Currently, different companies in varied sectors like healthcare, e-commerce, business, financial services and many more are relying on market research and statistical data for making informed and effective decisions and carrying out actionable plans. So, the need for skilled and professionals are required for looking into the marketing aspects and business promotions.
Here the Marketing Research Analyst comes into the picture. They study the market conditions for examining the potential sales for a service or product. They help the companies in understanding the products people need, the type of consumers buying them and the price details.
Who are Market Research Analysts?
A Market Research Analyst is an analytical and skilled marketing professional whose main job is data interpretation, reports formulation and giving advice and recommendations based on the research findings.
Their input plays a significant role in design production, delivery and promotion in companies.
Responsibilities
A Market Research Analyst has the following responsibilities.
- Advising on collection methodology of data.
- Use Statistical software by data collection and assimilating statistics.
- Understanding, defining and documenting the business object by working with clients,
- For data interpretation, apply qualitative and quantitative analysis and presenting the findings and recommendations to the potential clients.
- Monitoring and forecasting of marketing and sales trends.
- Measuring the effectiveness of devised marketing programs and strategies.
- Converting complex data and its findings into understandable formats like tables, graphs and written reports.
- Devising and examining the methods for data collection such as surveys, questionnaires and opinion polls.
Education and Eligibility
The following is the education path to become a Market Research Analyst.
- Completion of 10+2 in commerce or math stream from a recognized board.
- Pursue Bachelors in marketing, market research, statistics, social sciences, business administration, math, communication like BBA (Marketing and Finance), B.Sc (Maths/ Statistics), B.Com (Business Statistics or Mathematics).
- Interested candidates can pursue Masters for leadership positions and better career prospects. Master degrees like MBA in Marketing Management, MBA in Business Analytics, M.Com in Marketing etc.
- The Marketing Research Association provides training and certification. Earning a certification is voluntary but strongly recommended for demonstrating professional competency.
- License is required by these professionals whom they usually receive after getting training in this field.
Required Skills
A successful Marketing Analyst should possess the following skills.
- Flexible and spontaneous.
- Excellent communication skills.
- Analytical and Critical Thinking skills.
- Detail-oriented.
- Proficient in mathematics, statistics and marketing.
- Computer skills like Microsoft Powerpoint, MS Excel and word and statistical software like SPSS, WinCross, SAS, and Market Sight.
- Good organizational and presentation skills.
- Accuracy and interest in Psychology.
- Analytical tools like R and Python.
Top Indian Colleges to become a Market Analyst
The following are the leading colleges in India that offer courses in finance and marketing.
- Indian Institute of Management, Bangalore.
- Bharathiar University, Coimbatore.
- Indian School of Business, Hyderabad.
- Indian Institute of Management, Kozhikode.
- National Institute of Securities Market, Navi Mumbai.
- Faculty of Management Studies, Delhi.
- Sri Ram College of Commerce.
Top Universities in abroad
The following are the top universities abroad that offering Marketing courses.
- The University of Wisconsin – Madison.
- North Carolina State University.
- Michigan State University.
- The University of Georgia.
Typical Employers of Market Research Analysts
- Manufacturers.
- Retailers.
- Government and Local Authorities.
- Charities.
- Industries.
- Marketing Research Consultancies.
- Marketing Agencies.
Job Roles for Market Research Analyst
The following are some of the job roles for Market Research Analyst:
- Data Analyst.
- Business Analyst.
- Project Manager.
- Financial Analyst.
- Research Coordinator.
Famous Companies in Marketing
- Market Xcel Data Matrix Private Limited.
- Majestic MRSS.
- TNS India Pvt Ltd.
- Hansa Research.
- IDC India.
- IPSOS Indica Research.
- Millward Brown.
- Kantar
- IQVIA (Quintiles IMS)
- Ipsos and GFK.
Salary and Career Prospects
According to the U.S. Bureau of Labor Statistics, the median salary for a Market Research Analyst is $ 63,230 and the projected employment rate for these professionals is 23% from 2016-2026. In India, the average salary of these professionals is INR 10LPA.
There are many factors that are contributing to this impressive employment rate of these research analysts. Large businesses and organizations are employing these professions for understanding the needs and customer wants; evaluate the effectiveness of their business and marketing strategies and identify factors affecting product demand.
Market Analysts are required for conducting data analysis of large sets of information like social media comments and online product reviews. The latest trends for using data for the understanding customers’ inclination for products and services and targeting specifically the customer niches is increasing the demand for Market Research Analysts.
– Samiya Firdous
