Skills needed to become a market research analyst

Binoy K Mayar wrote

Working in the market research industry, you are not unfamiliar with how quickly technological advances are affecting the end-user experience. From understanding the impact of technological advances on users around the world to analyzing market trends and adjusting your business strategy in doing so, there are many aspects of a thriving business that rely on market research to succeed.

Market research is the collection, analysis and reporting of information related to the market, consumer, competition and other factors affecting the business. It helps companies make informed decisions about their products and marketing strategies.

Market research analysts (MRAs) focus on gathering information about progressive market trends and use that information to develop relevant insights based on product marketing and business strategies. MRAs use a variety of methods, including questionnaires, surveys, observations, focus groups, and statistical analysis, to gather information about consumer preferences, shopping behavior, product usage, and patterns, among other factors.

Market research can be used in a variety of industries, including retail, education, entertainment, healthcare, media, travel, business to business, government and nonprofit.

Steps to become a market research analyst

Define your goals

Market research analysis is a fruitful and attractive career choice; However, new professionals should take the time to think about what they expect from having an MRA before embarking on the journey. Do you just want to work with the company, or do you have passion for analyzing marketing data? How much time can you invest in training, development and onsite education? Once you’ve pinned all your expectations, it’s time to start researching the opportunities that match these choices.

Learn about market research

The next step in getting an MRA is to get a bachelor’s degree in business, economics, or other related field. After that, you need to enroll in an advanced program in marketing research or information technology so that you can gain the necessary skills, knowledge and good experience with the statistical tools for this career.

Find a market research analyst position

Once you learn about market research, it’s time to start looking for a job. Some online resources that can help you find a job search engine or industry database. Many employers hire marketing research analysts through targeted job fairs and career fairs.

Skills required

MRAs must have excellent analytical skills, as they process a large amount of data and use statistical and analytical techniques to identify patterns that can be used to predict future outcomes.

● One should have a solid background in mathematics and statistics. These skills will allow you to analyze data and communicate your results effectively.

Must have experience conducting survey or interview. By gaining hands-on experience, you’ll be better equipped to ask questions that generate interesting responses.

জ্ঞান Knowledge of statistical tools like SPSS, R, MATLAB, SAS, Excel, and Minitab, to name a few.

Finally, good writing skills are essential. It is important not only to report your results briefly, but also to communicate them.

The way forward

Becoming a market research analyst requires a mix of education and experience. There are several ways to become a market research analyst, for example getting a job in a company dedicated to market research or working with the government. As you hope to climb this career track, you should aim for more education under your belt.

In entry-level positions, one usually requires a bachelor’s degree in business, marketing or any other field; However, analysts who have reached the top may need to earn a master’s degree. Analysts earn $ 30,000-70,000 per year depending on their level and what organization they work for.

Bottom line

If you are passionate about market research and want to make an impact in the industry, then a career in this field can be very satisfying. The important thing to remember in order to build your experience and skills in market research is that each project is unique, so it is essential to interact with things in a way that will allow you to keep your best footing for each new endeavor.

Author Director, Market Research & Consulting, Asia Research Partners LLP.

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