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About 94,600 openings for market research analysts are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
Market research analysts gather data and study other information to help a company promote its products or services. They gather data on consumer buying habits, demographics, needs, and preferences. They collect data and information using a variety of methods, such as focus groups, interviews, literature reviews, market analysis surveys, public opinion polls, and questionnaires.
Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.
Market research analysts work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts work with graphic designers and artists to create charts, graphs, and infographics summarizing their research and findings.
Analysts may pursue certification, which is voluntary, to demonstrate a level of professional competency. The Insights Association offers several certifications for market research analysts, including the IPC Principal and the IPC Masters. Candidates qualify based on industry experience and passing an exam.
Employment growth will be driven by an increasing use of data and market research across many industries. These workers will be needed to help understand the needs and wants of customers, measure the effectiveness of marketing and business strategies, and identify the factors affecting product demand.
The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OEWS data maps for employment and wages by state and area.
CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.
The What They Do tab describes the typical duties and responsibilities of workers in the occupation, including what tools and equipment they use and how closely they are supervised. This tab also covers different types of occupational specialties.
The Work Environment tab includes the number of jobs held in the occupation and describes the workplace, the level of physical activity expected, and typical hours worked. It may also discuss the major industries that employed the occupation. This tab may also describe opportunities for part-time work, the amount and type of travel required, any safety equipment that is used, and the risk of injury that workers may face.
The How to Become One tab describes how to prepare for a job in the occupation. This tab can include information on education, training, work experience, licensing and certification, and important qualities that are required or helpful for entering or working in the occupation.
The State and Area Data tab provides links to state and area occupational data from the Occupational Employment and Wage Statistics (OEWS) program, state projections data from Projections Central, and occupational information from the Department of Labor's CareerOneStop.
The Job Outlook tab describes the factors that affect employment growth or decline in the occupation, and in some instances, describes the relationship between the number of job seekers and the number of job openings.
The More Information tab provides the Internet addresses of associations, government agencies, unions, and other organizations that can provide additional information on the occupation. This tab also includes links to relevant occupational information from the Occupational Information Network (O*NET).
The wage at which half of the workers in the occupation earned more than that amount and half earned less. Median wage data are from the BLS Occupational Employment and Wage Statistics survey. In May 2023, the median annual wage for all workers was $48,060.
Market research analyst: Though sometimes used interchangeably with marketing analyst, many companies consider market research analyst a distinct role. Market research analysts have a more narrow focus than marketing analysts, concentrating specifically (and perhaps unsurprisingly) on market research. This might mean understanding trends in specific markets, or predicting prices, wages, and other economic indicators. Market research analysts can support marketing teams, product teams, and other business-oriented teams.
Data analyst: Data analysts have a broader focus than marketing analysts, and can work in many fields outside of marketing. They might work in finance, manufacturing, science, government, and many other fields. The exact content of what they analyze will depend on the field and position. Because data analysts are less specialized than marketing analysts, data analyst positions often require less experience.
Marketing: Marketing is a broad subject that can include pricing strategy, social media management, sales analysis, and economic analysis. Knowing your way around marketing strategies will be beneficial.
Take coursework or earn a professional certificate. Completing coursework or professional certificates in skills you might need can show employers that you know how to do certain aspects of the job. Try to take courses that will give you the opportunity to complete hands-on projects, so you have something to point to in your resume or interview.
The New York State Department of Labor's Division of Research & Statistics has labor market analysts in 10 regions across the state. These analysts provide data about wages, important economic trends, and labor availability in their region to employers, developers and others. They also provide occupational and career information to job seekers.
Customer data helps them better understand their audiences to create personalized offers and experiences. Gathering data from across the organization and the industry allows for better optimization of processes and efforts. Technologies like AI can also create more accurate forecasting for the business.
When it comes to marketing, who is managing and analyzing all that data so that an organization can improve its marketing efforts, intelligently spend its budgets, and better target its audiences? A marketing analyst.
They must rely on data to target the right customer, at the right time, in the right channel, with the right message. And companies that use data to drive 50% or more of their marketing decisions say they more clearly see the value of their marketing efforts.
A marketing analyst will analyze and interpret that data to answer questions, looking for patterns or connections that show whether or not one action impacted another, e.g identifying if an ad resulted in a purchase, including all the specific conditions impacting that causality.
Today, marketing analysts have a number of tools available to them, from basic in-platform analytics as on Google or Facebook, to native analytics in customer relationship management tools such as Salesforce or HubSpot, to higher-level statistical tools such as R or Tableau.
A footwear company rolls out a two-week paid advertising campaign across search and social, with the goal for customers to purchase a new sneaker. At the end of the campaign, their marketing analyst gathers the data collected on customer actions.
A marketing analyst must possess a number of skills to be successful, including hard and soft skills and creativity. Here are just a few of the skills a marketing analyst should have to position themselves for success.
A marketing analyst must know how to conduct industry research, including customer buying habits and competitor tactics. They also need to know the methods in which to gather data on their audiences, including how to track behaviors, preferences, and actions.
A marketing analyst must possess great communication skills to articulate their findings to others through both written reports and verbal communications, and how to tell the story around the data to help others understand their findings.
Evolving technology provides marketing analysts with new tools and approaches to help them better analyze and interpret data for useful application. Grow your skills and knowledge by keeping up with technology and trends, and how they can be applied to your efforts.
Designed for business leaders who want to understand more about how to use data to drive their decision-making, this online course will give you a comprehensive understanding of marketing analytics and how it applies to your business.
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