • Investigative
  • Enterprising
  • Conventional
Pay Range
$35,380 - $127,410 (annual)
Required Skills
  • Reading Comprehension
  • Writing
  • Critical Thinking
Knowledge Areas
  • Customer and Personal Service
  • Sales and Marketing
  • Mathematics
Core tasks
  • Prepare reports of findings, illustrating data graphically and translating complex findings into written text.
  • Collect and analyze data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand.
  • Conduct research on consumer opinions and marketing strategies, collaborating with marketing professionals, statisticians, pollsters, and other professionals.
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What does a Market Research Analyst do?

Market Research Analysts research conditions in local, regional, national, or online markets.

In addition, Market Research Analysts

  • gather information to determine potential sales of a product or service, or plan a marketing or advertising campaign,
  • may gather information on competitors, prices, sales, and methods of marketing and distribution,
  • may employ search marketing tactics, analyze web metrics, and develop recommendations to increase search engine ranking and visibility to target markets.

What kind of tasks does a Market Research Analyst perform regularly?

Market Research Analysts are often responsible for overseeing or executing some or all of the following tasks:

  • Prepare reports of findings, illustrating data graphically and translating complex findings into written text.
  • Collect and analyze data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand.
  • Conduct research on consumer opinions and marketing strategies, collaborating with marketing professionals, statisticians, pollsters, and other professionals.
  • Measure and assess customer and employee satisfaction.
  • Devise and evaluate methods and procedures for collecting data, such as surveys, opinion polls, or questionnaires, or arrange to obtain existing data.
  • Measure the effectiveness of marketing, advertising, and communications programs and strategies.
  • Seek and provide information to help companies determine their position in the marketplace.
  • Forecast and track marketing and sales trends, analyzing collected data.
  • Gather data on competitors and analyze their prices, sales, and method of marketing and distribution.
  • Monitor industry statistics and follow trends in trade literature.
  • Attend staff conferences to provide management with information and proposals concerning the promotion, distribution, design, and pricing of company products or services.
  • Direct trained survey interviewers.
  • Develop and implement procedures for identifying advertising needs.

The above responsibilities are specific to Market Research Analysts. More generally, Market Research Analysts are involved in several broader types of activities:

Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Interpreting the Meaning of Information for Others
Translating or explaining what information means and how it can be used.
Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

What is a Market Research Analyst salary?

The median salary for a Market Research Analyst is $65,810, and the average salary is $73,970. Both the median and average roughly describe the middle of the Market Research Analyst salary range, but the average is more easily affected by extremely high or low salaries.

Many Market Research Analysts earn significantly more or less than the average, due to several factors. About 10% of Market Research Analysts earn less than $35,380 per year, 25% earn less than $48,040, 75% earn less than $93,030, and 90% earn less than $127,410.

Between the years of 2020 and 2030, the number of Market Research Analysts is expected to change by 22.1%, and there should be roughly 96,000 open positions for Market Research Analysts every year.

Median annual salary
$65,810
Typical salary range
$35,380 - $127,410
Projected growth (2020 - 2030)
22.1%

What personality traits are common among Market Research Analysts?

Interests

Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.

Compared to most occupations, those who work as a Market Research Analyst are usually higher in their Investigative, Enterprising, and Conventional interests.

Market Research Analysts typically have very strong Investigative interests. Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.

Also, Market Research Analysts typically have strong Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Lastly, Market Research Analysts typically have moderate Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Values

People differ in their values, or what is most important to them for building job satisfaction and fulfillment.

Compared to most people, those working as a Market Research Analyst tend to value Achievement, Working Conditions, and Support.

Most importantly, Market Research Analysts moderately value Achievement. Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment.

Second, Market Research Analysts moderately value Working Conditions. Occupations that satisfy this work value offer job security and good working conditions.

Lastly, Market Research Analysts moderately value Support. Occupations that satisfy this work value offer supportive management that stands behind employees.

Psychological Demands

Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.

In order to perform their job successfully, people who work as Market Research Analysts must consistently demonstrate qualities such as analytical thinking, attention to detail, and dependability.

Below, you'll find a list of qualities typically required of Market Research Analysts, ranked by importance:

Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Integrity
Job requires being honest and ethical.
Initiative
Job requires a willingness to take on responsibilities and challenges.

What education and training do Market Research Analysts need?

Many Market Research Analysts will have a four-year bachelor's degree, but some do not.

Market Research Analysts usually need several years of work-related experience, on-the-job training, and/or vocational training.

Educational degrees among Market Research Analysts

  • 0.6% did not complete high school or secondary school
  • 5.0% completed high school or secondary school
  • 10.5% completed some college coursework
  • 4.6% earned a Associate's degree
  • 54.2% earned a Bachelor's degree
  • 22.3% earned a Master's degree
  • 2.9% earned a doctorate or professional degree

Knowledge and expertise required by Market Research Analysts

Market Research Analysts may benefit from understanding of specialized subject areas, such as customer and personal service, sales and marketing, or mathematics knowledge.

The list below shows several areas in which most Market Research Analysts might want to build proficiency, ranked by importance.

Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Sales and Marketing
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Communications and Media
Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.

Important Abilities needed by Market Research Analysts

Market Research Analysts must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.

For example, Market Research Analysts need abilities such as inductive reasoning, oral comprehension, and written comprehension in order to perform their job at a high level. The list below shows several important abilities for Market Research Analysts, ranked by their relative importance.

Inductive Reasoning
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
Written Expression
The ability to communicate information and ideas in writing so others will understand.

Critical Skills needed by Market Research Analysts

Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.

Market Research Analysts frequently use skills like reading comprehension, writing, and critical thinking to perform their job effectively. The list below shows several critical skills for Market Research Analysts, ranked by their relative importance.

Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
Writing
Communicating effectively in writing as appropriate for the needs of the audience.
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking
Talking to others to convey information effectively.

What is the source of this information?

The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.

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