Market Research Analyst Career Guide

What Does a Market Research Analyst Do?

Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price. These analysts gather data and study other information to help a company promote its products or services.

Day-to-day responsibilities include monitoring and forecasting marketing and sales trends, measuring the effectiveness of marketing programs and strategies, devising and evaluating methods for collecting data (surveys, questionnaires, opinion polls), gathering data on consumers, competitors, and market conditions, analyzing data using statistical software, converting data and findings into tables, graphs, and written reports, and preparing reports and presenting results to clients and management.

Analysts gather data on consumer buying habits, demographics, needs, and preferences using a variety of methods including focus groups, interviews, literature reviews, market analysis surveys, public opinion polls, and questionnaires. They help determine a company's position in the marketplace by researching competitors and studying their marketing methods, prices, and sales. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, product promotions, and sales plans.

Education & Requirements

• Typical Education: Bachelor's degree in market research or a related field (business, communications, or social science). Some employers require or prefer a master's degree or MBA, especially for leadership positions or more technical research roles.
• Certifications: Voluntary professional certification available to demonstrate competency. Options include Professional Researcher Certification (PRC) and other industry-specific credentials.
• Key Skills: Analytical skills to evaluate large amounts of data and market information, communication skills to clearly convey information when gathering material, interpreting data, and presenting results, critical-thinking skills to assess which marketing strategies would work best, and detail orientation to pay attention to minutiae when evaluating data.
• Experience: No prior work experience required for entry-level positions, though employers may prefer candidates with experience in positions requiring data collection/analysis or report writing. Internships and volunteer work with market research or related projects are beneficial.

Salary Information

According to the Bureau of Labor Statistics (May 2024 data):

• Median Annual Salary: $76,950
• Entry-Level (10th percentile): $42,070
• Experienced (90th percentile): $144,610
• Top-Paying Industries: Information ($100,300), Management of companies ($98,300), Finance and insurance ($84,990), Wholesale trade ($77,870), Management and technical consulting ($75,640)
• Work Schedule: Most work full time during regular business hours

Job Outlook & Growth

Employment of market research analysts is projected to grow 7 percent from 2024 to 2034, much faster than the average for all occupations. About 87,200 openings are projected each year on average over the decade. Many openings will result from the need to replace workers who transfer to different occupations or retire.

Employment growth is expected to be driven by an increasing use of data and market research across many industries. These workers will be needed to help understand the needs and wants of customers, measure the effectiveness of marketing and business strategies, and identify the factors affecting product demand. The increase in the collection and analyses of big data—extremely large sets of information such as social media comments or online product reviews—can provide insight on consumer behaviors and preferences. Businesses will need market research analysts to conduct analyses of this data and information.

How to Break Into This Field

1. Education: Earn a bachelor's degree in marketing, business administration, statistics, communications, or social science. Take courses in statistics, research methods, marketing, and consumer behavior. Consider pursuing a master's degree or MBA for competitive advantage, especially for senior roles.
2. Entry-Level Roles: Start as a junior market research analyst, research assistant, or data analyst. Alternative entry points include marketing coordinator, social media analyst, or customer insights analyst positions.
3. Build Skills: Develop proficiency in statistical analysis software (SPSS, SAS, R, Python). Learn data visualization tools (Tableau, Power BI, Excel). Build survey design skills using platforms like Qualtrics or SurveyMonkey. Understand qualitative research methods (focus groups, interviews). Gain experience with marketing analytics and consumer behavior analysis.
4. Network: Join professional associations like the American Marketing Association (AMA), Marketing Research Association (MRA), or Insights Association. Attend marketing conferences and webinars. Connect with market researchers on LinkedIn. Participate in case competitions.
5. Apply Strategically: Target market research firms (Nielsen, Ipsos, Kantar), consumer goods companies, tech companies with strong research teams, or consulting firms. Seek internships while in school to gain practical experience. Build a portfolio showcasing research projects and data analysis work.

Career Path & Advancement

Entry-level: Junior market research analyst or research assistant → Mid-level: Market research analyst, senior analyst (lead projects, manage research studies) → Senior-level: Research manager, insights director, VP of consumer insights.

Some analysts specialize in particular industries (retail, healthcare, technology) or research methodologies (quantitative vs. qualitative). Others move into related roles such as marketing management, product management, or business strategy. Senior analysts may transition to consulting or start their own market research firms.

Pros & Cons

Related Careers

If you're interested in Market Research Analyst, you might also consider:

• Data Scientists: Median salary $112,590, use analytical tools and techniques to extract meaningful insights from data
• Survey Researchers: Median salary $63,380, design and conduct surveys and analyze data
• Management Analysts: Median salary $101,190, recommend ways to improve organizational efficiency
• Marketing Managers: Median salary $161,030, plan programs to generate interest in products or services
• Operations Research Analysts: Median salary $91,290, use mathematics and logic to solve complex issues
• Statisticians: Median salary $104,350, analyze data and apply computational techniques to solve problems