What is a Market Research Analyst?
A market research analyst, sometimes even known as a market researcher, plays an important role in any organisation. They use data on consumers, competitors, and the market to predict trends, understand which way the market is leaning, and help companies decide where to focus their energy and resources.
What Is a Market Research Analyst’s Job Description?
A market research analyst has a core role in any company as they help decide a way forward. Their roles are as follows:
- Working closely with the company to understand business objectives and creating consumer surveys to understand the needs and preferences of the market.
- Collecting data through various methods, compiling it, and analysing it.
- Creating presentations and reports on their findings and guiding companies in their way forward.
- Giving insights for marketing strategies based on data gathered.
- Conducting brand research and developing new data collection tools.
- Providing an analysis of the company’s offerings, business models, and methods of operations to see where their weaknesses lie.
- Researching the most up-to-date market trends and practices and being aware of the leanings of the market.
What Are Some Market Research Analysts Skills?
Market research analysts have the task of collecting, understanding, and acting on data. In order to do so effectively, they must possess certain skills such as:
A market analyst’s job involves interaction on every level. Whether it is to the consumers they are researching or the company for which they work, much of their time is spent in communication - both written and verbal. As a result, they must have good communication and language skills. Much can be lost in relaying information and they must stay on the ball to avoid mistakes.
Be critical in their thinking and understanding of the data gathered to draw conclusions about the best methodology to practice. Analysts are surrounded by data - both qualitative and quantitative. They must use their critical thinking capabilities to draw out the relevant action points from a large amount of data. All the suggestions and reports they provide as a part of their job must be backed up with critical analysis and hard data.
A strong sense of computer literacy which can ensure they’re able to organise, store, and access data with ease. Market research analysts also work side by side with marketing departments to share customer surveys on social media. Hence, their knowledge of the relevant software must be up to date.
The core of a market research analyst’s role (as the name suggests) is analysis. They depend on their ability to analyse data and extract the relevant information from it. It would be beneficial for anyone interested in the field to develop their analytical skills and ability of deduction.
What Are the Benefits of Becoming a Market Research Analyst?
As companies continue to grow both in size and in number, the need for market research analysts who are adept at their roles, increases. There are many benefits of getting into this field, which are covered below:
1. Increased Job Prospects -
As mentioned above, companies are growing in size, numbers, and in competitiveness. As organisations try to one-up each other, the only way they’re able to do so is by using market insights. It’s a constant race to stay ahead of the trends and needs of the consumer. There will always be a need for analysts to help companies move forward in an effective manner.
2. Competitive Salary -
The average salary of a market analyst in India (according to AmbitionBox) is ₹8L PA. However, salaries can go up to as much as ₹13L PA. As the need is high, interested individuals always have the opportunity to bargain and settle on a salary they are comfortable with.
3. A Variety of Skills Learned -
The skills learnt as a market analyst are handy in other fields as well; such as if you wanted to pursue marketing or become a business analyst. Market analysts can take their skills to other job roles based on their areas of interest.
How to Become a Market Research Analyst
Here is a step by step breakdown of the educational and experiential steps needed to become a market research analyst:
An interested candidate must have at least a bachelor’s degree. They can have a degree in any subject, for example - English, Psychology, Math, etc. However, candidates with a relevant degree such as a BBA (Bachelor of Business Administration) in Marketing and Finance, B.Sc (Bachelor of Science) in Mathematics, B.Com (Bachelor of Commerce) in Business Statistics and Mathematics, or a B.Sc (Bachelor of Science) in Statistics have a higher chance of getting better roles.
It is even more beneficial if a candidate has a Masters degree as it ensures good placements. Some of the degrees they can get include an MBA in Marketing Management, MBA in Business Analytics, or an M.Com (Master of Commerce) in Marketing, amongst others.
After completing the necessary degrees, a candidate can find work at an appropriate company. Once they have gained some experience, they can also apply for a licence for their role. The licence is optional, but is a certification of competency, which is always beneficial to have.
Which Industries Need Market Research Jobs?
Every company, large and small, needs insight into the market in order to expand. And they are all open to market research roles. Some of the largest employers of market analysts include management and technical consultancy services, finance and insurance, and wholesale trade.
H2 Which Are Some of the Best Colleges to Study at to Become a Market Research Analyst?
There are two levels at which an interested candidate can apply - the first is at an undergraduate level and the second is at a postgraduate level. There are some MBA courses available for those interested. Some include-
There are also other MBA courses available such as MBA Marketing Management, MBA in Marketing, MBA in Digital Marketing.
Entrance Exams to Become a Market Research Analyst
Any college, both at postgraduate and undergraduate levels, may have entrance exams. It is best to check in with each college before applying. In the case of an MBA degree, a majority of colleges look at the ranking in the Common Admission Test (CAT) Exam.
Some FAQs About the Role of a Market Research Analyst
1. What are some of the technical skills required by a market research analyst?
They need technical skills training in Microsoft Powerpoint and Excel, SPSS, Survey Lab, amongst others.
2. Does a market research analyst need people skills?
Absolutely! It is important for them to be able to read people along with data to predict market patterns.
3. Can you become a market research analyst without an MBA?
Yes. It may take a little longer to land a good job but it is possible.
4. What is the full form of MBA?
MBA full form is Master of Business Administration.
5. What are some of the subjects in the MBA syllabus?
The MBA syllabus varies between MBA courses. However, some of the core MBA subjects taught include Human Resource Management, Leadership and Entrepreneurship, and Management of Change.
Fees for Degrees to Become a Market Research Analyst
Here are the fee structures for some of the courses mentioned above, including MBA fees:
Are There Loans Available?
It isn’t always easy getting funding for expensive courses, especially MBA fees. Indian Banks offer student loans at varying interest rates for candidates. Rates generally range between 7.5% to 16.9%.
There are also organisations such as Propelld offering 100% digitised private student loans.