Market research analysts gather and analyze data on consumers and competitors. Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
If you are currently working as a market research analyst or aspire to be one someday, there’s good news. According to the Bureau of Labor Statistics, the job outlook for market research analysts is expected to grow 19 percent over the next 10 years, which is much faster than the average for all occupations.
An early career Marketing Analyst with 1-4 years of experience earns an average total compensation of $55,442 based on 1,840 salaries. A mid-career Marketing Analyst with 5-9 years of experience earns an average total compensation of $66,123 based on 438 salaries.
Eligibility to become Market Research Analyst Most of the professionals in this field hold at least a Bachelor’s degree in the relevant subjects. Candidates with a degree in BBA ( Marketing & Finance), B.Sc. If one holds a master’s degree in these fields then the chances are increased even more.
Starting salaries for market researchers are in the region of £20,000 to £25,000. With experience this can rise to £25,000 to £35,000. At a senior level, once you’ve gained significant experience, you can expect to earn between £40,000 and £70,000+.
A successful marketing analyst would possess the following skills on their CV: Statistical knowledge and experience. Attention to detail . Marketing training and strategy. The ability to interpret information effectively. Knowledge of software such as Excel or SPSS. Strong written and oral communication skills .
Structured work schedules are normal for market research analysts who typically work in offices, but sometimes must travel to conduct research or present findings. Usually they work alone, compiling information on computers, but sometimes work is done as part of a research team.
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Personality and outlook are also important. A good analyst should be a curious sort and have a hunger to understand what makes things tick. They need to move between the abstract and the concrete fluidly and make connections between the two that are understandable and pertinent to their clients.
If you’re just getting started in marketing , entry-level marketing positions already have relatively competitive pay : the average base pay for marketing assistants, according to Glassdoor salary data, for example, ranges between $32,000 and $55,000 per year.
Corporate Communications Director. Average salary: $124,054. Marketing Research Director. Average salary: $111,907. Director of Email Marketing. Average salary: $102,588. Director of Digital Marketing. Content Marketing Director . Product Marketing Manager. Demand Generation Manager. Brand Marketing Manager.
Marketing data analysts are experts in quantitative and qualitative market analysis. They excel in identifying key market statistics, interpreting findings, and helping marketing managers understand the numbers behind their marketing strategies.
How Much Does a Market Research Analyst Make? Market Research Analysts made a median salary of $63,120 in 2018. The best-paid 25 percent made $88,680 that year, while the lowest-paid 25 percent made $46,360 .
To become a market researcher you usually have to complete a degree in business, management or commerce with a major in marketing . It is also possible for graduates of statistics, psychology, sociology, economics, behavioural sciences or computer science degrees to enter this occupation.
Critical thinking is also essential to many professions, one being marketing research . In addition to these skills , marketing research requires competence in a number of areas and here are the ones I feel are most vital: Consumer behavior and marketing .