Prospective Market Research Analysts Must Have Strong Analytical and Critical Thinking Skills
Market research analysts assist businesses in understanding customer preferences and factors affecting product demand. They use primary and secondary data sources to analyze consumer perceptions, opinions and expectations.
Market research analysts should enjoy research processes and want to apply insights gained during them into marketing strategies, so becoming one might be rewarding career path for them. A bachelor’s degree is typically necessary; however, advanced degrees could open more advanced opportunities.
1. Gathering Data
As market research analysts sift through consumer data to advise companies on marketing strategies, they must be adept at collecting both qualitative and quantitative information. Prospective professionals should hone strong analytical and critical thinking skills that enable them to navigate through multiple sources – consumer surveys, sales records and search engine analytics among them – while being comfortable sharing their findings with various groups within the organization – from executive management right down to the most junior members.
As noted by the Bureau of Labor Statistics, most market research analyst jobs require at least a bachelor’s degree; employers may prefer or mandate candidates possess a master’s. Professional experience also plays a large role in this profession – some analysts begin as marketing specialists or entry-level employees before transitioning into this role.
Market research analysts are charged with collecting, analyzing and reporting the results of their data collection efforts. This includes designing questionnaires for data collection efforts as well as suggesting methods and providing digestible graphs/charts as reports to their clientele. Furthermore, market research analysts should possess expertise with various technological tools/apps like statistical software programs or search engine optimization (SEO) programs for effective performance in market research analyses.
Market research analysts require analytical and problem-solving skills, which they use in conducting studies that address specific business problems. This might involve sudden revenue drops, consumer disengagement or problems associated with product launch – using these skills, analysts can pinpoint their cause quickly and provide solutions back to their employers.
As market research analysts are often required to travel between offices and locations in order to gather information, interview potential consumers, and analyze complex correlations or data sets in a way that makes sense to non-technical audiences, these professionals must possess excellent interpersonal and communication skills as well as the ability to explain complex correlations or data sets in ways which make sense to non-technical audiences – this will allow them to provide insight and advice that allows other departments within a company take action on results of their own data analysis efforts.
2. Analyzing Data
Market research analysts must be adept at sorting through large volumes of data to locate relevant insights. They should be adept at analyzing both qualitative and quantitative information such as market trends, customer behaviors and sales records to effectively translate this information into marketing strategies. If you are considering becoming a market research analyst it’s essential to become proficient with statistical software programs that enable categorization and analysis as well as creating digestible graphs or charts of your findings for team members to consume.
As a market research analyst, you will often work alongside multiple team members. Effective communication between employees at all levels and departments of an organization and sharing complex data with executives and leaders requires excellent analytical and critical-thinking skills that allow information to be presented clearly so as not to lose its meaning in translation.
Market research analysts must interpret consumer feedback in order to provide recommendations that have an immediate impact on business decisions. While computers can create graphs displaying how many customers rate their shopping experiences as “satisfactory”, the real challenge lies in understanding why those numbers exist. A computer can generate graphs showing this, but real challenge lies in discovering why those are the numbers it generates.
For instance, if many customers have expressed discontent with your product or service, it’s essential that you investigate why and develop solutions to address it. Furthermore, if certain demographic groups are misinterpreting or not responding well to your brand’s messaging strategy, devising ways of reaching them more efficiently must also be considered.
Market research analytics have become an indispensable service to most businesses, making its practitioners highly sought-after professionals. Individuals who excel at independent work and appreciate data will likely thrive in this line of work.
3. Interpreting Data
As explained by the Bureau of Labor Statistics (BLS), market research analysts must have the skills to “sift through large data sets with numerous complex variables to uncover insights and develop evidence-based recommendations that other stakeholders can utilize.” Interpreting and communicating this data are also crucial elements of this position.
Professionals working as market research analysts need to be proficient at both qualitative and quantitative research methods. Qualitative techniques like surveys or focus groups help market researchers uncover hidden attitudes, behaviors or sales patterns which might otherwise remain hidden to statistical analysis alone. With this data at their disposal, market researchers can produce precise marketing suggestions tailored to their employer’s product launches or business plans.
Market research analysts must have more than the skillset necessary for collecting and analyzing data; they also require strong analytical thinking skills. Market research analysts should be adept at recognizing any inconsistencies or discrepancies within their findings as well as spotting flaws in other people’s conclusions; seemingly minor factors like question wording can play an important role in changing results of surveys; being aware of these details could make or break their strategy for engaging their target consumer base.
As the industry increasingly adopts a data-driven approach, it has become more essential for professionals to possess both marketing and data analytics backgrounds. At minimum, a bachelor’s degree in a field like marketing, market research or statistics should meet this prerequisite, though those hoping to pursue leadership positions could benefit from seeking their master’s.
Individuals interested in this field should become acquainted with common workplace programs that facilitate data collection and display, such as Microsoft Office. Some positions also require knowledge of a programming language such as R, SQL or SAS that assists with research and data analysis efforts – it is best to read up on specific job descriptions to ascertain which skills may be needed.
4. Presenting Data
Market research analysts use data to help companies choose an effective marketing strategy, and consumers understand their brand better. Market research analysts dedicate much of their time communicating the results of their work by creating graphs and charts that explain complex data, or by presenting it directly to clients or colleagues.
The BLS notes that professionals in this role must possess outstanding communication skills, as they will likely interact with others in their field via emails, telephone calls or face-to-face meetings regularly. Furthermore, it is expected of them to present findings clearly and efficiently to any audience they encounter.
Market research analysts are responsible for gathering and analyzing consumer preferences, buying habits and trends in the marketplace. Once this data has been gathered and analyzed, market research analysts must help their employers formulate and implement strategies utilizing it – such as selecting suitable products to sell to target demographics effectively or developing effective ways of reaching those consumers.
Market research analysts work in various industries and often hold different job titles depending on which sector they serve, for instance those employed by financial services may be known as investment analysts, securities analysts or insurance analysts.
Market research analysts typically advance quickly through their careers, often being promoted into higher-level roles within two to three years of entering the profession. Advancement often depends on merit and professional qualifications such as experience and specialization. Many analysts also pursue professional certification such as that offered by Marketing Research Association’s Professional Researcher Certification (PRC).