Does, “Please rate your experience” – ring a bell? Anyone who has ever been on the internet or purchased a product or service online has seen some form of online surveys or reviews. These pieces of information, given to companies regarding their products or services, play a crucial role in the product development process. Market research analysts are the ones responsible for collecting and interpreting this information, so organizations can make better and more informed decisions. 

Of course, the role is bigger than that. Market research analysts collect data by researching consumer buying habits. Analysts then use their creativity to organize, sort, and create presentable formats of this data to allow their organizations to make decisions moving forward. Without them, organizations could pay millions and not know if anyone uses their product, or think they have the best product in the world but are unaware of their customers dissatisfaction. In some ways, research analysts act as the bridge between consumers and producers to ensure the market always has what the people want or need.  

How do you become a market research analyst? 

Traditional routes include gaining a bachelor’s degree in the related field, this could be in business or marketing. This allows individuals to better understand the marketing principles, macroeconomics, and business communications.   

To land a job as a research analyst, most companies prefer applicants with prior marketing experience. When starting out, look for positions such as a marketing intern, management assistant, junior data analyst, or any other field that exposes you to marketing and data management.  

What skillset do you need as a market research analyst? 

Communication Skills 

A big part of collecting data is having the ability to communicate it to those who don’t speak the number language. Communication becomes essential because not only will you need to derive meanings from numbers and present it to your organization, but you will also need to know how to approach consumers digitally to obtain data in the first place.

Critical Thinking 

Researchers of all kinds work with both qualitative and quantitative data that require a deep understanding of what the numbers mean. To be able to derive multiple conclusions from a single file of data allows research analysts to thrive in their industries. Analysts will also have to determine what variables to include and exclude to attain maximum accuracy with the least amount of time, cost and data sets.  

Organization Skills

You cannot say big data without thinking about big files. The new world is online – data is spread everywhere and it’s important to always stay on track! Data organization becomes critical as your databank continues to grow. Research analysts are required to organize their data.  

Story Telling

Analysts often need to take pieces of information and make sense of it for their shareholders. A narrative needs to be formed that explains not only the ‘how?’ of the data, but also the ‘why?’. Having the ability to help shareholders understand the workings of the market and how each aspect comes into play, becomes a useful skill unlike any other.  

Why pursue being a market research analyst? 

Technology develops more rapidly than many can keep up with. Market research help businesses stay on top of these developments by understanding the needs of their consumers and communicating them to their shareholders. In many cases, researchers can identify possible needs before they arise, leading to businesses leading innovative research in the market.  

Market researchers may not be the most talked-about career path, but it certainly is one of the most important. Begin your own journey by learning in-depth about what they do and how their work impacts the growing business world. If you think this is made for you, check out AIU Bachelors Management Degree Program to learn more about how to take the first step!