Market Research Analyst
We all have seen one of them - that person working hard at their desk, gathering information to assist management with making important decisions regarding products, services, and what the next step for the company should be. This is the job of a Market Research Analyst. Market Research Analysts are concerned with a product or service’s potential sales. The majority of their work day is spent gathering data and performing statistical analysis to predict future sales. While Market Research Analysts work from a computer, a good percentage of their workday could be spent conducting opinion researches through surveys, phone or face to face. Individuals new to this field usually receive training; this varies by employer.
Some Typical Responsibilities
- Collect consumer data through surveys, interviews, or focus groups.
- Interpret data and develop intellectual reports for clients or management.
- Measure and assess customer and employee satisfaction.
- Predict and follow marketing and sales trends.
- Perform research and help companies determine their position in the marketplace.
- Analyze marketing, advertising, and communications programs and strategies.
- Conduct public opinion polls to sample public attitudes on particular topics.
- Make oral presentations of research results.
- Collect industry data by reading financial reports and consulting with clients or managers to define insightful research projects.
- Develop surveys and other tools for gathering information.
- Monitor industry statistics and trends. Attend staff and outside conferences.
- Develop and follow procedures for identifying advertising needs.
- Supervise other members of the research team.
- Train people to conduct consumer surveys and interviews.
- Analyze data using computers and statistical methods.
Educational and Skills Requirements
- Must complete at least a bachelor’s degree. Fields of study include economics, business, and marketing; usually bachelor’s degrees are for entry-level research assistant jobs. Those with doctoral degrees perform advance research or become educators.
- Must possess excellent math skills; quantitative skills are important.
- Must have superior communication skills and have an eye for detail.
- Must have experience conducting interviews, gathering data, and writing reports.
- Must poseses team mentality; ability to work well with others.
Employment Outlook
It is expected that the demand for market research analyst should remain strong. The number of available jobs for the Midwest is expected increase by 2016. With the exception of Illinois, North Dakota, and South Dakota, the remaining Midwest states percentage of change will fall under the national percentage.
| Figure 1: Employment Statistics and Projections |
| Employment Data |
US |
IL |
IA |
MN |
ND |
SD |
WI |
| 2006 |
234,350 |
13,060 |
2,410 |
7,580 |
220 |
170 |
4,310 |
| 2016 Projections |
281,400 |
16,020 |
2,860 |
8,650 |
270 |
230 |
4,950 |
| % Changed |
20.08% |
22.66% |
18.67% |
14.12% |
22.73% |
35.29% |
14.85% |
| Annual Job Openings |
6,290 |
380 |
60 |
160 |
10 |
n/a |
90 | |
  |
|
| Source: State Occupational Projections (http://www.projectionscentral.com) |
| Figure 3: 2008 Salary for Market Research Analyst in Minneapolis, MN |
| Market Research Analyst I |
|
Market Research Analyst II |
 |
|
 |
| Benefit |
Median Amount |
% of Total |
| Base Salary |
$46,810 |
68.10% |
| Bonuses |
$981 |
1.40% |
| Social Security |
$3,656 |
5.30% |
| 401k / 403b |
$2,963 |
4.30% |
| Disability |
$765 |
1.10% |
| Healthcare |
$5,328 |
7.70% |
| Pension |
$2,007 |
2.90% |
| Time Off |
$6,250 |
9.10% |
| Total |
$68,760 |
100.00% | |
|
| Benefit |
Median Amount |
% of Total |
| Base Salary |
$59,038 |
69.20% |
| Bonuses |
$1,238 |
1.50% |
| Social Security |
$4,611 |
5.40% |
| 401k / 403b |
$3,737 |
4.40% |
| Disability |
$964 |
1.10% |
| Healthcare |
$5,328 |
6.20% |
| Pension |
$2,532 |
3.00% |
| Time Off |
$7,882 |
9.20% |
| Total |
$85,330 |
100.00% | |
| |
|
|
| Market Research Analyst III |
|
Market Research Analyst IV |
 |
|
 |
| Benefit |
Median Amount |
% of Total |
| Base Salary |
$73,261 |
68.70% |
| Bonuses |
$3,016 |
2.80% |
| Social Security |
$5,835 |
5.50% |
| 401k / 403b |
$4,729 |
4.40% |
| Disability |
$1,220 |
1.10% |
| Healthcare |
$5,328 |
5.00% |
| Pension |
$3,204 |
3.00% |
| Time Off |
$9,975 |
9.40% |
| Total |
$106,568 |
100.00% | |
|
| Benefit |
Median Amount |
% of Total |
| Base Salary |
$94,551 |
69.70% |
| Bonuses |
$3,659 |
2.70% |
| Social Security |
$7,513 |
5.50% |
| 401k / 403b |
$6,089 |
4.50% |
| Disability |
$1,571 |
1.20% |
| Healthcare |
$5,328 |
3.90% |
| Pension |
$4,125 |
3.00% |
| Time Off |
$12,843 |
9.50% |
| Total |
$135,679 |
100.00% | |
| Source: Salary.com – HR Reported data as of December 2008 |
When applying for a Marketing Research Analyst position, it is important to highlight responsibilities associated with it. Here are a few experiences you should mention in your resume and cover letter:
- Using logical reasoning to identify business problems, define research structure and develop hypothesis to validate market reality and recommendations to solve problems.
- Understanding new information or materials by studying and working with them.
- Analyzing ideas and using logic to determine their strengths and weaknesses.
- Choosing the appropriate mathematical method or formula to solve problems.
- Managing the time of self and others.
- Working well with a variety of individuals at all levels.
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