Providing information to companies about what consumers think and feel is the specialty of market research analysts. These marketing professionals help an organization determine what products or services customers want, when they want them and what price they are willing to pay.
Analysts need strong quantitative skills and knowledge of marketing principles. Aspiring marketing professionals can develop this expertise and skillset through the online Bachelor of Arts (BA) in Business Administration – Marketing program from Florida Institute of Technology.
Market Research Analyst Job Outlook
Employment of market researchers will increase by 8% between 2023 and 2033, according to the U.S. Bureau of Labor Statistics (BLS). This job growth rate is significantly faster than the average rate for all occupations.
The expanding role of data in analyzing market trends and consumer behavior to improve marketing and advertising outcomes will help fuel job growth. Employment prospects should be stronger for candidates with experience, knowledge of cutting-edge analytics technologies and applications, and advanced education.
What Does a Market Research Analyst Do?
Gathering and analyzing market data are among the main job responsibilities of market research analysts. They devise methods and procedures for obtaining data, such as conducting Internet, telephone, direct-mail, or face-to-face consumer surveys and research.
These professionals make recommendations to companies based on data analysis, and their input plays a key role in determining product design, delivery and promotion. Possible outcomes of a market research analyst’s recommendations might include expanding a company’s offerings or target markets, adjusting marketing strategies, planning new campaigns, opening new retail locations, closing underperforming outlets or changing packaging.
Market research analysts often develop new techniques for conducting market research in a cost-effective manner. They may collaborate with other marketing specialists, including account executives, creative directors, marketing coordinators, media planners or third-party vendors. Knowledge of online marketing methods is becoming increasingly important, and employers often expect market research analysts to evaluate the influence of social media or e-commerce opportunities.
Analyzing data and preparing reports are additional job duties of this profession. Analysts advise management on innovations in market research and devise new ways to meet the needs of a changing marketplace. Creating presentations for company stakeholders and executives is often part of the market research analyst’s job as well.
Potential Salary: How Much Do Market Research Analysts Make?
BLS reports that market research analysts and marketing specialists made a median annual salary of $74,680 in 2023. The lowest 10% of earners made a median salary of $40,040, while the highest 10% brought in upwards of $137,040.
Professionals who begin their careers in entry-level roles will generally start toward the lower end of the range, and they can attain higher salaries with experience and more education. Potential salary ranges, like employment opportunities, vary according to numerous factors, including the type and size of employer, regional market conditions, and a candidate’s work history and educational qualifications.
Market Research Analyst Education Requirements
A bachelor’s degree is the minimum requirement for most market research analyst jobs. More technical or managerial positions may require a master’s degree in marketing, such as a specialized Master of Business Administration (MBA) in marketing. Previous experience can be valuable when pursuing employment in this field.
The quickest path to a market research analyst career can begin with a bachelor’s degree in business administration with a concentration in marketing. Coursework for comprehensive programs like Florida Tech’s typically includes foundational business management studies as well as specialized courses focused on topics like consumer behavior, marketing research, marketing analysis and strategy, and international marketing. Employers can expect that graduates of a business administration program with a concentration in marketing are able to do the following:
- Analyze data and communicate findings
- Develop marketing strategies for diverse business environments
- Provide recommendations to optimize marketing campaigns
- Identify market segments, estimate consumer demand and position products
Many employers offer opportunities for continuing education. It’s possible to progress through entry- and mid-level marketing positions with a bachelor’s degree and use tuition assistance to help pay for a master’s degree.
Who Should Consider a Market Research Analyst Career?
Professionals who enjoy research and data analysis may thrive in market research analyst roles. However, the job also requires public speaking skills and the ability to deliver informative presentations effectively. This necessitates exceptional verbal and written communication abilities, interpersonal skills and attention to detail.
While some of these skills and attributes may be innate, aspiring marketing professionals can develop or enhance them through specialized coursework. Earning a specialized degree from a respected institution like Florida Tech can also boost one’s competitive advantage in a crowded job market. Through Florida Tech’s online BA in Business Administration – Marketing program, professionals hone the skills and knowledge needed to achieve success as a market research analyst.
Learn more about Florida Tech’s online Bachelor of Arts in Business Administration – Marketing program.
