Market Research Analysts are the foundation of any successful marketing campaign.
Even though a company may have a brilliant product or service, it is likely to struggle to find success with it if that product or service isn't marketed to the right consumers and in the right way; that's where the Digital Market Research Analyst comes in.
Whether studying market conditions for a product, a service, or a targeted demographic, Market Researchers are tasked with determining what sorts of products and services are needed, who is seeking them, and how much those consumers are willing to pay for the products or services being offered.
An Online Market Research Analyst acquires information through a variety of strategies, using both traditional and technological/digital means to gather the statistics required to determine actionable insights for the products and services they're researching.
Traditional means of research still include focus groups, surveys and other time-tested traditions of information gathering, while digital strategies may incorporate social media listening and monitoring solutions, sophisticated keyword research strategies and other data-collection methods powered by digital technologies.
Though the data collected is logical and quantitative, a good Research Analyst must also understand human emotions, and be capable of leveraging psychological principles and traditional marketing considerations in order to arrive at their conclusions.
To achieve success in modern Digital Research Analyst Jobs, curiosity is just as important as analytical skills, as new methods are being devised on a regular basis, with radically different approaches being introduced to the industry in response to the latest and greatest technological advancements.
After converting their data into a statistical, written and visual summary, it must then be displayed to other members of the marketing and advertising team, or people working on product and packaging design.
Market Research Analysts typically present their findings to Senior Research Staff, Executives or C-Level Personnel to help them make better informed decisions about research and development, product and service updates, packing changes, advertising strategies and other marketing considerations.
The Analyst then works with members of the sales, customer service and other sales-support teams to understand how those changes they recommended have impacted actual purchases, consumer feedback, reviews and other post-sale interactions with their targeted consumers.
It's not easy to get hired as a Market Research Analyst, especially if you don't have any experience in the industry, but because the field is growing at such a rapid pace, anyone who meets the following requirements should strongly consider looking into available Market Research Analyst Jobs.
Market Research Analyst jobs typically require at least an undergraduate degree in a related field of communications, marketing, math or statistics, as employers hiring entry-level Market Research Analysts will surely want to know that their candidates are comfortable with both marketing and advertising concepts, as well as advanced mathematical processes involved in interpreting statistics and analyzing data.
Market Research Analysts will definitely need to be comfortable performing advanced statistical analyses, so a background in Mathematics is supremely important for being considered in any role, including both traditional jobs, as well as Internships.
Communication skills are also clearly important as the Analyst is typically responsible for presenting their findings to a larger group, often including Executive or C-Level management personnel, as well as clients if the Analyst is working in an Agency setting.
The Bureau of Labor Statistics (BLS) projects that employment for Market Research Analysts will increase 23% between 2016-2026, "Much faster than average", meaning that this industry and these roles are primed for seeing explosive growth.
In terms of the Career Path, most Analysts start in an entry-level data analysis and research assistant type role, where they will be tested on their Mathematical skills and ability to quickly organize, analyse and interpret data, then clearly communicate their findings to senior managers.
Those Analysts who perform well by delivering key insights that improve product design, service delivery or marketing and advertising communications can be expected to be promoted into leadership roles, potentially running their own teams of Marketing Analysts or even getting further involved in higher level Marketing roles outside of the data analysis industry.
The Bureau of Labor Statistics (BLS) reports the 2017 Median Annual Salary for a Market Research Analyst at $63,230, or $30.40 per hour.