Would you like to learn what a Market Research Analyst does? In a very general sense, market research analysts are marketing professionals who use complex data to determine what people in the market are willing to buy. While this is the main objective of all analysts, they do much much more than write reports with product recommendations. If you have always dreamed of working in research and you would like to work in the field of marketing, this hybrid profession could be perfect for you. Read on, learn the roles and responsibilities of the market research analyst, and decide if this is the field for you.
The Roles of a Research Analyst
To understand what research analysts do, you must first understanding some general practices in the marketing discipline. The entire purpose of marketing is to identify a market, communicate value to this market, and then influence consumers within that market to exchange money for the goods that they value. To develop an effective marketing campaign, the company will need several different team members in charge of different roles.
The role of market research analysts within the team is to conduct thorough market research in an effort to identify which products are in-demand, how much consumers are willing to pay for a specific product, sales trends, buying habits, consumer preferences, and consumer demographics that can be used to select a target market niche.
The Job Duties and Responsibilities of a Research Analyst
You may be wondering how it is possible to predict buying trends or product demand. Amazingly, there are a number of ways that analysts will conduct research and gather accurate data to use for analyzing the market. In a single day, an analyst may pour over several different reports and figures to make sense of the numbers and to make recommendations to other members of the marketing team. They will use customer satisfaction surveys, demographic surveys, competitor reports, and other quantifiable data to come to conclusions and make reports that creative professionals and buyers can use to their advantage.
Where Do Analysts Work?
Whenever you are considering pursuing a new career, it is important to know what setting you will work in. As an analyst, you can work in a wide range of different settings. Every industry has a need for marketing professionals, and every company needs to hire in-house marketers or outsource the role if they want to grow and increase their market share. If you are interested in this position, you can work with government agencies, marketing firms, higher education institutions, corporations and more. The demand for analysts as a whole is very high, estimated to grow by 31.6 percent, which makes this a great opportunity for college students.
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Marketing Research Analyst was declared one of the Best Jobs In America by CNN Money and ranked number seven on the list. With high job growth projections and a high average salary, this job is in demand and there are as many openings for positions as there is supply of graduates. To enter the field, start earning your Bachelor’s of Science in Marketing and learn what you need to know to work as a market research analyst and a key member of the marketing team.