Post the era of industrialisation, things started to be produced in bulk. This led the society to take a more consumerist turn. With the quality of the things being produced in the mills improving by the minute, the demands of the average user started increasing. More varieties of the same products started being produced and the consumerist cycle continued.
Today, a consumer has more options than ever before. As a producer, if you want your products to sell, you will have to shape and advertise the same efficiently. Good marketing skills are what will earn a firm its due revenue. The same holds good for service providers as well.
Accessing consumer preferences and applying the same to design the company's marketing strategies is of utmost importance. This task is carried out by market research analysts. Since such professionals play such a pivotal role in the revenue generation of an organisation, these posts are highly coveted.
If you are looking forward to pursuing the role of a market research analyst as a profession, then you should read this article to know more about the educational background, job opportunities and scope of growth.
• Educational Qualification
A bachelor's degree in marketing, market research, computer science, mathematics or statistics is considered to be ideal in order to pursue a career as a market research analyst. A degree in social sciences, communication or business administration is also deemed fit in order to start a career in this field.
In order to advance further in this career, getting appropriate certifications is an absolute must. Practically speaking, in terms of qualifications, an MBA is not required for a market research analyst, if you wish to climb the corporate ladder and ascend to leadership positions in a short period of time, an MBA degree will give you the required acceleration.
• Key Skills
The main job of a market research analyst involves working with numbers, pie charts and bar graphs, it is essential for them to have good analytical skills and a decent understanding of mathematical concepts. As the job is more about planning out how to sell products, professionals must be willing to speak up in front of strangers.
For this to happen, good communication skills are an absolute necessity. Professionals must be affirmative and ready to take on the responsibilities of their action. This comes into play when market research analysts have to present the results of their observations and calculations in front of the internal team of their project and the management. The better you are at convincing these people about your findings, the more successful you'll be.
• Job Role
The primary task of market research analysts is to gather data and present their findings. There are various means of gathering consumer data (like surveys, focus groups and opting for interviews). These are then brought together by market research analyst professionals to present them in the form of charts and graphs.
They then present this type of clear visual representation in front of the company's executives (and sometimes the clients as well) so that they can make proper well-informed decisions about the modifications and changes in the marketing campaign of the project or firm.
A marketing research analyst also analyses the behaviour of the company's competitors and that of the general industry to predict the range of the product or service. They then put forward their suggestions regarding how much budget should be allotted to the same.
• Job Scope
This profession has most of its job offerings primarily in the private sector. Most large consumers and product firms hire market research analysts on a permanent basis as a part of their marketing team. Since this role involves dealing with a lot of confidential company data, professionals are made to sign strict non-disclosure arguments before joining the marketing team.
These days there are a number of start-ups that offer consultancy services to larger firms in this sector. Qualified professionals may also seek to pursue successful careers here. This is especially true if you are looking for a fulfilling career in the world of market research analysis without wanting to make any long-term commitments at the moment.
• Working Hours And Working Conditions
Unlike most other sales and marketing jobs, the job of a market research analyst does not involve a lot of travelling. Here most of the work is carried out in comfortable air-conditioned boardrooms. The working hours are also standard, from 9 to 5, with very few organisations or projects requiring you to work in the evenings or on the weekends.
The stress involved in this job is mainly mental in nature, and if you are ready to put in the required efforts and organise your work, it is possible for you to have a perfect work-life balance in this job. Another point to be noted here in this context is the fact that most market research analyst jobs are in the metros (or other bigger towns and cities) and there are very bleak chances of professionals in this field to be asked to relocate to remote areas.
This is one job where the basic educational qualification requirement is pretty less and having a bachelor's degree would suffice. On an average, the starting salary for a fresher here is close to Rs 2.5 lakhs. However, with experience, the salary is expected to rise. Qualified professionals make as much as 25 to 30 lakhs per year.
In this field, it is often seen that consultancies pay better than larger organisations. Those with a specialisation in data analysis are seen earn better than those with a background in operational market research or those who have not specialised in any domain of market research at all. Indian market research analysts are also high in demand in the global scene and they are paid handsomely there as well.