What is a Market Research Analyst?
A market research analyst gathers market intelligence and presents it in a way that customers or colleagues can understand. The research results in detailed reports and complicated spreadsheets which capture insights into the market and future opportunities.
Examples of reports are sales trends and consumer demographics, preferences, needs, and buying habits. Not all customers have the time to wade through these. Marketing analysts explain the research in a way that works for the customer — at conferences, in private briefings, through comment pieces, and articles.
What does a Market Research Analyst do?
Market research analysts help companies decide what to sell, who will buy their products and services, and how to promote them. They design surveys that are used to help discover potential customers' preferences. These marketing professionals then train and supervise interviewers who conduct these surveys online, by telephone, or through interviews with individuals or focus groups.
In addition to taking surveys, market research analysts are responsible for keeping track of client industry trends and general marketing trends, as well as forecasting these markets to provide companies with proposals and information of the products, services, promotions, and all relevant data to help management in their marketing decisions.
There are now new tools that analysts can use, such as geofencing, which uses GPS or similar technology to build a virtual fence around a business and offers targeted advertisements to a customer’s phone as they walk through a store. Eye-tracking, which monitors how your eye travels around a website, is another technology market research analysts use.
The process of collecting and analyzing data is logical and quantifiable; deciphering why target audiences might be attracted to a particular product is not. This is why some of the most successful market analysts seem to understand human emotions and psychology as much as they understand logic.
What is the workplace of a Market Research Analyst like?
A market research analyst is a key member of the marketing team that develops new products. The position runs across all industries that need research. They typically work within the marketing departments of corporations or other institutions, and report to marketing or marketing research managers.
Market research analysts may have a background in the industry that they cover, or might join market intelligence firms as a junior analyst or researcher. For those that want more reward and seniority, there will be opportunities in custom consulting projects or in establishing new research practices, but many are content to stay within their sector, building their knowledge and credibility with customers.
Market Research Analysts are also known as:
Market Analyst Research Analyst Market Research Consultant