What does it take to become a professional market research analyst in 2021?
Market research works are highly influenced by technological innovation. Increasingly, market research is tied to big data. In fact, there is a term for this connection – database marketing. If you are considering a career in market research jobs, you will need to keep up with technology trends. And you most likely need to develop a facility with quantitative research.
Market researchers employed in a marketing science department are generally engaged in the development, application and interpretation of a wide range of techniques, including descriptive results, computer modeling, market segmentation or other statistical methods. The requirements to become a market research analyst are made up of skills and experience in these areas –
- Management of external and internal clients,
- Analyze data to impact customer business success,
- Build credibility as a trusted business advisor and problem solver,
- Help clients meet their key performance indicators (KPIs).
Must understand customer data and needs
Market research providers employ the best data research solutions, tools and methodology to drive successful business relationships with customers. A market research analyst in a client management role must possess a high level of data fluency, as evidenced by in-depth experience in analyzing, interpreting, delivering and presenting data. The role of a market researcher depends on the analyst’s ability to nurture existing customer relationships and his ability to build new customer relationships.
Business development is an important component of the responsibilities of a market research analyst that must function in a quantitative, customer-oriented context. Often times, market research providers looking to fill these positions will require a proven track record of successfully managing multiple research projects.
What do companies expect from candidates?
A market research analyst working in client management functions as the bridge between the intricate and voluminous data and the intimate business needs of clients. It is essential for a market research analyst to have developed business acumen and have a practical ability to tailor research solutions to those business needs. A market research analyst should do a quick study regarding gaining inside knowledge of the companies and industries in which clients are involved. Often times, a company will focus on hiring a market research analyst who has direct experience with the tools, platforms and methodologies in which the company has invested.
What can market analysis applicants expect?
Most large market research provider firms encourage employees to attend formal training. Some of this training is specific to tools and approaches used internally, while other training opportunities are geared towards developing broader quantitative research skills. Market research provider companies may send analysts to third-party trainers to specialize in quantitative approaches. A younger position as a customer analyst would not have direct customer management responsibilities, but would function more at the operations level.
Market analyst: what are your duties?
The market research analyst tells companies when it is favorable to invest in a specific area and when it is not. The analysis of the markets does not arise just. There are elements that motivate it, and the analyst is in charge of defining their objectives based on corporate strategies. A professional market research analyst deals with how the analysis will be carried out, under what conditions and how the information obtained will be used. Besides, he is in charge of directing the teams.
He analyzes the data obtained based on the objectives that he has drawn up in the previous phase of the analysis. He is also in charge of ensuring that all the information is used correctly. He should inform the management of the results obtained. Its work here is to present the conclusions of the analysis and make the recommendations it deems appropriate.