Career Spotlight: Becoming A Market Research Analyst

12 September 2024

Do you know how a company just knows what you want? They collect a few surveys, and suddenly they know more about your requirements than you! Is it all automated? Short answer, no!

Someone is sitting and analyzing every behavioral data of a consumer to create profiles. They are called market research analysts!

Are you just fascinated with the idea of a market research analyst? Or someone who is planning to become one?

This is how you can become a market research analyst –

Let’s begin with understanding who a market research analyst is.

What Is A Market Research Analyst?

Market research analysts are the strategic brains behind a company’s marketing decisions. Their job is to gather data on consumers and competitors and then use that information to guide business strategies.

Whether a company is launching a new product or planning a marketing campaign, market research analysts are the ones who determine the best approach. They don’t just guess; they rely on cold, hard data.

What Do They Do?

A market research analyst’s role involves several core responsibilities. Why don’t we go through them to know the responsibilities a little better?

Data Collection: Gathering data is the starting point of any market analyst. This could be through surveys, interviews, focus groups, or analysis of existing market data.

Trend Analysis: After gathering the data, they identify patterns and trends that provide insights into market behavior. For example, what products are gaining popularity, or which consumer needs are currently unmet? How can the company they work for help meet them?

Market Forecasting: Analysts will often predict future market trends. However, this is not just through guessing. However, when a company plans to launch a product next year, these professionals will forecast whether the market will be favorable or not.

Furthermore, they also inform about whether the product will launch in the right direction and be liked by the audience you are targeting.

Consumer Segmentation: By analyzing consumer data, they segment the market into groups based on behavior, preferences, or demographics.

Reporting and Presentations: Then, they communicate their findings to decision-makers through reports, presentations, and visual data displays.

Competitor Analysis: Understanding competitors’ moves and strategies is key. Market research analysts monitor what competitors are doing and how they’re positioning themselves in the market.

What Degrees Do You Need To Get?

There isn’t one fixed path to becoming a market research analyst, but certain degrees, and conceptual skills can give you a strong foundation:

Bachelor’s Degree: A degree in marketing, business, economics, or statistics is often the starting point. Subjects like research methods, consumer behavior, and data analysis are crucial.

Advanced Degrees: Unfortunately, just a bachelor’s degree wouldn’t do for more senior roles. Therefore, a master’s degree in market research, data science, or business analytics can be advantageous. An MBA is also beneficial if you’re aiming for leadership positions.

Your educational qualifications should focus on building a mix of analytical, research, and communication skills, as these are the backbone of a successful career in this field.

Later you can also upskill by becoming a data scientist, and it can open more doors for you.

Tools You Will Need To Learn

As a market research analyst, you’ll need to know the art of upskilling. You can do so with various tools and software that streamline your work:

Data Analysis Software: Tools like SPSS and Python are complex tools. Mastering them might take you years. However, you should still try to master it because it is great for running statistical analysis and handling large datasets.

Survey Platforms: Software like Qualtrics, SurveyMonkey, and Google Forms help design and analyze surveys.

CRM Tools: Understanding tools like Salesforce and HubSpot are essential for tracking customer data and trends. This ensures that market research analysts do not depend on guesswork.

Data Visualization Tools: Tableau, Power BI, and Google Data Studio are crucial for presenting data in a visually engaging way.

Competitive Analysis Tools: SEMrush, SimilarWeb, and BuzzSumo provide insights into your competitors’ strategies and their market performance. After all, you will need to know what others are doing for their customers. That is always a sign of a good market research analyst.

Mastering these tools will enhance your efficiency and make your work more impactful.

Life Of A Day Of A Market Research Analyst

What does a typical workday look like for A Market Research Analyst?

We will go through it step by step to have a better idea of their role as a Market Research Analyst.

1. Morning: Data Collection And Initial Analysis

The day often begins with reviewing the latest data from surveys, focus groups, or market reports.

Analysts spend the early hours gathering information that will guide their day’s analysis.

2. Midday: Deep Dive Into Analysis

The core part of their job kicks in around midday. This is when they run statistical models, crunch numbers, and identify key insights.

Meetings with product teams or marketing departments often happen around this time to discuss early findings.

3. Afternoon: Reporting And Strategy Discussions

After the analysis, it’s time to translate data into actionable strategies. Analysts prepare detailed reports highlighting key trends and recommendations.

Then, they might deliver a few presentations to senior management to guide their decision-making.

4. Late Afternoon: Market Monitoring And Competitor Analysis

Keeping a pulse on market trends and competitors is crucial.

Analysts usually allocate some time in the late afternoon to social media updates, reviewing industry news, and studying competitors’ moves.

5. End-of-the-Day Planning And Strategy Tweet

Before wrapping up, their main job is to refine strategies based on the latest social media insights and plan for the next day’s tasks.

After all, without understanding whether your current plan is working or not.

The final work would involve technical analytics, strategic thinking, and effective communication, which would also include talking to their team.

How To Get A Job As A Market Research Analyst

Getting your foot in the door as a market research analyst requires more than just the right degree.

Here’s a practical guide:

Start with Internships: Right after you have finished your bachelor’s degree, many companies offer internships in market research, allowing you to gain real-world experience while studying.

Create a Portfolio: Build a collection of your best work. Whether from academic projects, freelance jobs, or case studies. A strong portfolio can showcase your analytical and research skills.

Get Certified: Professional certifications, such as the Professional Researcher Certification (PRC) or Google’s Data Analytics Certification, can give you an edge.

Network Actively: Next, join industry groups, attend webinars, or engage in professional forums. Networking can open doors to job opportunities and keep you updated on industry trends.

Tailor Your Applications: When applying for jobs, customize your CV and cover letter for each position. Highlight skills like data analysis, research methodologies, and strategic thinking.

Best Career Options & The Potential Salary

The field offers diverse career paths. Depending on your interests, you might specialize as:

Consumer Insights Analyst: Focus on understanding consumer behavior and preferences.

Product Research Analyst: Specializes in product development and testing.

Brand Analyst: Concentrate on evaluating brand performance and strategy.

Competitive Intelligence Analyst: Monitor competitors and track industry trends.

When it comes to salaries, market research analysts can get a reasonably good salary, provided you have the skills to back it up. Especially when your analysis begins to work for a company and starts bringing in a lot of profit.

Entry-level positions typically offer between £25,000 to £35,000 annually. With experience, salaries rise to £50,000 or more.

For those in specialized roles or with advanced degrees, six-figure jobs are not uncommon.

Final Note!

The path to becoming a market research analyst combines curiosity, a knack for numbers, and strategic thinking. It’s about more than just crunching data; it’s about turning data into insights that drive real business results.

Whether you’re just starting out or looking to advance in this field, there are plenty of opportunities for growth and impact in the business world.

Especially with the advent of digital marketing, you will have enough opportunities in terms of SEO, and website data analysis.

So, are you ready to dive into this world where data meets strategy?

You could be the one predicting market trends and helping businesses shape their futures.

Read Also:

Boost Online Visibility With THESE 3 Smart Strategies + Bonus!

Deepanwita Dey

Deepanwita is a seasoned practitioner of ‘jumping the ship’. She started out her journey with literature and now holds a double graduation degree, one of which is in psychology. As a result, she is now using this skill to help confused job seekers to pick a direction. Given her academic background, her writing is laden with analytical analogies and deep research. As one of Content Rally’s most regular contributors, readers can find a sense of confidence in her writing.

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What to Know About Location-Based Data

For businesses in any industry and of any size, location-based data and the use of a location analysis tool can take your marketing to the next level. Location-based marketing means that you’re targeting your audience based on where they are at a current moment, or maybe where they’ve recently been. For example, you could target an audience that had recently been to a local car repair shop, or maybe you’re using zip codes to target people. Location data can provide a lot of information about what a person does on a daily basis. This could include their shopping habits, where they prefer to eat, and it can even provide information about how they go from looking at a product online to buying it in a store. The use of location-based data means that you can personalize your products or services and be more targeted and efficient with your marketing. The following are some of the big things to know. The Basics Location data is typically a reference to the specific geographic position of a smartphone or another device, or a building. There are coordinates that are expressed as Latitude and Longitude, and these are the geographic positions themselves. As far as marketing, GPS data is what’s most commonly being talked about. GPS provides coordinates gathered by a device. There’s another term to be aware of here too, which is a Software Development Kit or SDK. SDK codes are used by app developers. These codes then tell the app once it’s installed on someone’s device to collect location data from that device. The codes that are installed in an app do require that the user give explicit permission for the collection of location data. The SDK method gives deep insight into the habits of users, but the opt-in element is important. Usually, the opt-in is obtained when a user first interacts with an app after downloading it. In some cases, an SDK can only work when the app is open, and others can run in the background. Legality Location data doesn’t record someone’s identity or any information that could personally identify them. Businesses small and large throughout the world do use location data. There are regulations and legal compliance issues to be aware of, though. For example, data privacy laws dictate how businesses can collect and utilize some customer data. A data collector has to get the specific consent of someone to use, store, manage or share their data. You also have to provide them the opportunity to opt-out any time. Strategies For Location-Based Marketing There are a lot of ways that you can use location-based data in your marketing. Examples include: Geofencing: This is a concept where location data is collected in real-time. With this approach, there’s the creation of a virtual perimeter around a certain location. Then, you’re either gathering data within that or targeting. You can use it for proximity marketing. For example, if someone with your app enters an area within your perimeter, then they might get a push notification letting them know of a sale or event. Geotargeting: This is about delivering ads to people in a particular location, but it’s different from geofencing in that it can use previous location data paired with specific attributes of the audience. It might, for example, use location along with interest or behavioral data. This gives the opportunity for segmented and tailored marketing. Conquesting: This location-driven marketing approach is about reaching your competitor’s customers. For example, you’re using collected data to reach an audience when they are visiting the location of your competitor. What Types of Businesses Are a Good Fit for Location-Driven Marketing? There are broadly a few types of businesses that might find location marketing is a good fit for them. First, if you have retail locations, it can be a good idea to explore the collection of location data. This can include shops, restaurants, or car dealerships. If you’re a business that has special events or seasonal events, you might consider it. This could include event venues, sporting businesses, and businesses in travel or hospitality. eCommerce brands might use location marketing to find shoppers that go to brick-and-mortar competitors. Niche industries such as transportation and real estate as well as education can benefit from location marketing. Location data is really the biggest thing right now in terms of understanding customer behavior and the full customer journey and filling in gaps in that journey or perhaps the gaps between online and offline behavior. Read Also: Crucial Role of Content Marketing in Local Business Tips on Doing Search Engine Marketing (SEM) for Businesses 5 Marketing Tips to Help Grow Your Business on Instagram

Should You Consider Outsourcing Your Brand’s Marketing Campaign?

If you’re in higher management, you strive to make sure your marketing team is doing its best to market your brand and bring in leads to the sales team. Lest outsourcing becomes ponders publicity, keeping your organizational processes internally is crucial to you because you want to keep control over operations, and you want to keep costs at a decent minimum. Now you’ve realized that internalizing all of your online marketing efforts might not be working out as well as you’d imagined. Businesses that outsource marketing have specialized marketing services on their side, collaborating with them with every campaign and a new initiative to make sure it’s successful. Online marketing services are often more efficient than an in-house marketing team and, more often than not, more affordable. Systems are even created to make sure your brand still has control over activities and the reputation of the company. Outsourcing your marketing efforts can be a great option if you understand the importance of a powerful marketing campaign but don’t have the resources to do it by yourself. Who Can Benefit from Outsourcing of Brand Marketing Campaign? Many companies and brands decide to outsource their marketing activities to help them create brand awareness and generate leads. But certain businesses tend to use outsourced resources to implement their marketing agendas. Here are some of them. 1. Early-Stage Businesses Upscaling a new business is a challenging and stressful job. You have many decisions to make while developing new services and products. At the early stage of the business, business owners often concentrate their efforts on creating the product and do not have the financial power or the time to hire full-time marketing people. As the company prepares to launch their service, they need to develop a brand image. An outsourced marketing agency often handles the processes that design the style guides and website and creates the company logo. 2. Growing Companies When companies launch their service or product without problems, they often enter a high-growth phase to quickly bring supplementary marketing resources. Outsourced marketing services provide the necessary talent and resources to increase revenue growth without adding a lot of overhead. More often than not, businesses in growth stages cannot afford the time it takes to train and hire new staff members. Outsourced marketing firms or Virtual PA services provide expertise and flexibility during these growth stages. Often, venture capital firms invest in companies at this stage and use the influx of cash to accelerate growth through social media platforms, content marketing, SEO, and digital advertising activities. 3. Companies with Large Marketing Teams Global organizations hire hundreds, if not thousands, of marketing professionals to back their brand and sales initiatives. These enterprises will often use outsourced firms and professionals to provide crucial services. For instance, a company will hire outsourced professionals to promote an event, save money or launch a new project. Outsourced resources are often more affordable than in-house professionals. The company may want to skyrocket a specific product line and outsource for a short-term initiative. 4. Niche Companies Brands and companies that operate in specialty markets like engineering or biotechnology may find it challenging to hire in-house marketers with the experience and the know-how they need to create and launch content marketing campaigns. Outsourced marketing services often specialize in a specific niche market. They bring not only valuable resources but also experience in these unique markets. Virtual assistants, for example, combine technical expertise with marketing education or experience. These professionals work in leading organizations and have a greater understanding of the market than full-time professionals with little experience. When To Do Outsourcing? If you do not see the results you want from your in-house marketing team, then you should consider outsourcing. Your in-house team is working relentlessly with the goals set before them, but the results continue to be short of optimal. Staying on top of performance and campaign optimization isn’t easy. Often in-house teams have no time to optimize these campaigns for better performance, so they end short of hitting their goals. Evaluating the results of marketing efforts is critical to the success of a team not only in-house but for outsourced professionals as well. If it’s been a few months since your brand launched a great marketing campaign, it might be time to outsource marketing. a. Your Marketing Team Is Burned Out In marketing, there is graphic design, copywriting, SEO, website development, email marketing, lead generation, and so much more. How many professionals do you have in your team? Do you have someone assigned to each task involved in marketing, or do you have one marketing guru filling many hats? A copywriter can’t be a graphic designer and vice versa, but so many entrepreneurs expect so much from one marketing employee. One team member cannot meet the massive marketing demands in today’s market. b. You’re Always Running Out Of Time You’re planning a stellar email campaign this month, but your team ran out of time, so you reschedule it. You’re rushing to get the offer, the Facebook posts, and the blog posts out before Christmas. If you feel like you’re always running but never get anywhere, then it might mean you don’t have the necessary systems or strategies in place to run efficiently. c. You Lack Proper Strategy Getting things done might feel rewarding, but those things are time idlers instead of business generators when they are not part of an overall strategy. Posting on social or sharing a blog post is useless unless you have a purpose of reaching your goal. Sharing for the sake of staying active on social media platforms is not a real strategy. You feel the pressure of staying active online, so you ask your marketing team to ensure the social accounts are active always, but you don’t give them a genuine reason. As a business, you have income goals, but if you lack a proper strategy to meet those goals, then you might want to consider outsourcing digital marketing services. Summary That’s all about the logic behind considering outsourcing your brand’s marketing campaign. I hope the article was intriguing enough to make you understand why you should outsource the marketing campaign. The rationale is justified above along with specific situations to make your concept clear. Wanna clear any doubts? Drop your queries in the comment area below. Read Also: What You Need to Know When Outsourcing SEO How Legal Services Outsourcing Aids Law Firms and Legal Departments Balancing the Books with Outsourcing – Virtual Receptionists 9 Things Conservatives & Liberals Have in Common How To Reduce The Operating Cost of Your Business?

Mistakes Entrepreneurs Should Avoid When Using SMS Marketing

SMS marketing has become increasingly popular for entrepreneurs to reach out to their target audience and boost sales. However, like with any form of marketing, there are mistakes that entrepreneurs should avoid when using SMS marketing if they want it to be successful. This blog post goes over the most common mistakes entrepreneurs make when using SMS marketing software and how they can fix them. So read on to learn more about SMS marketing! Not Having a Clear Objective One of the most common mistakes entrepreneurs make when using SMS marketing is needing a clear objective. Before sending out any message, you should have a goal that you would like your message to achieve. Are you trying to increase brand awareness? Are you looking for increased sales? By setting clear objectives before sending messages, you can craft messages tailored toward achieving those objectives. Not Having Clear Messaging Guidelines Another mistake entrepreneurs often make does not have clear messaging guidelines before launching an SMS campaign. Without these guidelines, it’s difficult for entrepreneurs to measure the success of their campaigns and ensure that all messages sent out are consistent with each other and the company’s overall branding and messaging strategy. It’s essential to establish a set of guidelines that outlines how often messages should be sent out, what type of content should be included in each letter, who should receive each piece of news, etc. so that all messages remain consistent and on-brand throughout the campaign. Not Getting Permission from Recipients The law requires companies to get permission from recipients before sending them promotional or transactional text messages. Please do so to avoid legal issues and a poor reputation among your customers. To ensure compliance with this law, companies need to provide customers with options on how they can opt in or opt out of receiving text messages from the company at any time during their relationship with the company. This ensures that customers always have control over whether or not they want to receive text messages from your company and helps protect both parties from potential legal issues or reputational damage in the future. Not Testing Messages Before Sending Them Out It’s also essential for companies to test their text messages before sending them out en masse so as not to send out incorrect or incomplete information, which could lead customers astray. Before sending out any message, companies should test it thoroughly by testing different versions of the same message until they find one that works best for their audience and goals. This will help ensure accuracy and consistency throughout all aspects of your SMS campaign while also helping you avoid potential pitfalls such as typos or incorrect information being sent out in your messages which can lead customers astray or give them a negative impression of your brand. Conclusion: SMS marketing effectively enables entrepreneurs to reach their target audience and boost sales. Still, there are several mistakes entrepreneurs need to avoid when implementing an SMS campaign if they want it to succeed. Companies must have a clear objective before launching a campaign and setting up clear messaging guidelines. Hence, as not keep track of its effectiveness over time while ensuring consistency across all aspects of its communication strategy with customers. Additionally, companies need to get permission from recipients before sending them promotional or transactional text messages to stay compliant with laws regarding texting campaigns and protect their reputation among customers. Finally, companies must test their text messages before sending them out en masse to avoid sending wrong information, which could lead customers astray. By avoiding these common pitfalls, businesses can maximize the success potential of their SMS campaigns. Additional: What Is SMS Gateway And How It Works Exploring The Different Types Of Digital Marketing Strategies Get More Installs: Which Extensions Can Help Drive Installs Of Your Mobile App? A How-To Guide For Every Entrepreneur – How To Use Unified Communications

Career Spotlight: Becoming A Market Research Analyst

What Is A Market Research Analyst?

What Do They Do?

What Degrees Do You Need To Get?

Tools You Will Need To Learn

Life Of A Day Of A Market Research Analyst

1. Morning: Data Collection And Initial Analysis

2. Midday: Deep Dive Into Analysis

3. Afternoon: Reporting And Strategy Discussions

4. Late Afternoon: Market Monitoring And Competitor Analysis

5. End-of-the-Day Planning And Strategy Tweet

How To Get A Job As A Market Research Analyst

Best Career Options & The Potential Salary

Final Note!

Boost Online Visibility With THESE 3 Smart Strategies + Bonus!

Deepanwita Dey

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