To build a successful business, you need to understand people’s perceptions of your products or services. It is the people interested in a product that make up a market. Without these people, there is no market to sell to.
Therefore, understanding people’s needs and their purchasing behavior is essential to selling a product as a solution for them. This is where a market research analyst comes into play. This article will guide you on your journey to becoming a market research analyst by showing you the steps to get started.
What is market research analysis?
Market research analysis is the process of conducting an extensive study of your target market and customers. It allows you to understand the needs of users and why they buy a product. You can then use that information to create a valuable product that engages your customers and solves their problems.
The process also includes analyzing your competitors. This step allows you to come up with effective strategies to beat them, gain more market share, and ideally, dominate the market. Effective market research can take weeks and sometimes months to provide accurate data on the dynamics of a target market. But clearing up gray areas about developments in the industry is essential.
Companies looking to grow always rely on market research data to gain market insights and determine the best next steps for the business. The information you provide to these companies as a market research analyst is often crucial in determining company policies and products. Consequently, they can design and implement more effective marketing campaigns and pricing strategies.
How important is market research in today’s business landscape?
Market research is essential for companies to know their target market, providing a compass to choose the best location to locate their business and sell to customers. It also helps reduce business risks. Companies that do not employ market research in their operations are more likely to lose customers.
Therefore, they can go out of business in a few years because they do not keep up with the ever-changing market demands and trends. This is why market research analysts are vital in today’s business landscape.
Consequently, the demand for market research analysts is very high and poised to grow even faster over the next decade. Figures from the US Bureau of Labor Statistics put the job outlook for the industry at 22 percent, and the median annual salary is around $64,000.
How to become a market research analyst
To launch your career as a market research analyst, you must be familiar with your target markets and possess the professional skills to use that knowledge to the benefit of your clients or employers. This is what you need to do to become a market research analyst.
1. Get a degree in marketing or its equivalent
To become a market research analyst, you certainly need to get an education with a minimum of a bachelor’s degree in a subject related to marketing or business administration. A marketing degree is recommended because it exposes you to market concepts such as pricing, location, products, and consumer relationships.
However, a business administration degree is also valuable because it gives you basic knowledge of economics, financial accounting, and statistics. Also, you can become a market research analyst with a degree in psychology as it provides valuable insights into consumer buying behavior.
Earning a degree sets the pace for you to fully understand some of the most important concepts that drive human motivation, consumer spending, and potential customer segments. These are crucial in market research analysis.
2. Learn to organize research data
As a market research analyst, you will work with a large amount of data from market research and surveys. This data is the lifeblood of her work, and how she handles it determines the success or failure of her campaign. Therefore, learning to sort and store data is an invaluable skill for her to possess. Using tips to learn Microsoft Excel quickly, Google Sheets and Tableau can be very helpful for you in this way.
By organizing the research data, there is no room for errors or miscalculations. One mistake on your part and your competitors will be ready to capitalize on it to gain an advantage in the market. To prevent this from happening, practice with smaller amounts of data that you can easily organize accurately. Then gradually take on big data and pay attention to details.
3. Develop other necessary technical and soft skills
You must have a wide range of skills to be successful as a market research analyst. For example, she must have strong analytical skills such as critical thinking, problem solving, data analysis, and logical reasoning. These skills allow her to work efficiently, as paying attention to detail and correctly interpreting data are vital parts of her job.
Additionally, excellent verbal and written communication skills are necessary, as the job requires you to present your findings and submit reports. These can be with team members, customers, and other stakeholders. The job can also be high-pressure, so you need to be able to do relevant and in-depth research on short deadlines.
You can learn technical skills like how to use Power BI or Tableau for data analysis. Also, taking online courses and attending certification programs, workshops, or training can take your career a long way.
4. Get relevant work experience
You must have experience working with real-time data to be fully recognized as a market research analyst. He can start by doing personal market research projects or applying for internship positions to gain experience as a novice market research analyst. These will help you build his portfolio.
You can also apply for entry-level market research analyst positions to start working your way up. Applying for opportunities in advertising or marketing agencies is a great start, although you may want to look in other industries. However, we recommend getting an advanced degree like a master’s degree to increase your chances of getting a job quickly.
5. Build a strong professional network
Building a career in market research analysis is easier when you have extensive contacts inside and outside your industry. Therefore, you should develop those contacts as carefully as possible. Although people debate the merits of paying for LinkedIn Premium, tools like this can help you build your network and increase your engagement with your peers and potential employers.
You can also attend professional networking events and participate in seminars and conferences to improve your communication and presentation skills. These will increase your visibility and inform you about current market trends and opportunities.
6. Take online courses
Online courses are a great starting point if you want to quickly enter the world of market research analysis without going down the formal education route. There are several fantastic options, including:
Start your journey as a market research analyst now
The demand for market research analysts means that people entering the industry now have the opportunity to make a difference to businesses and their operations, moving into the new digital age. Get the education and skills needed to build a strong career in this field.
Make connections with other professionals and start working to meet the needs of clients and employers. The opportunities are endless and following the steps outlined in this article will help you succeed as a market research analyst in the job market.