Skills required to become a Market Research Analyst

Market research entails gathering, analyzing, and disclosing data on the market, consumers, competitors, and other elements. It aids businesses in making wise choices regarding their marketing initiatives and product lines. Many facets of a profitable organization depend on effective market research, from comprehending the effects of technological improvements on users worldwide to assessing market trends and altering your business plan. Various industries, including retail, education, entertainment, healthcare, journalism, travel, business-to-business, government, and non-profit, might benefit from market research. So, what is a market research analyst role? Let’s find out.

Who is a Market Research Analyst?

A market research analyst is a specialist who gathers information on the market and uses it to analyze patterns to foretell the industry’s direction in the upcoming years. A market research analyst’s job description includes working with brands and organizations to determine which services and products are in trend, what kind of people make up their consumer base, and how much money that market is prepared to spend on their goods and services. 

Organizations can use this information to make choices regarding their offerings, promotional strategies, and marketing techniques to achieve the best outcomes. This personnel employs a range of experiments, analytics, data collecting, and statistical tools to forecast the performance of a particular product or service, track sales patterns, and evaluate the effectiveness of marketing efforts.

You can also read The 4 C model of Marketing.

What is the demand for a Marketing Research Analyst?

Marketing Research Analyst is among the promising career paths in the industry. Market research analyst employment is expected to grow by 19%  between 2021 to 2031, which is substantially higher than the average across other professions. It is among the burgeoning professions, and there is fair market competition. So, what does a marketing analyst do? Businesses hire them to gather data, analyze it, and offer insightful analysis as a result of the industry becoming more data-driven due to technological advancements. Let’s learn more about the job role.

What does a Marketing Research Analyst do?

Here are the roles and responsibilities of market research analysts: 

• Track and project sales trends.
• Analyze the success of marketing initiatives and sales tactics.
• Analyze the likelihood that a product or service will succeed by conducting research.
• Determine the goals of the promotion by communicating with the marketing and sales teams.
• Create and disseminate data collection tools like surveys and polls.
• Assess the findings of polls and surveys
• Investigate rivals and evaluate the effectiveness of their tactics.
• Give recommendations on how to create, market, and package things.
• Analyze the tastes of the consumer.
• Utilize tools to gather and assess consumer data.

How much does a Marketing Research Analyst earn?

Market research analysts in India make an average yearly pay of INR 4,50,000. The employer, location, years of experience, and areas of specialization of the individual can affect the salary range. 

Essential skills that make you a successful Market Research Analyst

Several market research analyst skills and traits that may be useful in your work as a market research analyst include:

• Analytical skills 

The most important skill a successful analyst should have is the ability to transform raw data into insightful information using analytics. These experts often analyze data and statistics to increase the effectiveness of marketing initiatives. 

• Research skills 

Market research analysts should possess excellent research skills. They can use market research and collect data to develop better marketing strategies.

• Communication skills 

Effective communication could assist market research analysts in developing effective marketing strategies, conversing the development or success of campaigns, and working with other departments to achieve shared goals.

• Critical thinking skills 

Critical thinking abilities assist professionals in this position in explaining the results and creating recommendations that are supported by data for other stakeholders.

• Mathematical skills 

Marketing analysts need to be proficient in math to assess statistical data from previous sales to forecast future sales and examine competitors’ prices, sales, and marketing strategies. 

• Organizational skills 

To complete each of the activities on time and facilitate effective, proactive team communication, it’s critical to acquire great organizing abilities.

• Presentation skills 

When trying to line up a new client, selling a marketing proposal to stakeholders, or presenting on success data, having excellent presentation skills is helpful in marketing.

Hone your Marketing skills and knowledge with an online MBA in Marketing from MUJ

The online MBA in Marketing offered by NAAC A+ accredited Manipal University Jaipur (MUJ) prepares recent graduates and working professionals for future leadership roles in business in the marketing domain. This UGC-entitled program covers all aspects of marketing, including e-commerce, global marketing, retail marketing, advertising, and others. It can help you choose the finest career path and succeed in your employment role with the help of networking opportunities, alumni network access, and placement assistance. The industry-oriented curriculum is developed following market trends accepted by employers, national governments, private companies, and other entities worldwide.

To know more, read Why choose an MBA in Marketing?

Conclusion

Market research analysts can offer crucial information on which contemporary organizations can rely, thanks to their skills and competencies. Additionally, they provide customers with better and more useful products and experiences. Given this, it shouldn’t be surprising that market research analysts are in high demand in the job market today. So, if you want to advance in a market research career path, you can consider enrolling in an online MBA in Marketing from a renowned institute such as MUJ.