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.
Market research analysts typically do the following:
1. Monitor and forecast marketing and sales trends
2. Measure the effectiveness of marketing programs and strategies
3. Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
4. Gather data about consumers, competitors, and market conditions
5. Analyze data using statistical software
6. Convert complex data and findings into understandable tables, graphs, and written reports
7. Prepare reports and present results to clients and management
Market research analysts perform 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 means for their client, and they may forecast future trends. They often make charts, graphs, and other visual aids to present the results of their research.
Workers who design and conduct surveys are known as survey researchers
Some market research analysts research trends for the company for which they work. Others work for consulting firms that do market research for many different clients.
Those who hold full-time jobs in government, business, or teaching also may consult on a part-time basis.
Market research analysts generally work alone at a computer, collecting and analyzing data and preparing reports. Some, however, work directly with the public to collect information and data.
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.