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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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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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Market Research Analyst

Job summary:.

The Market Research Analyst will research, compile, and analyze information on products and market conditions to identify potential new markets, sales opportunities, and the most effective methods of marketing specified products.

Supervisory Responsibilities:

Duties/responsibilities:.

• Identifies and defines the objective of an assigned marketing research project; determines the best methods to use to meet those objectives.
• Drafts questionnaires, polls, surveys, and other data collection resources.
• Researches and compiles data related to current product market, customer demographics and interest, and factors influencing product demand; analyzes results to identify ways of maximizing sales and market penetration of current products.
• Compiles data related to competitors products such as pricing, sales, and marketing or distribution methodology.
• Summarizes and analyzes data; makes recommendations related to research findings.
• Reports findings, complete with graphs illustrating data and written text explaining complex findings.
• Identifies potential new products or markets through research.
• Forecasts and tracks industry marketing and sales trends based on collected data.
• Delivers reports and presentations of findings to management and/or executive leadership.
• Performs other related duties as assigned.

Required Skills/Abilities:

• Excellent verbal and written communication skills.
• Excellent organizational skills and attention to detail.
• Superior research and analytical skills.
• Ability to translate complex concepts and methodologies into easily understood language.
• Proficient with Microsoft Office Suite or related software.

Education and Experience:

• Bachelors degree in Marketing Research, Statistics, Math, or related field required; MBA preferred.
• Some related experience preferred.

Physical Requirements:

• Prolonged periods sitting at a desk and working on a computer.
• Must be able to lift up to 15 pounds at times.

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• Job Descriptions
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Market Research Analyst Job Description

Market research analysts are marketing specialists who help determine an organization’s position in the marketplace in order to effectively promote its products and services. They research competitors and their marketing methods and study and gather consumer information.

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Market Research Analyst Job Description Template

We are looking to hire a market research analyst with outstanding organizational and research skills. Market research analysts are expected to be focused individuals with a strong proficiency in math and sound business acumen.

To ensure success, market research analysts should be exceptional communicators and intuitively recognize patterns with a keen interest in providing purposeful and accurate insight into consumer behavior and competitors’ strategies. Top candidates will exhibit critical thinking skills, strong IT skills, and thorough attention to detail.

Market Research Analyst Responsibilities:

• Monitoring and forecasting marketing and sales trends.
• Assisting in the development of marketing plans.
• Conducting research on specific market conditions.
• Analyzing consumer preferences to determine the potential sales of a product or service.
• Analyzing prices, methods of marketing, and distribution.
• Measuring the effectiveness of marketing programs and strategies.
• Devising and evaluating methods for data collection.
• Gathering data on consumers, competitors, and market conditions.
• Using statistical software to analyze and interpret data.
• Maintaining strict confidentiality of sensitive information.
• Simplifying complex data into a user-friendly format, such as graphs, charts, and other visual aids.
• Preparing and presenting reports to clients and management.

Market Research Analyst Requirements:

• Bachelors degree in market research or related (essential).
• Two years of experience in market research and analysis.
• Analytical thinker with strong theoretical and research proficiencies.
• Ability to comprehend and interpret competitor strategies and consumer behavior.
• Thorough knowledge of marketing programs and strategies.
• Ability to gather large amounts of data and convert it into meaningful analysis.
• Solid organizational skills and detail-oriented.
• Ability to work under pressure and meet strict deadlines.
• Strong proficiency in math, web analytics, and business research tools.
• Brilliant written and verbal communication skills.
• Ability to simplify complex information into a user-friendly format.
• Proficient in Microsoft Office, databases, and statistical packages.

Related Articles:

Market research analyst interview questions, analyst job description, analyst interview questions, equity analyst job description, equity analyst interview questions.

• Career Blog

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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Market Research Analyst Job Description Template

A market research analyst is the “ears” of the company. They asses the market(s) of the business to ascertain what customers exist, what they want, and what they will pay for a product/service. This also extends to the competitive environment and how the company is positioned within its marketplace.

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In practice, a market research analyst’s role is to gather intelligence, analyze it, and then present the findings across the organization in an actionable manner. This data can be collected from a range of qualitative (e.g., customer feedback) and quantitative (e.g. financial reports) sources, often in a creative manner. They work to both reinforce the organization within its current segments and continually maintain a forward-focused approach to uncover new commercial opportunities for the future.

As such, the role needs to combine a strong technical skill set with the mindset of someone that can look at the bigger picture and translate data into tangible action plans.

Technological advancements have made the role of a market researcher more important to an organization. Firstly, markets are now more competitive in terms of entry and innovation; incumbents cannot just sit back post-launch and rest on their laurels without running the risk of being disrupted by new competitors. Secondly, the advent of more engaged interaction with customers via internet and mobile-based technologies offers companies a whole range of invaluable primary data collection methods to help hone their offerings.

Market Research Analyst - Job Description and Ad Template

Copy this template, and modify it as your own:

Company Introduction

{{Write a short and catchy paragraph about your company. Provide information about the company’s culture, perks, and benefits. Mention office hours, remote working possibilities, and anything else that makes your company interesting.}}

Job Description

We are looking for a market research analyst to provide us with cutting-edge insight to help drive our business forward with data-driven decision making. You will help us to fully understand our competitive positioning within our market and work with our business development teams to plan our future commercial steps. The ideal candidate will have a strong broad technical and analytical skill set with a commercially focused mentality.

Responsibilities

Data Gathering:

Translate business objectives into research steps {{e.g., questionnaires, focus groups}}

Work cross-functionally to build relevant primary research collection tools for customers

• Consumers: Demographics, buying habits, needs, and price points
• Competitors: Pricing structures, current tactics, and sales channels

Construct and maintain a central database for recording market data. You will be expected to monitor the quality of the data, continually implement improvements, and train appropriate staff as necessary

Consistently exercise independent judgement and discretion in research matters

• Maintain a PR presence for the business within appropriate external arenas, for example, trade shows, media appearances, and panel discussions

Analytics and Reporting:

Deploy statistical modeling techniques to analyze data and forecast future trends

Use integrity measures {{for example: null hypothesis testing}} to check quality of recorded data

Prepare and submit regular reports to the {{head of marketing}} that summarizes fundings in a digestible, graphical, and actionable manner

Attend {{weekly sales meetings}} and present your research

Build out internal communication channels to keep the wider business updated with market news

Work with the teams to devise future commercial strategies based upon your findings

Skills and Requirements

Minimum of a bachelor’s degree, preferably within psychology, sociology, statistics, communications, or marketing

2-5 years of direct experience within similar roles

• Statistical software packages: {{SPSS, SAS, R or Stata}}
• Database manipulation {{SQL}} and CRM management
• Advanced data visualization methods: {{Tableau, Business Objects}}

A natural curiosity and a “big picture” mentality

Excellent spoken and written communication and the tenacity to hold an argument

• Ability to collaborate cross-functionally, with people of all levels

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How to hire market research analysts.

Market research analysts are skilled at ascertaining who will buy your company’s products or services. This guide to hiring a market research analyst features interview questions and answers, as well as best practices to help you identify the top candidates for your company.

Hire a Top Market Research Analyst Now

Top companies, startups, management consulting, and private equity firms hire freelance Marketing Research consultants from Toptal for their most strategic marketing research initiatives.

Francesco Castellano

Francesco has almost twenty years of experience in finance, consulting, business management, and sustainability. Throughout these years, he has worked on more than 20 projects as a consultant at Bain & Company and launched Uber operations in Turin, Italy. Lately, he has founded Tondo, an organization spreading circular economy concepts, and Tondo lab, a company driving the implementation of clean and circular innovations. Francesco is passionate about innovation and entrepreneurship.

Josh Chapman

Josh is an investment banker turned VC who lives in Denver, CO. At Morgan Stanley, he covered the world's top hedge funds and sold over $5 billion in IPOs for companies like Alibaba, LendingClub, GrubHub, and more. He also has experience in M&A, startup fundraising, and as a founder. Currently, Josh is one of the managing partners of Konvoy Ventures, a VC firm focused on esports and video gaming.

Jimmy Stone

Jimmy has evaluated and supported transaction execution across a variety of industries and transaction types at the investment bank J.P. Morgan, the private equity firm Warwick Group, and as an independent consultant. He's consulted with businesses ranging from pre-revenue startups to $1+ billion public companies in various industries. Jimmy holds an MBA with honors from Wharton. He joined Toptal to help clients create tangible value while learning about new business models.

Discover More Market Research Analysts in the Toptal Network

Toptal Connects the Top 3% of Freelance Talent All Over The World.

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Market Research Analyst Job Description

A template to quickly document the role and responsibilities for this position.

• Estimated time required: 2 hours
• Skills required: Business writing

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Market Research Playbook

This tool can be used alone, but it’s also part of the comprehensive Market Research Playbook. It provides step-by-step planning guidance while also helping you utilize more than 25 downloadable tools from the popular AMA Marketer’s Toolkit library.

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Defining the Role

Market researcher, what is a market researcher.

Similar Job Titles:

Market Research Analyst, Marketing Research Analyst, Market Researcher, Market Research Consultant, Market Research Specialist

A Market Researcher collects and studies information about customers, sales trends, products, and services to develop future marketing plans. They may also use the data gathered to write reports that are used to direct business plans.

When posting for a Market Researcher, many companies may use job titles such as Market Research Manager or Market Research Analyst (although some employers believe Researcher and Analyst are two distinct jobs).

What does a Market Researcher do, typically?

Collects information to influence marketing campaigns.

A Market Researcher pulls information from surveys, research reports, trend data, and business assessments that will guide future changes in products, services, and marketing tactics.

Is Familiar with consumer opinion collection methods

These specialists applies quantitative and qualitative methodologies to design, administer, and interpret surveys, experiments, focus groups, polls, market research, sales data, etc.

Organizes research results for analysis

They also work with data analysts to translate consumer data into functional and accessible information that is used to align a product, service, marketing strategy, or sales tactic with consumer desires and trends.

Common misconceptions about the Market Researcher role

A Market Analyst/Research Analyst: A Market Researcher collects and studies information, and usually works on both the font and back end of the data, performing experiments and interpreting results. A Market Research Analyst usually focuses on the back end, compiling and analyzing the data. These two roles often overlap.

A Market Intelligence Analyst: A Market Researcher collects and studies information relevant to a specific marketing strategy. A Market Intelligence Analyst focuses on information critical to a company’s markets.

Important metrics for a Market Researcher

Market Researchers use statistical methods to execute and evaluate research. These methods include:

• multiple regression,
• discriminant analysis
• factor analysis
• cluster analysis
• multidimensional scaling

Market Researcher Salary

US Based, employer-reported data for a Market Researcher:

• 25th Percentile $62 K
• Average $72.4 K
• 75th Percentile $81.7 K

Market Researcher Job Description

Copy the text below and paste it into your own job description, or, into our FREE downloadable template in the section that looks like this: <INSERT JOB DESCRIPTION COPY FROM BLOG POST HERE>

As a Market Researcher at <Company XXX>, you’ll get to showcase your expertise designing and executing studies, surveys, and experiments to discover what our customers like and don’t like about our products and services. More specifically, you’ll get to:

• collect and study information about customers, sales trends, products, and services to direct our future business and marketing plans
• use your experience with consumer opinion collection methods to design, administer, and interpret surveys, experiments, focus groups, polls, market research, sales data, etc.
• work with data analysts to translate consumer data into functional and accessible information that can help us change or revise a product, service, marketing strategy, or sales tactic
• develop strong client and vendor relationships to deliver consumer information that has a direct affect on our business goals and ROI

Hire a Market Researcher

We can help you find a qualified Market Researcher who fits your specific needs. Send us a few details about your ideal candidate, and we’d love to start the search for you!

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Market researcher

Market researchers collect and analyse data and information to help their clients make informed political, social and economic decisions

As a market researcher, you'll specialise in collecting, analysing and presenting either quantitative or qualitative research.

Most market researchers are employed by marketing agencies, where work is carried out on numerous projects for different companies and industries.

Sometimes market researchers are employed directly by a company (known as client-side), where they collect information on customer opinions, investment and marketing trends.

Types of market research

You'll specialise in either:

• Quantitative research - which involves working with statistics and percentages and can deliver quick results.
• Qualitative research - where you'll analyse opinions and can provide the reasons behind certain percentages. This is a longer process and can sometimes take years to complete.

Responsibilities

There can be some variation in responsibilities depending on whether you work for an agency or client-side. However, you'll generally need to:

• meet and liaise with clients to negotiate and agree research projects
• prepare briefs and commission research
• formulate plans or proposals to present to your client or senior management
• write and manage the distribution of surveys and questionnaires
• brief interviewers and researchers
• liaise with and manage survey staff
• moderate focus groups
• undertake ethnographic research (observing people in their homes and other environments)
• conduct qualitative or quantitative surveys, which may involve field, interview or focus group assessments
• use statistical software to manage and organise information
• monitor the progress of research projects
• analyse and interpret data to identify patterns and solutions, including surveys and focus group transcripts
• write detailed reports and present results
• advise clients or senior management on how to best use research findings
• manage budgets.
• Starting salaries for trainee market researchers are in the region of £21,000 to £24,000.
• With experience, salaries can rise to £25,000 to £35,000.
• At a senior level, once you've gained significant experience, you can expect to earn from £40,000 to in excess of £70,000.

Salaries vary depending on a range of factors including your location, the type of role (e.g. qualitative or quantitative research), the type of employer (e.g. agency or client-side), your qualifications, experience and responsibilities.

Some larger firms may offer additional benefits, such as a company car, profit-sharing scheme, medical insurance, gym membership and bonuses.

Salary figures are intended as a guide only.

Working hours

Working hours for in-house and quantitative researchers are generally 9am to 5pm, with occasional extra hours required to meet project deadlines. It's common for qualitative researchers to work evenings and weekends so that they have a better chance of contact with their respondents.

Career breaks and secondments may be possible if you're working for larger organisations, particularly if your role is client-side. There may be opportunities for hybrid working.

What to expect

• You may be desk-based but some market researchers travel nationally, and occasionally internationally, to visit client organisations and to complete their research.
• Many of the marketing research agencies are located around London and in the South East of England, although there are also hubs in the North (Manchester and Leeds) and Scotland (Edinburgh and Glasgow). Client-side posts are generally available nationwide.
• Short-term contracts are available via recruitment agencies, although these are generally for more senior market research posts. The Market Research Society (MRS) has a Recruiter Search you can use to reach out to local recruiters.
• Self-employment or freelance work is sometimes possible for those with significant experience and a good network of contacts.
• This can be a fast-paced, challenging role due to the tight deadlines, but it can also be varied and rewarding.

Qualifications

Most employers expect candidates to have a degree, and look for skills in communication and analysis. If you want to get into quantitative research, a numerical degree is useful. Relevant subjects include:

• business or management
• mathematics
• statistics.

For qualitative research it is helpful to have a degree in a subject such as:

• anthropology
• social sciences

Degrees in marketing, English and languages are also useful, but a variety of degrees are often accepted by employers.

For specialist industrial market research posts, a degree in a specific subject linked to the industry, such as engineering or science, may be useful. For some posts, an understanding and knowledge of specialist statistical software may give you an edge.

A postgraduate qualification isn't usually needed. However, a Masters or diploma in a statistics-related subject may improve your chances for some types of roles, particularly if your first degree doesn't contain much statistical or research content.

Consider taking The Market Research Society (MRS) Foundation Course in Market Research . This course is aimed at those with limited research experience, such as undergraduate or postgraduate students, and provides a grounding in the principles and practices of market research.

It's also possible to get into the role by taking a Level 4 (HNC level) Market Research Executive Apprenticeship . Apprenticeships combine study with paid work, allowing you to train on the job. You can search for an apprenticeship using Find an apprenticeship .

Some market researchers start out in operations in field agencies, telephone units, quality control or data processing, for example, and then progress into a market researcher role once they have experience. It's also possible to move into market research from other related jobs, such as marketer, advertising planner or data analyst.

You'll need to have:

• strong verbal, written and presenting communication and interpersonal skills
• analytical and numerical skills
• an understanding of different research techniques
• accuracy and attention to detail
• the ability to use your initiative
• excellent organisational skills
• business and commercial awareness
• creativity and the ability to tell a story from the data
• problem-solving skills
• teamwork and negotiation skills
• project management skills
• flexibility and drive
• IT literacy
• an interest in psychology and behaviour.

Work experience

Pre-entry experience in areas such as research, statistical data analysis and interview techniques is helpful. You can get relevant work experience through work placements or an internship.

Use the MRS Research Buyers Guide to look for market research agencies near you and approach them about work experience opportunities. You could also contact big client organisations with internal research teams.

Work shadowing a market researcher or doing relevant voluntary work can help build up your knowledge and skills. Experience in related areas such as marketing and advertising planning can also be useful as they often have a research component.

The MRS supports the 10,000 Interns Foundation , which includes the 10,000 Black Interns and 10,000 Able Interns programmes. These programmes provide paid work experience across a wide range of industries, including market research.

Find out more about the different kinds of  work experience and internships  that are available.

Most positions are in market research agencies or consultancies. These specialist agencies manage and oversee research projects commissioned by a range of organisations, including businesses, advertising and PR agencies, local and central government, and charities. Agencies range in size from two to several hundred employees, offering specialist or general consultancy.

Opportunities also exist client-side, where market researchers work within industrial and commercial organisations, such as manufacturing, pharmaceutical and retail companies, as well as in advertising agencies and charities. Roles in these settings may involve coordinating and contracting out the research on behalf of the company or assisting in the development of marketing strategies.

Research institutions and government departments also employ market researchers. For more information on working for local authorities or government departments, see government social research officer .

You can get details of market research agencies and consultants, as well as background information on the different sectors, from:

• The Qualitative Research Directory
• Research Buyers Guide

Look for job vacancies at:

• Research Job Finder
• Social Research Association (SRA)

Some recruitment agencies specialise in market research vacancies, such as Hasson Associates and Pollen Recruitment . Vacancies for graduates may be advertised as research assistants or as graduate trainees.

Competition for jobs is strong. It may be worth making targeted speculative applications rather than simply relying on advertised vacancies. Consider applying for market research assistant posts first to get into the sector.

Professional development

Once in post, most training is provided informally, on the job, with support from more experienced colleagues. Some larger agencies run graduate training schemes, which typically last two years. There are also a variety of external courses available, specifically designed for market research professionals.

The Market Research Society (MRS) runs training courses and offers qualifications at different levels. While you're in the first two years of your market research career, you can take the MRS Advanced Certificate in Market and Social Research Practice. Some large companies may incorporate this qualification into their graduate training programmes.

The MRS also accredits Masters degrees at Cranfield School of Management (MSc Strategic Marketing), Newcastle University Business School (MSc International Marketing) and the University of East London (MSc Marketing).

Find out more about MRS Training .

Some qualifications offered by the Chartered Institute of Marketing (CIM) may be relevant. There is also a range of relevant postgraduate courses available in statistics, marketing or social research. The Social Research Association (SRA) also runs a range of courses on topics such as survey design and quantitative data analysis.

Continuing professional development (CPD) is important and can be carried out in many ways. The MRS, for example, offers training courses covering a range of topics, as well as webinars and online training in questionnaire design and business skills. It offers a range of events and networking opportunities, some specifically designed for new and young researchers through the MRS &more - young researchers network .

With the right combination of skills, experience and training, you can gain Certified Member status (CMRS) of the MRS. As a senior professional who has made a signification contribution to the sector, you may be awarded Fellowship (FMRS).

Career prospects

You'll often start as a junior research executive, before progressing to research executive and then moving into a senior researcher role. There are some opportunities to then move into an account director position. Promotion is based on merit, professional qualifications, experience and specialism.

Responsibility for client contact, presentations, and project and team management increases with seniority, often with a corresponding decrease in the level of field work undertaken.

It's recommended that you gain a range of experience before specialising, to enhance your career development and/or job mobility later in your career.

The rapid growth of international business and developments in information technology has created worldwide opportunities in this field. With experience in your specialist area, you can progress to working as a research practitioner, either independently or in a partnership.

Once you have substantial experience and a good network of contacts, you may want to consider setting up your own consultancy or working as a freelancer.

For more information about how your career in market research could progress, see The Market Research Society - Explore roles in market research .

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