According to the Bureau of Labor Statistics (BLS), in 2006 there were about 234,000 market research analyst jobs. Because of the applicability of market research to almost every industry, market research analyst jobs are spread throughout the economy.
Sectors that have the largest number of market research analyst jobs are:
- Consulting firms and marketing research firms
- Management of companies and enterprises
- Management, scientific, and technical consulting services
- Insurance carriers
- Computer systems design and related services
- Other professional, scientific, and technical services — which includes public opinion polling
Market research analysts provide companies with valuable feedback, allowing them to evaluate consumer satisfaction and plan more effectively for the future. Companies use market research analysis to:
- Explore new market segments
- Know competitors' strengths and weaknesses
- Study factors that influence customer satisfaction and loyalty
- Identify customers' view of a brand and help build a better brand image
- Test whether new products or services would work
- Study trends and forecast changes in the market
- Establish facts and root causes regarding unexpected situations
Market research analyst jobs generally require a bachelor's degree and up to two years of experience in research or a related field. Some companies prefer candidates with degrees in marketing and knowledge of mathematics, statistics, advertising, psychology, and survey design.
It is important to keep oneself current with the latest methods of developing, conducting, and analyzing surveys and other data. It is advisable to earn a bachelor's degree in a finance-related field. Some companies also prefer a master's or PhD in marketing or related fields, along with strong quantitative skills.
For entry-level market research analyst jobs, such as research associate or associate analyst, one must have strong communication or analytical skills, language skills, and good general knowledge.
Conclusion
Today, the number of consulting firms and marketing research firms is mushrooming to cater to the needs of companies that wish to outsource market research services rather than support their own marketing department. As a result, market research analysts should see great opportunities in this sector. According to the BLS, the median amount for annual earnings of market research analysts in May 2006 was $58,820.
