Become a Market Research Analyst

become a market research analyst

 

How do companies decide what kinds of new products and services to design, how to market them and what price point to offer them at? When enormous research and development budgets and marketing campaign budgets are on the line, how do companies ensure their investments are being used wisely?

Creating the most popular product or service with an effective marketing strategy to match depends on what consumers want, and it's up to marketing research analysts to find that data. These professionals analyze marketing and sales data to find trends and patterns that companies can use to forecast the success of future products and services. Collecting that data requires designing surveys, analyzing marketing and competitor information, and using particular software services to run the numbers.

 
TRUSTe online privacy certification

Mastering the skills necessary to pursue a marketing research analyst career may require experience in a wide array of subjects, including psychology, statistics, sociology, computer science, research methods and more. Many prospective marketing professionals choose online courses to learn about these subjects because they can be taken at home and are often easier to fit into a busy schedule.

Are Online Market Research Analyst Programs for You?

Here is what you may consider when choosing an online market research analyst program:

  • While requirements for marketing research analyst positions may vary, extensive mathematical and analytical skills are essential. The majority of institutions require a bachelor's degree, while others may require a master's degree for higher positions, according to the U.S. Bureau of Labor Statistics[i].
  • Many marketing research analysts are charged with designing and distributing surveys and questionnaires about products, which requires a thorough understanding of research methods.
  • Work experience is often very important to employers looking for capable market research analysts. Because of this, many prospective professionals seek internships in business, marketing or sales to gain an advantage in job searching.
  • At the same time, some also pursue certifications to stand out among other candidates. The Marketing Research Association distributes the Professional Researcher Certification specifically for market research analysts.
  • Before signing up for online courses, consider what subjects are offered during your studies, how the classes may prepare you for specific job opportunities, what internships may be made available through your studies and how the course work may prepare you for relevant certifications.

Market Research Analyst Career Paths and Potential Salaries

Marketing is composed of several different career paths that you may choose to pursue after studying market research analyst courses. Research which options may be available using statistics compiled by the BLS.

Market Research Analyst[i]

These professionals are charged with analyzing the numbers behind effective marketing strategies. They gauge consumer interest about products and services using specially designed surveys and questionnaires. After collecting this information, they analyze the numbers using supporting data about market trends and competitors. All of this material is used to create statistics, graphs and reports that clients and marketing managers can use to make informed marketing decisions.

  • See the BLS for median annual salary information
  • Job growth through 2022: 32 percent (much faster than average)
  • Entry-level education: Bachelor's degree

Advertising, Promotions, and Marketing Managers[ii]

Marketing, advertising and promotions managers study the resources provided by marketing research analysts to make strategical decisions. They also serve an administrative role in the marketing department and make hiring decisions.

  • See the BLS for median annual salary information
  • Job growth through 2022: 12 percent (average)
  • Entry-level education: Bachelor's degree

Statisticians[iii]

Whereas marketing research analysts study the numbers behind effective marketing campaigns, statisticians use their mathematical prowess to explore other industries. They analyze numbers to solve real-world problems in engineering, business, sciences and other areas. This can sometimes mean using the same research methods and data analysis used by professionals in the marketing industry.

  • See the BLS for median annual salary information
  • Job growth through 2022: 27 percent (much faster than average)
  • Entry-level education: Master's degree

[i] bls.gov/ooh/business-and-financial/market-research-analysts.htm#tab-1

[ii] bls.gov/ooh/management/advertising-promotions-and-marketing-managers.htm

[iii] bls.gov/ooh/math/statisticians.htm