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Market Research Analysts

Career, salary and education information.

What They Do : Market research analysts study market conditions to examine potential sales of a product or service.

Work Environment : Because most industries use market research, these analysts are employed throughout the economy. Most analysts work full time during regular business hours. Some work under pressure of deadlines and tight schedules.

How to Become One : Most market research analysts need at least a bachelor’s degree. Some research positions may require a master’s degree. Strong math and analytical skills are essential.

Salary : The median annual wage for market research analysts is $63,920.

Job Outlook : Employment of market research analysts is projected to grow 19 percent over the next ten years, much faster than the average for all occupations.

Related Careers : Compare the job duties, education, job growth, and pay of market research analysts with similar occupations.

Following is everything you need to know about a career as a market research analyst with lots of details. As a first step, take a look at some of the following jobs, which are real jobs with real employers. You will be able to see the very real job career requirements for employers who are actively hiring. The link will open in a new tab so that you can come back to this page to continue reading about the career:

Top 3 Market Research Analyst Jobs

As the Market Research Analyst , you will research the status of market and consumer trends, along with competitive analysis . This role will gather and analyze data on consumers and competitors while ...

The Research Analyst position is a multi-faceted position that requires stellar communication ... Conducting market research regarding new business opportunities using sam.gov and related publicly ...

The Equity Research Analyst is responsible for analyzing and evaluating public companies' financial data, market trends, and economic conditions to provide investment recommendations. This role ...

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What Market Research Analysts Do [ About this section ] [ To Top ]

Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.

Duties of Market Research Analysts

Market research analysts typically do the following:

• Monitor and forecast marketing and sales trends
• Measure the effectiveness of marketing programs and strategies
• Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
• Gather data on consumers, competitors, and market conditions
• Analyze data using statistical software
• Convert complex data and findings into understandable tables, graphs, and written reports
• Prepare reports and present results to clients and management

Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.

Analysts help determine a company's position in the marketplace by researching their competitors and analyzing their prices, sales, and marketing methods. Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions.

Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.

Workers who design and conduct surveys are known as survey researchers .

Work Environment for Market Research Analysts [ About this section ] [ To Top ]

Market research analysts hold about 792,500 jobs. The largest employers of market research analysts are as follows:

Because most industries use market research, these analysts are employed throughout the economy.

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.

Market Research Analyst Work Schedules

Most market research analysts work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work.

How to Become a Market Research Analyst [ About this section ] [ To Top ]

Get the education you need: Find schools for Market Research Analysts near you!

Most market research analysts need at least a bachelor's degree. Some research positions may require a master's degree. Strong math and analytical skills are essential.

Education for Market Research Analysts

Market research analysts typically need a bachelor's degree in market research or a related field. Many have degrees in fields such as statistics, math, or computer science. Others have backgrounds in business administration, the social sciences, or communications.

Courses in statistics, research methods, and marketing are essential for these workers. Courses in communications and social sciences, such as economics or consumer behavior, are also important.

Some market research analyst jobs require a master's degree. Several schools offer graduate programs in marketing research, but many analysts complete degrees in other fields, such as statistics and marketing, and/or earn a master's degree in business administration (MBA). A master's degree is often required for leadership positions or positions that perform more technical research.

Licenses, Certifications, and Registrations for Market Research Analysts

Certification is voluntary, but analysts may pursue certification to demonstrate a level of professional competency. The Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts. Candidates qualify on the basis of experience and knowledge; they must pass an exam, have at least 3 years working in opinion and marketing research, and complete 12 hours of industry-related education courses. Individuals must complete 20 hours of industry-related continuing education courses every 2 years to renew their certification.

Important Qualities for Market Research Analysts

Analytical skills. Market research analysts must be able to understand large amounts of data and information.

Communication skills. Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients.

Critical-thinking skills. To determine what marketing strategy would work best for a company, market research analysts must assess all available information.

Detail oriented. Market research analysts must be detail oriented because they often do precise data analysis.

Market Research Analyst Salaries [ About this section ] [ More salary/earnings info ] [ To Top ]

The median annual wage for market research analysts is $63,920. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $37,570, and the highest 10 percent earned more than $128,320.

The median annual wages for market research analysts in the top industries in which they work are as follows:

Job Outlook for Market Research Analysts [ About this section ] [ To Top ]

Employment of market research analysts is projected to grow 19 percent over the next ten years, much faster than the average for all occupations.

About 99,800 openings for market research analysts are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

Employment of Market Research Analysts

Employment growth will be driven by an increasing use of data and market research across many industries. They 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 the data and information.

Careers Related to Market Research Analysts [ About this section ] [ To Top ]

Advertising, promotions, and marketing managers.

Advertising, promotions, and marketing managers plan programs to generate interest in products or services. They work with art directors, sales agents, and financial staff members.

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Cost estimators collect and analyze data in order to estimate the time, money, materials, and labor required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular product or industry.

Data Scientists

Data scientists use analytical tools and techniques to extract meaningful insights from data.

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.

Mathematicians and Statisticians

Mathematicians and statisticians analyze data and apply mathematical and statistical techniques to help solve real-world problems in business, engineering, healthcare, or other fields.

Operations Research Analysts

Operations research analysts use advanced mathematical and analytical methods to help organizations investigate complex issues, identify and solve problems, and make better decisions.

Public Relations Specialists

Public relations specialists create and maintain a favorable public image for the organization they represent. They craft media releases and develop social media programs to shape public perception of their organization and to increase awareness of its work and goals.

Survey Researchers

Survey researchers design and conduct surveys and analyze data. Surveys are used to collect factual data, such as employment and salary information, or to ask questions in order to understand people's opinions, preferences, beliefs, or desires.

More Market Research Analyst Information [ About this section ] [ To Top ]

For more information about market research analysts, visit

Insights Association

A portion of the information on this page is used by permission of the U.S. Department of Labor.

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Market Research Analyst

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.

Market research analysts typically do the following:

• Monitor and forecast marketing and sales trends
• Measure the effectiveness of marketing programs and strategies
• Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
• Gather data on consumers, competitors, and market conditions
• Analyze data using statistical software
• Convert data and findings into tables, graphs, and written reports
• Prepare reports and present results to clients and management

Market research analysts gather data and study other information to help a company promote its products or services. They gather data on consumer buying habits, demographics, needs, and preferences. They collect data and information using a variety of methods, such as focus groups, interviews, literature reviews, market analysis surveys, public opinion polls, and questionnaires.

Analysts help determine a company’s position in the marketplace by researching their competitors and studying their marketing methods, prices, and sales. Using this information, analysts may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables analysts to develop advertising brochures and commercials, product promotions, and sales plans.

Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.

Workers who design and conduct surveys that market research analysts use are survey researchers.

Market research analysts held about 792,500 jobs in 2021. The largest employers of market research analysts were as follows:

Because most industries use market research, these analysts are employed throughout the economy.

Market research analysts work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts work with graphic designers and artists to create charts, graphs, and infographics summarizing their research and findings.

Work Schedules

Most market research analysts work full time during regular business hours.

Market research analysts typically need a bachelor’s degree. Some employers require or prefer that job candidates have a master’s degree. Strong research and analytical skills are essential.

Market research analysts typically need a bachelor's degree in market research or a related business, communications, or social science field.

Courses in statistics, research methods, and marketing are important for prospective analysts. Courses in communications and social sciences, such as economics or consumer behavior, are also helpful.

Some employers of market research analysts require or prefer a master’s degree. Several schools offer graduate programs in marketing research, but analysts may choose to complete a bachelor’s degree in another field, such as statistics and marketing, and earn a master’s degree in business administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research.

Licenses, Certifications, and Registrations

Analysts may pursue certification, which is voluntary, to demonstrate a level of professional competency. The  Insights Association  offers several certifications for market research analysts, including the IPC Principal and the IPC Masters. Candidates qualify based on industry experience and passing an exam.

Other Experience

Completing an internship while in school may be helpful. Prospective analysts also may gain experience by volunteering for an organization and helping with market research or related projects.

Employers may prefer to hire candidates who have experience in other positions that require collecting and analyzing data or writing reports to summarize research. 

Market research analysts typically have an interest in the Thinking, Persuading and Organizing interest areas, according to the Holland Code framework. The Thinking interest area indicates a focus on researching, investigating, and increasing the understanding of natural laws. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.

If you are not sure whether you have a Thinking or Persuading or Organizing interest which might fit with a career as a market research analyst, you can take a career test to measure your interests.

Market research analysts should also possess the following specific qualities:

Analytical skills. Market research analysts must be able to understand large amounts of data and information. 

Communication skills. Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients. 

Critical-thinking skills. Market research analysts must assess all available information to determine what marketing strategy would work best for a company.

Detail oriented. Market research analysts must be detail oriented because they often do precise data analysis.

The median annual wage for market research analysts was $63,920 in May 2021. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $37,570, and the highest 10 percent earned more than $128,320.

In May 2021, the median annual wages for market research analysts in the top industries in which they worked were as follows:

Employment of market research analysts is projected to grow 19 percent from 2021 to 2031, much faster than the average for all occupations.

About 99,800 openings for market research analysts are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire. 

Employment growth will 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 the data and information.

For more information about market research analysts, visit

Insights Association

For resources and information about qualitative research, visit

Qualitative Research Consultants Association  (QRCA)

Where does this information come from?

The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook . This excellent resource for occupational data is published by the U.S. Department of Labor every two years. Truity periodically updates our site with information from the BLS database.

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I think I have found an error or inaccurate information on this page. Who should I contact?

This information is taken directly from the Occupational Outlook Handbook published by the US Bureau of Labor Statistics. Truity does not editorialize the information, including changing information that our readers believe is inaccurate, because we consider the BLS to be the authority on occupational information. However, if you would like to correct a typo or other technical error, you can reach us at [email protected] .

I am not sure if this career is right for me. How can I decide?

There are many excellent tools available that will allow you to measure your interests, profile your personality, and match these traits with appropriate careers. On this site, you can take the Career Personality Profiler assessment, the Holland Code assessment, or the Photo Career Quiz .

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Ultimate Guide for Market Research Analysts

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Everyone is a consumer on some level. We make purchases for necessities and the things we desire. With the rampant advances in technology, the economy, society, and American consumerism, there is a demand to create new products and services every day. A large component of various businesses is successfully creating products and services that consumers will want or need to purchase. How do companies learn what the consumer wants? They look to the market research analysts to guide them on the right path. 

What exactly do market research analysts do? In this Guide for Market Research Analysts, you will find out what they do, why they are important, their historical pathway, and what educational and professional preparation is needed to become a market research analyst. You will also read about future trends for this profession and how Covid-19 has impacted market research analysts. 

What is a Market Research Analyst?

A market research analyst conducts and analyzes market research. But what is  market research ? It is an essential part of the research and developmental process for a new product or service. Companies utilize market research to gather opinions and feedback from consumers about what they want or need to create the right commodity. It also helps companies determine the target market, testing products and services, and determining whether to release the new product or make the necessary changes for improvement.

As vital as market research is in the world of business, it would not exist without the knowledge and skills of a market research analyst to gather the pertinent data, perform the research, and properly analyze the results. They play a crucial role in helping increase profits for companies. 

The name of this occupation describes two of the essential skills it needs to function appropriately: market research and market analysis.  Market research analysts  also need to be detail-oriented with strong math, analytical thinking, critical thinking, data analysis, decision making, quantitative, organizational, complex problem solving, leadership, and time management skills. As important as it is to understand logic, these analysts need to understand human behavior and emotions. They must acquire social perceptiveness, have excellent communication, interpersonal, and active listening skills, and properly interact with clients.    

Although every day is different, market research analysts need to be able to work within a fast-paced environment full of variety and high-pressure deadlines. They need various technical skills in Microsoft Excel, Microsoft PowerPoint, SPSS, systems analysis, and all types of software, including customer relationship management, database user interface, query, data analysis, information retrieval, sales and marketing, graphics, and content workflow software. Some of the newer technologies in market research are geofencing and eye-tracking. 

Along with these critical skills, market research analysts need to possess specific characteristics and values to succeed at the job. It is vital that they are dependable, adaptable, cooperative, innovative, independent, flexible, and possess integrity, initiative, and self-control. They need to accept criticism, tolerate stress, work individually or with a team, overcome obstacles, and be sensitive to people’s feelings.   

Market research analysts typically work in an office setting, full-time, and sometimes more than 40 hours a week while working on time-sensitive deadlines. The  work environment  typically values good working conditions, job security, supportive management, and opportunities to achieve results. In learning what products consumers will purchase, how much they will pay for it, and the target market, market research analysts have numerous responsibilities and perform many duties and tasks. Here is a list of their main responsibilities.

• MONITOR business indicators, industry statistics, and sales and marketing trends.
• COLLABORATE with other professionals like statisticians, marketing agents, and pollsters.
• RESEARCH competing companies, marketing methods, market conditions, consumer interest, and organizational performance. 
• COLLECT data and information through interviews, surveys, focus groups, opinion polls, questionnaires, market analysis, and reviews. 
• UTILIZE statistical software and techniques in collecting data. 
• ANALYZE the data and industry and consumer trends. 
• INTERPRET the meaning of the results.
• CONVERT the complexities of the results into understandable language.
• PRODUCE reports that reveal consumer needs, preferences, purchasing habits, and demographics, while including significant statistics. 
• PREPARE visual aids, such as tables, charts, graphs, and infographics.
• PRESENT the results to clients in a way they can easily understand. 

When market research analysts do their job correctly, they help companies develop business marketing and management strategies, determine product demand and pricing, identify relevant markets, measure their effectiveness in the market, and forecast future trends. Their work educates companies on their target audience, which assists in advertising components, product promotions, and sales plans. As market research analysts advance in their careers, they can step into management positions like market research managers or senior market research analysts. Within these management roles, the additional duties may consist of coordinating, managing, supervising, and training other employees.       

Types of Employers

Most every industry around the world uses market research. Therefore, the variety of opportunities and types of employers for market research analysts are wide. The highest rate of employment is found in a variety of consulting firms that consult all different kinds of companies. They range from research, aerospace, and manufacturing companies to colleges, healthcare institutions, and government agencies. 

The most extensive employers of the over 730,000 market research analysts’ jobs in 2019 were in management, technical, and scientific consulting services; enterprise and company management; publishing industries; finance and insurance; and wholesale trade. Some examples of global market research consulting companies that employ market research analysts include Ipsos; Penn, Schoen, and Berland Associates; and Nielsen Holdings PLC (The Nielsen Company). Other examples of employers include IMS Health Inc, which is now IQVIA, which provides information and services for the healthcare industry, and Heico Aerospace Corporation, which focuses on aerospace and electronics markets.

Enjoying your job is important, but you also need to know that it can support you and your family, pay all your bills, build savings, and still have some leftover, right? Market research analysts can make a good living and have opportunities to increase their income as they grow in experience and advance in responsibilities. Depending on which source you refer to, the average median salary for market research analysts ranges from $63,790 to $70,960. When you first start out in this position with minimal experience, you can expect to bring in just under $50,000 a year. In 2019, the top industries median salaries were:

• Management, scientific, and technical consulting services = $61,520
• Wholesale trade = $61,780
• Finance and Insurance = $71,500
• Enterprise and company management = $74,510
• Publishing industries (except internet) = $75,720

There are different levels of pay across the country. The states that pay market research analysts the best salaries, on average, are Texas, Washington D.C., Washington, Delaware, and New Jersey, ranging from $78,200 to $87,210, respectively. As for cities, the best paying includes Houston, Bridgeport, Seattle, San Francisco, and San Jose, ranging from $82,480 to $97,240, respectively. Also, Boston, Chicago, and Philadelphia pay market research analysts more than the national average.     

What is the History of Market Research Analytics?

Did you know that 2020 marks the centennial for market research? Market research has become a crucial aspect of the marketing plan for every company within the past century. Let’s take a moment in this Guide for Market Research Analysts, to take a walk through time and learn about the origins of market research, the theories and methods that birthed our modern-day landscape, and how historical market research analysts impacted the evolutionary and transformative process. 

The 1920s – 1930s

• Advertising was introduced to the United States around the same time  formal market research  hit Germany in the 1920s. 
• Daniel Starch pioneered market research and believed advertising should be seen, believed, read, recalled, and acted upon. He was the first to develop methods and strategies for market research in advertising. He also created the  Starch Test , which measured the effect newspaper and magazine ads had on a person.   
• Face-to-face interviews on the street and door-to-door allowed analysts to collect data on whether people recognized printed ads or brands from previously seen newspapers and magazines.
• The  Golden Age of Radio  brought daily broadcasts into every American’s homes and lives, which brought companies opportunities to advertise on the radio, thus escalating market research.
• A pioneer in scientific polling methods, George Gallup, introduced “aided recall,” which took the Starch Test a step further by providing interviewees with questions about an ad to see if they remember it and measure the effect, but without presenting the advertisement to them. 
• The phrase “commercial research,” which later became “market research,” was coined.

The 1940s – 1950s

• After World War II, American consumerism grew rapidly.
• Quantitative surveys were still the primary data collection source, but researchers began experimenting with more qualitative methods like focus groups.
• Paul Lazarsfeld and Robert Merton created the “focused interview.” Participants would listen to advertisements, choose whether they liked or disliked it, and then asked to explain their decision. 
• Ernest Dichter developed the idea of motivational research , which stated that brands could discover desires hidden deep in customers’ minds and, in turn, “mobilize and manipulate human needs.” His Depth Interviews allowed participants to interact with products in real-time. 
• Electronic television recording devices can now capture data automatically.

The 1960s – 1980s

• Mail-in surveys and computer-assisted telephone interviewing were added to the in-person interviews and video-recorded focus groups.
• Brown and Millward introduced  ad and brand tracking .
• Data began to be collected by telephone, which improved market research in quickness and organization. 
• Market research companies began to research customer satisfaction.
• Conjoint Analysis was founded by Paul Green and is a predictive statistical modeling technique, where people answer questions, and their future choices could be predicted.
• John Howard introduced multi-disciplinary methods into market research, encouraging researchers to focus on what consumers experienced in owning a product/service.
• Jerry Yoram Wind and Richard Cardozo introduced a new two-step categorization model called Industrial Market Segmentation. It marketed advertisements and messages to different consumer groups, depending on their predicted future decisions.
• The idea that advertising could predict, explain, and even change social behavior was born. 
• Martin Fishbein and Icek Ajzen created the Theory of Reasoned Action and Theory of Planned Behavior, showing a strong connection between intentions, attitudes, and behaviors. 
• Fishbein developed a multi-attribute attitude model, which gives a person’s attitude a measurable score. 
• Ronald Lindorf’s company,  Western Wats , leveraged phone lines and a call center to collect data, and became the United States’ largest marketing research company.

The 1990s – Present

• The introduction of the World Wide Web had a significant impact on market research, making the process faster, more accessible, and efficient. 
• In 1995, Analog’s first weblog analysis software revealed usage patterns for websites, like the number of visitors, views, and location. Dr. Stephen Turner created it.  
• Market research companies could access market research analysis software.
• Online focus groups, online bulletin boards, and web interviewing debuted. 
• Innovations that transformed market research include social media, Big Data Analytics, insight communities, and smartphones. 
• Market research becomes an imperative component for businesses to enhance customer experience and engagement while accelerating the production process. 
• Online surveys were less intrusive. People could choose to sign up and complete the survey on their own time. 
• Western Wats went online and renamed Opinionology. 
• In 2003, Fred Reichheld released The Net Promoter Score, measuring customer satisfaction and allowing companies to compare their brands with competitors. 
• On-demand insights became available through smartphones, where analysts can receive consumer data within hours, and decisions can be made quickly. 
• Jeremy King founded Attest, which provided opportunities for companies to tap into 80 markets and 100 million people for data collection. 
• Analysts began to research the interaction consumers had with media and brand messages through social listening, semiotics, and communications.
• It became important to gather a comprehensive analysis of the environment and context surrounding consumers through new techniques like  Cultural Insights . 

How do Students Prepare to Become a Market Research Analyst ?

A considerable amount of preparation is needed to acquire a professional position as a market research analyst. Through years of education, work-related knowledge and skill development, and professional experience, prospective market research analysts can obtain their career aspirations and find great success. Let’s dig a little deeper into the steps it takes to accomplish this goal. 

Market research analysts are multi-disciplinary. They need to acquire analytical and people skills. Mainly, they need to be well-versed in marketing, statistics, mathematics, and communications. It can also help them gain knowledge in sales, customer service, computers, economics, and even psychology. With this information, let’s look into what degrees and courses are important for market research analysts’ educational preparation. 

At least a bachelor’s degree is required to pursue a career as a market research analyst . There is a range of favorable majors, including mathematics, business, communications, and computer science, but most importantly, marketing, statistics, and market research. Students can also pursue a degree in business administration with a concentration in any of the majors listed above. Some market research analyst positions, especially leadership or management positions, may require a master’s degree in marketing, market research, statistics, or business administration. 

Prospective market research analysts want to make sure that they take courses in marketing, research methods, statistics, business management, and social sciences like communications, economics, and consumer behavior no matter which degree path they choose. It is also essential to obtain knowledge on how to use different data analytics software.   

Professional Development

It is inevitable that while you work in a specific field, you will gain professional experience. But it is highly valuable to pursue some professional development outside of your actual work environment. There are numerous internships, certifications, professional workshops, seminars, and even volunteer opportunities that build a robust professional infrastructure for future and current market research analysts. 

While students are working towards their degree, they can pursue internships to obtain hands-on training and real-world experience. Indeed.com lists current internships in market research and analysis with companies all over the country like MedPro Group, IBM, The Ventilator Project, Edelman, and CUNA Mutual Group. 

Along with internships, it is recommended for market research analysts to pursue certifications and membership in industry-related professional associations. The Insights Association offers the Professional Researcher Certification. It prepares market research analysts to stay up-to-date with new techniques and technologies, and industry-related knowledge and proficiencies. The certification also shows the industry that you value ethics and integrity and are committed and competent. The Insights Association also offers five professional certificates in analytics, qualitative, practitioner, quantitative, and specialist topics. 

Certificates are not the only thing the  Insights Association  has to offer. Formerly known as the Marketing Research Association, it is the leading resource for the data analytics and marketing research community. Membership gives you access to an incredible amount of professional preparatory resources covering all kinds of industry-related topics and issues, including career guides, on-demand webinars, online conferences, networking events, workshops, CASRO journals, Insights podcasts, and an online community. This Association connects you with leading professionals in the industry who help guide you from their own experiences.   

What are the future trends of Market Research Analysts?

As it is currently ranked #8 in the best business jobs, the market research analyst’s role is not going anywhere anytime soon, except higher in demand. As the economy changes, technology advances and businesses continue to form and grow, market research analysts’ job outlook is secure. An 18% – 20% employment growth is projected over the next ten years, which is higher and faster than the average. An estimated over 130,000 market research analyst jobs will open up. We have listed some reasons why this job growth exists and future trends of market research analysts. 

• The world is inundated with data, and avenues that produce data are increasing.
• The use of and need for data and market research is expanding in every industry.
• An increase in “Big Data,” which is an extensive collection of information, can be found in places like comment sections on social media or online reviews of products and services.   
• Contextualization of big data.
• Virtual-reality gaming technology  is growing in popularity amongst consumers.
• Voice assistants allow researchers to obtain quicker, more in-depth, and improved qualitative insights. 
• The integration of automation and artificial intelligence in the research process.
• Innovative methods will continue to be generated and refined to produce only relevant data, providing quicker, quality decision-making. 
• The digitalization of ethnography.
• Online polling tools through social media, like intercept surveys and real-time SMS data collection methods, are increasing. 
• Survey programs and software become more  mobile compatible . 
• Through chatbot interactions and other sources, micro surveys gain more exposure and popularity as they are a shorter and better use of the consumer’s time. 

Market Research Analysts and COVID-19

With the COVID-19 pandemic, businesses and companies have struggled productively and financially. It appears there is a concern for companies to conduct market research right now due to the uncertainties and adaptive processes surrounding the fallout of the pandemic for both the company and the consumer. While some merit is found in this concern, the Insights Association believes that this is a critical time to be “in-the-know” of what consumers and businesses need and want and to stay current with the changes and new opportunities. They have even found that people are more interested in participating in market research right now due to increased availability, the need for connection, a desire for distraction, and a longing to be heard. Market research analysts have an excellent opportunity to help meet these needs and carry businesses and consumers through this difficult time. 

Do you find this to be the right career path for you?

Throughout this Guide for Market Research Analysts, you have learned all about what market research analysts do, why they are important, what talents, skills, and preparation it takes to become one and future industry trends. For real-life examples of what this job entails and what a day may look like, check out these videos:

• Market Research Analysts Career 
• A Day as a Market Research Analyst 

If this job sparks your interest, complete this  interest profiler  to see if it matches your interests. To see if a market research analyst is a promising career for you, take this short  quiz .

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Market Research Analyst: Job Description & Skills in 2024

As a market research analyst, you play a crucial role in helping companies understand their audience and make better-informed business decisions. In this article, we will explore the job description and skills required to excel in this field.

Definition of Market Research Analyst

A market research analyst is responsible for collecting and analyzing data on consumer behavior, market trends, and competitors to help their organization make informed decisions. They use various research methods, including surveys, focus groups, and statistical analysis, to gather insights that can be used to improve products and services, develop marketing strategies, and identify opportunities for growth.

Importance of Market Research Analyst

Market research analysts are essential to helping companies stay competitive in today’s constantly evolving business landscape. By providing valuable insights into consumer trends and preferences, they help businesses make more informed decisions about product development, marketing, and sales.

In addition to helping businesses stay ahead of the competition, market research analysts also play a critical role in identifying emerging trends and opportunities. By keeping a pulse on the latest industry developments and consumer preferences, they can help their organization stay agile and adapt to changing market conditions.

Overview of the Article

Throughout the article, we will cover the following topics:

• The role of a market research analyst, including key responsibilities and requirements
• Essential skills and experience for success in this field
• Job outlook and earning potential for market research analysts
• Tips for breaking into the field and advancing your career
• Case studies and real-world examples of successful market research strategies

By the end of this article, readers will have a comprehensive understanding of what it takes to become a top-performing market research analyst and how to excel in this exciting and fast-paced field.

Market Research Analyst Job Description

Market research analysts play a crucial role in the success of a business by providing insights into customer needs, preferences, and habits.

A. Responsibilities

Market research analysts are responsible for conducting research in order to help businesses make informed decisions. They analyze data and information, evaluate findings, and communicate with clients, managers, and other stakeholders.

B. Gather Data and Information

One of the key responsibilities of a market research analyst is gathering data and information. This might involve conducting surveys, focus groups, or other types of research to collect information about customer preferences, purchasing habits, and other relevant data. They may also collect data from internal sources, such as sales data, customer databases, and website analytics.

C. Analyze Data and Information

Once data and information have been gathered, market research analysts must then analyze it. This may involve using statistical software to identify patterns and trends, conducting market research to identify competitors and market trends, and analyzing customer feedback to determine customer satisfaction and identify areas for improvement.

D. Evaluate and Present Findings

After analyzing data and information, market research analysts must then evaluate the findings. This involves drawing conclusions based on the data and identifying opportunities for growth and improvement. They may then create presentations, reports, and other materials to communicate their findings to clients, managers, and other stakeholders.

E. Communicate with Clients, Managers, and Stakeholders

Communication is a key part of a market research analyst’s job. They must be able to communicate complex data and findings in a way that is clear and understandable to non-technical stakeholders. This may involve creating reports, presentations, and other materials that can be easily understood by people outside of the research field.

F. Maintain Research Databases and Technology

Market research analysts must also ensure that research databases and technology are maintained and updated. This may involve managing databases of customer information, tracking trends in the industry, and staying up-to-date on new research methodologies and technologies. They must also ensure that all research is conducted ethically and in compliance with relevant laws and regulations.

Market research analysts are critical to the success of businesses across all industries. Their responsibilities include gathering and analyzing data, evaluating findings, communicating with clients and stakeholders, and maintaining research databases and technology. With their expertise, market research analysts help businesses make informed decisions and stay ahead of the competition.

Qualifications and Skills for Market Research Analyst

Market research analysts are responsible for deciphering data and insights to help organizations make informed business decisions. This involves a diverse skill set and a strong educational background. To be successful in this field, there are several vital qualifications and skills that market research analysts should have.

A. Education and Certification The first qualification for a market research analyst is to hold at least a bachelor’s degree in a relevant field such as marketing, statistics, or business administration. Advanced degrees, such as an MBA or a master’s in marketing research, offer a competitive advantage in this field. Additionally, certification programs, such as the Professional Researcher Certification (PRC) from the Insights Association, can enhance a candidate’s credentials.

B. Technical Skills Market research analysts should be proficient in data analysis and have a strong understanding of the latest technologies and data collection methods. This includes expertise in data analytics software and statistical analysis tools, as well as experience with survey and research methodologies.

C. Analytical Skills Market research analysts should possess strong analytical skills to help them interpret data and turn it into actionable insights. These skills include critical thinking, problem-solving, and the ability to identify patterns and trends.

D. Communication Skills Market research analysts should be effective communicators who can present complex data and insights in an easy-to-understand format. This includes not only verbal communication but also written communication through reports, presentations, and dashboards.

E. Organizational Skills Market research analysts need to possess strong organizational skills to manage multiple projects and deadlines simultaneously. This includes the ability to prioritize tasks, manage resources, and maintain accurate records.

F. Interpersonal Skills Market research analysts should have strong interpersonal skills to work effectively with team members and clients. This includes the ability to build rapport, active listening, and empathy.

G. Adaptability and Flexibility Market research analysts should possess excellent adaptability and flexibility skills to ensure they can respond to rapidly changing business needs. This includes the ability to pivot direction, multitask, and handle unexpected challenges with ease.

Market research analysts must have a unique blend of qualifications and skills to succeed in this industry. Having a strong background in education, technical skills, analytical skills, communication skills, organizational skills, interpersonal skills, and adaptability and flexibility are essential. As the market research industry continues to evolve, these skills will only become more critical for success.

Career Prospects and Salary for Market Research Analysts

Market research analysts are in high demand, as organizations across various industries rely on their insights to make informed business decisions. Here are some things to consider when it comes to career growth opportunities, job market trends and outlook, salary and compensation, and geographic and industry variation in salaries for market research analysts.

A. Career Growth Opportunities

Market research analysts typically begin their careers with a bachelor’s degree in marketing or a related field, though some employers may prefer candidates with a master’s degree. As they gain experience, market research analysts may have the opportunity to move into leadership roles, such as managing a team of analysts or becoming a director of market research.

In addition, market research analysts can expand their skills by developing expertise in specific areas, such as consumer behavior or market segmentation. They can also stay up-to-date with emerging trends and technologies by attending industry conferences or completing training programs.

B. Job Market Trends and Outlook

The job market for market research analysts is expected to grow at a fast pace, with the U.S. Bureau of Labor Statistics projecting a 18% increase in employment between 2019 and 2029. This growth is largely due to the increasing importance of data-driven decision making in today’s business landscape.

As more organizations embrace digital technologies, market research analysts with experience in areas such as social media analytics and digital marketing research may be particularly in demand.

C. Salary and Compensation

According to the U.S. Bureau of Labor Statistics, the median annual wage for market research analysts was $63,790 as of May 2019. However, salaries can vary widely based on factors such as experience level, industry, and geographic location.

Market research analysts working in the management, scientific, and technical consulting services industry tend to earn higher salaries, with a median annual wage of $85,730. Those working in the wholesale trade industry tend to earn lower salaries, with a median annual wage of $60,140.

D. Geographic and Industry Variation in Salaries

Geographic location can also impact salaries for market research analysts. For example, those working in metropolitan areas such as San Francisco, New York, and Boston tend to earn higher salaries due to the higher cost of living in these locations.

In terms of industry, market research analysts working in the computer systems design and related services industry tend to earn the highest salaries, with a median annual wage of $92,520 as of May 2019. Those working in the educational services industry tend to earn lower salaries, with a median annual wage of $51,860.

Market research analysts can expect strong job growth and competitive salaries. By continuing to develop their skills and expertise, they can position themselves for long-term success in this exciting field.

Types of Market Research Analyst

As a market research analyst, you can specialize in different areas of research depending on your interests and expertise. Below are some of the most common types of market research analysts:

A. Industry-Specific Market Research Analyst

Industry-specific market research analysts specialize in gathering information and insights about a particular industry or market segment. They study trends, consumer behavior, competition, and other factors that affect the industry they are focused on.

For instance, an industry-specific market research analyst may specialize in the healthcare industry, researching the latest developments in medical technology, changes in healthcare policies, and consumer behavior in healthcare settings.

B. Geographical Market Research Analyst

Geographical market research analysts focus on gathering data about specific regions or locations. They may study demographics, consumer behavior, or economic trends in a particular region.

For example, a geographical market research analyst working for a real estate company may gather data about property values, rental demand, and consumer preferences in a specific city or neighborhood.

C. Demographic Market Research Analyst

Demographic market research analysts specialize in understanding consumer behavior and preferences based on demographics such as age, gender, income, and education. They study consumer trends and buying behavior within specific demographics and use this data to improve marketing and product development strategies.

For instance, a demographic market research analyst may gather data on the spending habits and media consumption of millennials to help a company develop more targeted marketing campaigns for this demographic.

D. Product-Specific Market Research Analyst

A product-specific market research analyst specializes in understanding consumer behavior and preferences specific to a particular product or service. They gather data on consumer preferences, usage patterns, and satisfaction levels to help companies develop and improve their products and services.

For instance, a product-specific market research analyst may gather data on consumer preferences for mobile phone features to help a technology company design a new device that meets customer needs and preferences.

Market research analysts can specialize in different areas of research depending on their interests and expertise. Whether you prefer to analyze data about industries, demographics, products, or regions, there are exciting opportunities for you to apply your skills as a market research analyst.

Types of Market Research Techniques

Market research is a crucial aspect of any organization, allowing them to identify their target market and gather information about their customers’ needs and preferences. There are various techniques of market research, including:

A. Qualitative Research

Qualitative research focuses on gathering subjective data through direct communication with customers, including interviews, focus groups, and surveys. This technique helps to collect in-depth information about customers’ experiences, opinions, and attitudes, enabling businesses to gain a better understanding of consumer behavior.

B. Quantitative Research

Quantitative research, on the other hand, focuses on the collection of numerical data through surveys, polls, and questionnaires. This technique helps businesses to gather specific information about customer preferences and behaviors, enabling them to determine the most effective marketing strategies.

C. Primary Research

Primary research refers to the gathering of data directly from the source, typically through interviews, surveys, or observations. This form of research helps businesses to gain a comprehensive understanding of their target market and customer needs.

D. Secondary Research

Secondary research involves analyzing data that has already been collected by others, including industry reports, government publications, and academic research. This technique is often used to supplement primary research and provides a broader perspective on market trends and customer behavior.

Market research is an essential tool for any organization looking to understand their target audience and gain a competitive advantage. By utilizing different techniques such as qualitative and quantitative research, as well as primary and secondary research, businesses can gain valuable insights into customer behavior and preferences, helping them to make informed decisions about their marketing strategies. ** Commonly Used Market Research Tools

Market research analysts rely on a variety of tools to help them gather, manage, and analyze data related to consumer behavior, market trends, and product performance. Here are some of the most commonly used tools in the field:

A. Survey Tools

One of the primary methods that market researchers use to collect information is through surveys. Survey tools help analysts create customizable surveys that can be distributed to targeted groups of people. Some of the most commonly used survey tools include SurveyMonkey, Qualtrics, and Google Forms. These tools allow analysts to design surveys with a wide range of questions types, including multiple-choice, ranking, and open-ended questions. Many survey tools also offer features like respondent tracking, data analysis, and reporting.

B. Data Analysis Tools

Once market researchers have collected data, they need to analyze it to identify patterns, trends, and insights that can inform business decisions. Data analysis tools, like SAS, Excel, and R, help researchers manage, clean, and analyze data sets. These tools allow analysts to create charts, graphs, and other visualizations that can help them to better understand patterns in the data. They can also run statistical analyses to identify correlations between variables and test hypotheses.

C. Project Management Tools

Market research projects can involve multiple stakeholders and moving parts, which can make them difficult to manage. Project management tools, like Asana, Trello, and Basecamp, help researchers keep track of project timelines, budgets, and deliverables. These tools allow users to assign tasks and deadlines, communicate with team members, and track progress in real-time. Project management tools can also help researchers to better manage resources, identify areas of inefficiency, and improve collaboration across teams.

D. Reporting Tools

Once market researchers have collected and analyzed their data, they need to present their findings to stakeholders in a clear and compelling way. Reporting tools, like Tableau, QlikView, and Microsoft Power BI, help researchers create customizable reports and dashboards that can visualize data in meaningful ways. These tools allow users to create interactive charts, graphs, and maps that can reveal insights at a glance. They can also help researchers to identify trends over time and make comparisons between different data sets.

Market research analysts rely on a variety of tools to help them gather, analyze, and present data related to consumer behavior, market trends, and product performance. By leveraging these tools, market researchers can gain deeper insights into consumer preferences and behaviors, enabling businesses to make more informed decisions about marketing strategies, product development, and other key initiatives.

Important Key Performance Indicators (KPIs) for Market Research Analysts

As a market research analyst, it is important to know the key performance indicators (KPIs) that will help measure and analyze the success of your research strategies. Understanding KPIs is crucial for identifying areas of improvement, identifying opportunities for growth, and ensuring that your research is effectively contributing to the overall success of your organization.

Here are six key performance indicators that you should always keep in mind:

A. Customer Satisfaction

Customer satisfaction is a critical KPI for market research analysts. It measures how satisfied customers are with the products or services offered by a company. Customer satisfaction can be measured through surveys or feedback forms, and can be used to assess overall performance, identify areas for improvement, and help in developing strategies to improve customer satisfaction.

B. Net Promoter Score (NPS)

Net Promoter Score (NPS) is another important KPI for market research analysts. NPS is a score that measures how likely customers are to refer a company to a friend or colleague. This KPI is crucial because customers who are highly likely to recommend a company are more likely to be loyal and make repeat purchases.

C. Market Share

Market share is another vital KPI for market research analysts. It is the percentage of the total market that a company has captured. This KPI is critical because it helps you understand how your company is performing in comparison to competitors. It can also help you identify new areas for growth and opportunities for expansion.

D. Customer Retention

Customer retention is a KPI that measures the percentage of customers that continue to do business with a company over time. This KPI is essential because retaining customers is much easier and more cost-effective than acquiring new ones. It is important to keep this KPI in mind when developing strategies to improve customer loyalty and prevent churn.

E. Sales Growth

Sales growth is a measurable KPI that is essential for assessing the performance of a company. It measures the increase or decrease in revenue over time. A market research analyst must keep this KPI in mind when developing pricing and promotional strategies, identifying new markets, and optimizing product offerings.

F. Brand Awareness

Brand awareness is one of the most important KPIs for market research analysts. It measures how well a company is recognized and perceived by its customers. This KPI can be assessed through brand surveys or qualitative research studies. Measuring and improving brand awareness is essential for building a loyal customer base and improving sales growth.

Understanding and tracking these six key performance indicators will help market research analysts to assess the success of their research strategies, identify areas for improvement, and contribute to the overall success of their organization.

Challenges Faced by Market Research Analysts

Market research analysts play a critical role in businesses by gathering and analyzing data to help companies make informed decisions. However, this job comes with its own set of challenges. Here are the top five challenges faced by market research analysts:

A. Limited Time and Resources

Market research analysts are often tasked with conducting research on a tight deadline and limited budget. This can be challenging because it requires them to work efficiently and effectively to deliver accurate results within a constrained time frame. To tackle this challenge, analysts must prioritize their tasks, identify the most important data points, and use technology to automate and streamline certain processes.

B. Handling and Managing Big Data

With the rise of big data, handling and managing large amounts of data has become a critical challenge for market research analysts. It can be difficult to know where to begin when sorting through such vast amounts of information. Analysts must develop a strong understanding of data management and be able to analyze data from various sources to provide meaningful recommendations to their clients.

C. Staying Up-To-Date with Technological Advancements

Technology is rapidly advancing, and market research analysts must stay up-to-date with the latest tools and techniques to effectively perform their job. With the increase in social media and mobile devices, it is essential to understand new data sources and their potential value in informing business decisions. Additionally, analysts must have a strong understanding of data visualization and other tools to effectively communicate findings to clients.

D. Increased Competition

As the demand for skilled market research analysts continues to grow, so does the competition for jobs. This can be challenging for analysts who are just starting out in the industry, as more experienced candidates may have an advantage. Staying up-to-date with the latest trends and honing specialized skills can make an analyst stand out in a crowded job market.

E. Evolving Market Trends and Consumer Behaviour

Market research is consistently impacted by evolving trends and changing consumer behaviours, making it important for analysts to stay up-to-date on the latest shifts in the market. Traditional market research methods may not always suffice, and new data sources may become necessary to incorporate into analysis. Analysts must be flexible and adaptable to changing circumstances to ensure that their research is current and relevant.

Market research analyst faces challenges such as limited time and resources, handling and managing big data, staying up-to-date with technological advancements, increased competition, and evolving market trends and consumer behavior. Addressing these challenges requires market research analysts to stay informed, adaptable, and creative in their work.

Importance of Market Research Analyst for Various Industries

Market research analysts play a crucial role in various industries by helping businesses make informed decisions about their products, customers, and competitors. They collect and analyze data to identify trends, market opportunities, and customer preferences, which businesses can use to improve their products or services and stay ahead of the competition. In this section, we will discuss the importance of market research analysts for various industries, including:

A. Retail Industry

The retail industry is one of the largest and most competitive industries in the world. Market research analysts help retailers understand consumer behavior, preferences, and purchasing patterns, which can help them make decisions about product design, pricing, and promotions. They use various data collection methods, such as surveys, focus groups, and sales data analysis, to gather valuable insights about their target audience. In addition, market research analysts can help retailers identify new market opportunities and stay ahead of industry trends.

B. Healthcare Industry

The healthcare industry is another sector that benefits greatly from market research analysis. Market research analysts help healthcare providers understand patient needs, preferences, and satisfaction levels, which can help them improve patient care and services. They also help healthcare providers identify market opportunities and determine the viability of new treatments or medical devices. Market research analysts in the healthcare industry help insurance companies determine pricing and coverage policies based on economic and demographic factors.

C. Technology Industry

The fast-paced and rapidly evolving technology industry requires constant innovation, and market research analysts play a critical role in this process. They help technology companies understand customer needs and preferences to develop products that meet those needs. They also help companies identify emerging trends and new markets to expand into, which can lead to increased revenue and market share. Market research analysts can also help technology companies develop marketing and advertising campaigns that resonate with their target audience.

D. Manufacturing Industry

In the manufacturing industry, market research analysts help companies gather information about their products, competitors, and target markets. They use data analysis to identify consumer preferences and trends, as well as to gauge demand for specific products. Market research analysts can also help manufacturing companies identify new markets and sales opportunities, as well as assess the viability of new products in development.

E. Food & Beverage Industry

Market research analysts in the food and beverage industry help companies understand consumer preferences and develop products that meet those preferences. They use surveys, focus groups, and other methods to gather data about consumer behavior regarding food and beverage products, as well as to identify emerging trends in the industry. Market research can also help companies identify new markets, such as niche diets or eating habits, and develop products that cater to those markets.

Market research analysts are essential in various industries as they provide valuable insights that businesses can use to improve their products or services, stay ahead of the competition, and identify new market opportunities.

Example Case Studies

As a market research analyst, one of the most important skills you need to have is the ability to analyze data and generate insights from it. In this case study, we’ll take a look at how Jane, a market research analyst working for a consumer goods company, used her skills to help the company make better business decisions.

The company was considering launching a new line of organic snacks targeted at health-conscious consumers. The marketing team had already conducted some preliminary research, such as focus groups and surveys, but they needed more in-depth insights to make informed decisions about the product lineup and pricing strategy.

Jane’s first step was to conduct a comprehensive market analysis. She looked at consumer trends, competitor offerings, and market size and growth potential. This helped the team understand the broader industry landscape and potential demand for the product.

Next, Jane analyzed the data collected from the focus groups and surveys. She used statistical methods to identify patterns and trends in the responses, such as which features consumers valued most in organic snacks and which price points they were willing to pay. She also looked at demographic data to better understand the target consumer segment.

Based on her analysis, Jane recommended that the company launch three different varieties of organic snacks, each with a slightly different flavor profile and price point. She also suggested that the company create a loyalty program to incentivize repeat purchases and capture data about customer preferences.

The marketing team implemented Jane’s recommendations and launched the new line of snacks. Sales exceeded the team’s projections, and the company was able to capture more market share in the health food sector. Jane’s insights helped the company make informed decisions that led to a successful product launch.

This case study shows the importance of market research analysis skills in driving business success. As a market research analyst, you need to be able to gather and interpret data accurately to generate insights that are actionable and drive impact. Whether you’re working for a consumer goods company or a technology startup, these skills are essential for helping your organization make smart, data-driven decisions.

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