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Market Research Job Title: When posting for a market researcher, many companies may use job titles such as Market Research Analyst, Market Researcher, Market Research Consultant, or Market Research Specialist.
Market Researcher Job Description
A market researcher collects and studies customer information, sales trends, products, and services to develop future marketing plans. They may also use the data collected to write reports to drive business plans.
A market researcher collects and analyzes data to make informed political, social, and economic decisions. Market researchers specialize in quantitative or qualitative market research. Quantitative research includes working with statistics and percentages and can provide speedy results, while qualitative research includes analyzing thoughts.
Market researchers may be hired by a company where they collect information on customer opinions, investments, and marketing trends. However, most market researchers are used by marketing agencies that vary in size with different companies and industries.
Market Research Job Responsibilities
- Consult clients on project objectives and requirements.
- Formulate a strategy and present it to senior management or a client
- Carry out quantitative or qualitative research.
- Design specific research methods, such as questionnaires.
- Use statistical software to manage and organize information by monitoring the progress of research projects.
- Manage and collect information with statistical software by doing qualitative or quantitative surveys.
- Analyze and interpret data to identify patterns and solutions, including surveys and focus group transcripts.
- Stay fully informed on market trends, and other parties research and implement best practices
Market Research Jobs Qualifications
- 5+ years of experience in marketing or related field
- Excellent knowledge of statistical packages (SPSS, SAS, or similar), databases, and MS Office
- It has search engines, web analytics, and business research tools.
- Strong communication and presentation skills.
- Knowledge of working with CRM programs.
- Adequate knowledge of data collection methods such as surveys, focus groups, etc.
- Guide clients or senior management on the best ways to use the data provided.
- Strong analytical and critical thinking.
- In-depth knowledge of data warehousing and mining.
What are the characteristics of a good market researcher?
Here are some of the main characteristics that skilled and successful market researchers adopt:
- Sharp analytical skills.
- Ability to build a story.
- Highly communicative.
- Creative and adaptable.
- Constantly curious.
- Constantly focused on results.
Essential Metrics for a Market Researcher
Market researchers use statistical methods to execute and evaluate research. These methods include:
- Multiple Regression,
- Discriminant Analysis
- Factorial Analysis
- Cluster Analysis
- Multidimensional scaling
Common misconceptions about the role of market researcher
A Market Analyst/Research Analyst: A market researcher collects and studies information and typically works at both the source and back-end of the data, conducting experiments and interpreting the results. A market research analyst typically focuses on the back end, compiling and analyzing the data. These two roles often overlap.
A market intelligence analyst: A market researcher collects and studies information relevant to a specific marketing strategy. A market intelligence analyst focuses on information critical to a company’s markets.
Market Researcher Salary
Data reported by the US-based employer for a market researcher:
25th percentile – $62K
Average – $72.4
75th percentile – $81.7K
Why select a career in market research?
A career in market research is an outstanding choice if you like to thrive in a position that rewards analytical, collaborative, creative, and critical thinking skills. In addition, people who make an effort in market research will be at the forefront of industry trends.
Hence, as a market researcher, you will specialize in collecting, analyzing, and presenting quantitative or qualitative research. Most market researchers are employed by marketing agencies, working on numerous projects for companies and industries. In today’s competitive global economy, market research is an essential tool. It’s what helps entrepreneurs refine their startup ideas for the best chance of success.