What Is a Market Research Analyst? Salary and More

Even the best product doesn’t sell itself. That’s why businesses invest substantial money into the effective marketing and promotion of product and service offerings. To ensure these investments are properly directed, and that the promotional messaging is effectively targeted, many companies hire market research analysts to help them gain understanding about their target audience, and about potential sales projections.

Those who have a background in psychology , and are interested in the thought processes behind marketing and consumer research, may find this line of work rewarding. Earning the right education can lead to a competitive market research analyst salary, and to long-lasting success.

What Is a Market Research Analyst?

The role of a market research analyst is to help business organizations understand key data points about their products and services. The role involves the pursuit of quantifiable data related to the company’s revenue streams, which might include:

• Which products and services are likely to sell, and which aren’t
• Who comprises the target audience for a specific product or service
• How much consumers are willing to pay for a product or service

By assessing these and similar data points, market research analysts help businesses make more informed decisions about how to allocate their marketing dollars, how to tailor their messaging, and even which products to bring to market.

To help produce the needed analysis, market research professionals may use advanced statistical software, allowing them to carefully evaluate sales trends at a granular level. Additionally, market research analysts may draw on their knowledge of human psychology to better understand consumer decision-making—isolating potential values or pain points.

Market Research Analyst Job Description

The specific duties of a market research analyst can vary from one position to the next. A typical job description might look something like this.

• Monitoring and forecasting sales and marketing trends
• Providing analysis to guide sales and marketing plans
• Researching specific consumer demographics or marketing conditions
• Analyzing consumer sentiment and preference to help determine potential sales
• Measuring the efficacy of a particular marketing program or strategy
• Implementing new methods for gathering and evaluating data
• Using statistical software to evaluate data at a more detailed level
• Preparing and presenting reports to sales and marketing executives, among other stakeholders

What Is the Market Research Analyst Salary and Job Outlook?

Those who are inclined toward this position may understandably have some questions about the anticipated market research analyst salary, along with overall career prospects. Information from the U.S. Bureau of Labor Statistics (BLS) offers insight into both of these elements.

Market Research Analyst Salary

According to 2023 data from the BLS, the annual median salary for this position is $68,200. A number of factors can impact the market research analyst salary, including level of education, years of experience, and geographic location. The salary of a market research analyst may also be determined by the type and size of the employer.

Market Research Analyst Career Outlook

The same BLS data projects job openings to grow 13 percent between 2022 and 2032. This rate is much higher than the average job growth for the U.S. employment market as a whole, which is projected to be seven percent over the same time period.  This signals that market research analysis is an in-demand field with ample opportunity for career growth.

How to Become a Market Research Analyst

To succeed in this role, and to command the highest possible market research analyst salary, it’s crucial to develop a robust set of skills. Generally, this is accomplished through a combination of academic development and on-the-job experience.

1. Pursue Education

To become a market research analyst, it’s essential to obtain an undergraduate degree. This may be in business administration, psychology, or a related field. A bachelor’s degree will provide some foundational skills. A more advanced degree—though not always required—may open the doors to a more competitive salary and to positions of greater responsibility. 

2. Gain Experience

Before ascending to a market research analyst role, it may be helpful to gain some experience in entry-level roles. Potential job options include working as a marketing assistant or an account representative. 

3. Seek Certification

Certification isn’t mandatory, but can often lead to more prestigious roles. There are several certifications available to market research professionals, with the most notable being the Professional Researcher Certification (PRC). This certification is provided through the Insights Association.

4. Hone Key Skills

Through the pursuit of education and experience, aspiring analysts can develop the proper set of skills for long-term success. Some of the most essential market research analyst skills include:

• Familiarity with basic marketing principles
• Analytical thinking
• Written and oral communication skills
• Proficiency with statistics

Pursue a Career in Market Research

Market research roles perform at the intersection of psychology, statistics, sales, and marketing. It’s a role that can be integral to the success of any business or organization. One way to prepare for lasting impact in the profession is to pursue an academic background in psychology—as with the online BA in Psychology program from East Carolina University®. 

Learn more about the program and how it can position you for success in a wide range of fields.

Sources:

BetterTeam, Market Research Analyst Job Description

Indeed, How to Become a Market Research Analyst in 3 Steps

Indeed, What Is a Market Research Analyst? (With Duties and Skills)

U.S. Bureau of Labor Statistics, Market Research Analysts

Zippia, Market Research Analyst Skills