Marketing research professionals perform a variety of duties in a highly competitive and technical field. They can be found in a great number of the larger companies in the world. Market researchers who have made an impact in the field are a highly desired commodity.
The Role Of A Marketing Researcher
Marketing researchers can operate in many different capacities. Most commonly, they are employed to collate data into an organized structure where they can begin to identify trends with consumers or other customers.
They also create innovate ways to gather the data that they must use. While marketing researchers almost never perform the actual data gathering, they attempt to design surveys or forms that can be completed by consumers with little chance for a misunderstanding. This means that marketing researches regularly work closely with survey analysts.
Marketing research analysts help to analyze the data that is gathered in an effort to predict what consumers will want to purchase. This can be as simple as determining a new color for a product to something as large and complex as determining the direction of a new market line.
By using past sales information, market research and information about competing products, a marketing research analyst can create predictive models of what future sales may be like for a given product even before it exists.
Education
A Bachelor’s degree in marketing or business is normally all that is required to begin a career in marketing research. However, businesses will be more drawn towards candidates who have a high level of education. A Master’s degree is required for positions that involve more complex research.
A certification from the Market Research Association can be extremely helpful in finding a position. Similarly obtaining a Professional Researcher Certification can show the dedication and skill level of an applicant.
Because of the nature of the work, it is necessary to have average to advanced computer experience as well.
Career Prospects
The field of marketing research is growing at a very fast rate. It is projected to grow by over 20% over the next ten years. The demand is being driven by competition in the global market where marketing researchers can help companies increase their profits.
Salary
Marketing researchers begin with a salary of about $22,000. They make an average income of $36,000, and the top researchers in the industry make over $76,000.
Data provided by the Bureau of Labor Statistics
The salary range for Market Research begins around $22,000 and usually tops out around $76,000, with a mean in the neighborhood of $49,000. This is about 13% higher than the national average for annual salaries.
In order to qualify for most Market Research positions, you typically need to have a Bachelor's Degree or higher.
Data provided by the Bureau of Labor Statistics
The growth outlook for Market Research careers is estimated at about 28% while the estimated growth for all career fields over that same span is at about 10.12%. Over the next six years, Market Research jobs are expected to grow at a 177% higher rate than the national average for annual salaries.