A market research analyst is a vital employee involved in helping companies develop advertising, branding, and other aspects of product and service advertising and marketing components. In order to best represent a company, there are a number of trends and data analysis that must be explored.
Focus Groups and Surveys
A large part of market research analysis is putting together focus groups in which everything from potential products to labeling to commercials are tested. An analyst in market research creates a group of prospective consumers of diverse backgrounds in order to determine which groups are most likely to respond positively to a product or service and makes recommendations based on the findings. These recommendations might include further development in, changes to, or removal of a product or service from a company’s plans.
Conducting surveys is another part of the market research analyst’s position. Much like a focus group, surveying consumers enables an analyst to make determinations of the need or desire for a product. Other information can be gathered as well, such as viable price range and target markets.
Data Analysis and Trend Evaluation
Market research analysts spend a large portion of time tracking and evaluating trends in consumer products in order to identify potential goods and services to develop. These evaluations are also helpful to companies in order to identify which products or services do not have the potential to return profit. This portion of the position requires market research analysts to be able to best identify the preferences of potential customers and current clientele.
Evaluating the Competition
In addition to the focus on current and potential consumer markets, an analyst in market research also evaluates and tracks the successes and failures of competitors. By considering how well another company has performed with a product or service, a market analyst is able to make recommendations on whether similar production or development should be considered for their own organization.
Daily Tasks in Market Research Analysis
Much of the daily work of a market research analyst involves the creation of various types of reports including proposals, project plans, recommendation reports, and feasibility analysis reports. Research analysts in marketing will also develop surveys, manage the implementation of surveys and data collection, organize and plan target market focus groups, and communicate verbally with clients, sample populations of consumers, and other employees. Training interviewers who will conduct surveys and talk to potential consumers is also a part of the daily routine of a market research analyst.
Skills and Education Requirements
In addition to the highly developed written and oral communication skills required, a market research analyst must also have abilities in such areas as creative thinking, critical thinking, data analysis, problem solving, organization, project management, and planning. Many prospective professionals in this field will gain these skills in part by at least completing a bachelor’s degree in market research analysis (please also see: The Top 10 Best Online MBA in Marketing Degree Programs). Other degrees that can help to prepare future market research analysts include mathematics and psychology. Professional certifications such as the MRA Certificate from the Marketing Research Association can also be beneficial.
Competition for products and services requires companies to focus on consumer wants and needs. A market research analyst is a necessity in a company’s overall success.
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