Market research analyst

Market research analysts collect the information gathered in the market research and study it to draw conclusions. They define the potential customers of a product, the target group, and how they can be reached. Market research analysts analyse the position of products in the market from different perspectives, such as features, prices, and competitors. They analyse cross-selling and interdependencies between different products and their placement. Market research analysts prepare information that is helpful for the development of marketing strategies.

Here are some typical duties of market research analysts:

• Plan and execute market research studies to gather relevant data and insights.
• Utilize various research methods, including surveys, interviews, and focus groups.
• Analyze data using statistical techniques and present findings in clear and actionable reports.
• Monitor and assess market trends, competitor activities, and industry developments.
• Collaborate with marketing, product development, and sales teams to guide strategic decision-making.
• Develop and maintain databases of relevant market information for future analysis.
• Stay updated on research methodologies, tools, and emerging technologies.
• Interpret and communicate research findings to non-technical stakeholders.
• Provide recommendations based on research findings to support business objectives.

The following job titles also refer to market research analyst:

marketing research coordinator
marketing research analyst
market analyst
marketing researcher
market researcher
market research manager
market research specialist
customer insight manager

Market research analysts often work in office settings, utilizing computer software and databases to conduct research. The role may involve occasional travel for fieldwork, meetings, or industry conferences. Analysts need to be adaptable to changing project requirements and tight deadlines.

A bachelor’s degree in market research, statistics, business, or a related field is typically required for market research analyst positions. Strong analytical, critical thinking, and communication skills are essential. Practical experience through internships or entry-level positions in market research is valuable. Proficiency in statistical analysis software and data visualization tools enhances the capabilities of market research analysts. Continuing education, obtaining relevant certifications, and staying informed about industry trends contribute to the ongoing success of market research analysts in providing valuable insights for business decision-making.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Market research analyst is a Skill level 4 occupation.

These occupations, although different, require a lot of knowledge and skills similar to market research analyst.

data quality specialist
data analyst
statistician
data scientist
computer scientist

This knowledge should be acquired through learning to fulfill the role of market research analyst.

• Visual presentation techniques: The visual representation and interaction techniques, such as histograms, scatter plots, surface plots, tree maps and parallel coordinate plots, that can be used to present abstract numerical and non-numerical data, in order to reinforce the human understanding of this information.
• Statistics: The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
• Marketing department processes: The different processes, duties, jargon, role in an organisation, and other specificities of the marketing department within an organisation such as market research, marketing strategies, and advertising processes.
• Market research: The processes, techniques, and purposes comprised in the first step for developing marketing strategies, such as the collection of information about customers and the definition of segments and targets.
• Marketing mix: Principle of marketing that describes the four fundamental elements in marketing strategies, which are the product, the place, the price and the promotion.
• Marketing principles: The principles of managing the relationship between consumers and products or services for the purpose of increasing sales and improving advertising techniques.
• Trendwatching: The practice of understanding the world and its ever-changing nature. The observation of different phenomena in the world in order to predict and foresee the evolution of things in the world.

These skills are necessary for the role of market research analyst.

• Prepare presentation material: Prepare the documents, slide shows, posters and any other media needed for specific audiences.
• Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
• Recommend market-related measures: Analyse information and recommend possible improvements, market strategies, and customer preferences in order to adapt the company’s market approach.
• Draw conclusions from market research results: Analyse, draw conclusions and present major observations from the market research results. Suggest on potential markets, prices, target groups, or investments.
• Analyse economic trends: Analyse developments in national or international trade, business relations, banking, and developments in public finance and how these factors interact with one another in a given economic context.
• Identify customer’s needs: Use appropriate questions and active listening in order to identify customer expectations, desires and requirements according to products and services.
• Analyse consumer buying trends: Analyse buying habits or currently prevalent customer behaviour.
• Analyse internal factors of companies: Research and understand various internal factors that influence the operation of companies, such as its culture, strategic foundation, products, prices, and available resources.
• Identify market niches: Analyse the composition of the markets, segment these into groups, and highlight the opportunities that each one of these niches represent in terms of new products.
• Analyse external factors of companies: Perform research and analysis of the external factor pertaining to companies such as consumers, position in the market, competitors, and political situation.
• Present reports: Display results, statistics and conclusions to an audience in a transparent and straightforward way.
• Identify potential markets for companies: Observe and analyse market research findings in order to determine promising and profitable markets. Consider the firm’s specific advantage and match it with markets where such value proposition is missing.
• Make strategic business decisions: Analyse business information and consult directors for decision making purposes in a varied array of aspects affecting the prospect, productivity and sustainable operation of a company. Consider the options and alternatives to a challenge and make sound rational decisions based on analysis and experience.
• Prepare market research reports: Report on the outcomes of the market research, main observations and outcomes, and notes helpful for analysing the information.
• Perform market research: Gather, assess and represent data about target market and customers in order to facilitate strategic development and feasibility studies. Identify market trends.

This knowledge is sometimes, but not always, required for the role of market research analyst. However, mastering this knowledge allows you to have more opportunities for career development.

• Customer insight: The marketing concept referring to the deep understanding of the customer’s motivations, behaviours, beliefs, preferences, and values that help understand the reasons why the way they do. This information is then useful for commercial purposes.
• Customer segmentation: The process whereby a target market is divided into specific sets of consumers for further market analysis.
• Customer service: Processes and principles related to the customer, client, service user and to personal services; these may include procedures to evaluate customer’s or service user’s satisfaction.
• MDX: The computer language MDX is a query language for retrieval of information from a database and of documents containing the needed information. It is developed by the software company Microsoft.
• Interview techniques: The techniques for getting information out of people by asking the right questions in the right way and making them feel comfortable.
• XQuery: The computer language XQuery is a query language for retrieval of information from a database and of documents containing the needed information. It is developed by the international standards organisation World Wide Web Consortium.
• Database: The classification of databases, that includes their purpose, characteristics, terminology, models and use such as XML databases, document-oriented databases and full text databases.
• SPARQL: The computer language SPARQL is a query language for retrieving information from a database and documents containing the needed information. It is developed by the international standards organisation World Wide Web Consortium.
• Business analysis: The research field that addresses the identification of business needs and problems and the determination of the solutions that would mitigate or prevent the smooth functioning of a business. Business analysis comprises IT solutions, market challenges, policy development and strategic matters.
• Resource description framework query language: The query languages such as SPARQL which are used to retrieve and manipulate data stored in Resource Description Framework format (RDF).
• Query languages: The field of standardised computer languages for retrieval of information from a database and of documents containing the needed information.
• Information confidentiality: The mechanisms and regulations which allow for selective access control and guarantee that only authorised parties (people, processes, systems and devices) have access to data, the way to comply with confidential information and the risks of non-compliance.
• LDAP: The computer language LDAP is a query language for retrieval of information from a database and of documents containing the needed information.
• Psychology: The human behaviour and performance with individual differences in ability, personality, interests, learning, and motivation.
• LINQ: The computer language LINQ is a query language for retrieval of information from a database and of documents containing the needed information. It is developed by the software company Microsoft.
• Data quality assessment: The process of revealing data issues using ​quality indicators, measures and metrics in order to plan data cleansing and data enrichment strategies according to data quality criteria.
• N1QL: The computer language N1QL is a query language for retrieval of information from a database and of documents containing the needed information. It is developed by the software company Couchbase.

These skills and competences are sometimes, but not always, required for the role of market research analyst. However, mastering these skills and competences allows you to have more opportunities for career development.

• Gather data: Extract exportable data from multiple sources.
• Perform business analysis: Evaluate the condition of a business on its own and in relation to the competitive business domain, performing research, placing data in context of the business’ needs and determining areas of opportunity.
• Manage database: Apply database design schemes and models, define data dependencies, use query languages and database management systems (DBMS) to develop and manage databases.
• Perform data analysis: Collect data and statistics to test and evaluate in order to generate assertions and pattern predictions, with the aim of discovering useful information in a decision-making process.
• Establish data processes: Use ICT tools to apply mathematical, algorithmic or other data manipulation processes in order to create information.
• Apply statistical analysis techniques: Use models (descriptive or inferential statistics) and techniques (data mining or machine learning) for statistical analysis and ICT tools to analyse data, uncover correlations and forecast trends.
• Build predictive models: Predictive modelling is the process by which a model is created or chosen to try to best predict the probability of an outcome.
• Analyse big data: Collect and evaluate numerical data in large quantities, especially for the purpose of identifying patterns between the data.
• Document project progress: Record the project planning and development, the work steps, the required resources and the final results in order to present and keep track of the realised and ongoing projects.
• Conduct public surveys: Conduct the procedures of a public survey from the initial formulation and compilation of the questions, identifying the target audience, managing the survey method and operations, managing the processing of acquired data, and analysing the results.
• Study website behaviour patterns: Research, analyse and optimise business results and user experience online through the use of tracking website metric tools.
• Keep updated on innovations in various business fields: Be informed and acquainted with innovations and trends in different industrial and business fields for application in business development.
• Conduct quantitative research: Execute a systematic empirical investigation of observable phenomena via statistical, mathematical or computational techniques.
• Conduct research interview: Use professional researching and interviewing methods and techniques to gather relevant data, facts or information, to gain new insights and to comprehend the message of the interviewee fully.
• Manage data: Administer all types of data resources through their lifecycle by performing data profiling, parsing, standardisation, identity resolution, cleansing, enhancement and auditing. Ensure the data is fit for purpose, using specialised ICT tools to fulfil the data quality criteria.
• Apply knowledge of human behaviour: Practice principles related to group behaviour, trends in society, and influence of societal dynamics.
• Evaluate interview reports: Assess the quality and plausibility of the interview results on the basis of the documentation while taking various factors into account such as the weighting scale.
• Collaborate in the development of marketing strategies: Work together with a group of professionals to develop marketing strategies performing market analysis and financial viability while staying aligned with the company’s goals.
• Analyse supply chain trends: Analyse and make predictions about trends and evolutions in supply chain operations in relation to technology, efficiency systems, types of products shipped, and logistical requirements for shipments, in order to remain at the forefront of supply chain methodologies.
• Apply technical communication skills: Explain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.
• Deliver visual presentation of data: Create visual representations of data such as charts or diagrams for easier understanding.
• Perform project management: Manage and plan various resources, such as human resources, budget, deadline, results, and quality necessary for a specific project, and monitor the project’s progress in order to achieve a specific goal within a set time and budget.
• Tabulate survey results: Collate and organise the answers gathered in interviews or polls in order to be analysed and draw conclusions from them.
• Document interviews: Record, write, and capture answers and information collected during interviews for processing and analysis using shorthand or technical equipment.
• Forecast economic trends: Gather and analyse economic data in order to predict economic trends and events.
• Follow the news: Follow current events in politics, economics, social communities, cultural sectors, internationally, and in sports.
• Design questionnaires: Study the research objectives and imprint those aims into the design and development of questionnaires.
• Conduct qualitative research: Gather relevant information by applying systematic methods, such as interviews, focus groups, text analysis, observations and case studies.

2431 – Advertising and marketing professionals

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References

1. Market research analyst – ESCO
2. Market Research Analysts : Occupational Outlook Handbook – U.S. Bureau of Labor Statistics
3. How to Become a Market Research Analyst in 3 Steps? – Indeed.com
4. Featured image: Photo by Anna Shvets