Having a good product or service is only part of a company’s success. A quality offering is important, no doubt, but being able to critically evaluate consumer need and overall market conditions is essential to a company’s ability to survive and thrive in today’s fast-paced, competitive (and often global) arena. To this end, most companies hire out or employ their own market research analysts. Here’s a quick overview of who market research analysts are and what they actually do:
What is a Market Research Analyst?
Market research analysts help businesses assess market conditions to determine what consumers want and how much they’ll pay for it. They also help clarify the types of people who would likely buy a company’s products/services and how best to attract them.
The U.S. Bureau of Labor Statistics (BLS) reports 595,400 people were employed as market research analysts in 2016, with a projected 23% increase in that number by 2026. This substantial growth in market research analyst job opportunities (way more than the average 7% growth rate for all occupations) likely stems from the explosion of big data (via compounding advances in machine learning and artificial intelligence) that will continue to draw demand for its skilled analysis, its organization and its storage. Data, after all, is only useful if it is understood.
How Do Market Research Analysts Do Their Jobs?
While many market research analysts create and use data collection tools (such as surveys and polls) to gather and examine information regarding customer satisfaction and marketing strategies, they also do a lot more. The overall goal of market analysis is not simply to aggregate and deliver consumer, competitor and/or market statistics, but rather to make meaning from the numbers on hand, explaining why X% of Y consumers want product Z. Thus, according to the BLS, market research analysts “monitor and forecast marketing and sales trends,” too. Competent in software programs providing statistical analysis, they create insight from raw data, presenting the “why,” as well as the “what,” for previous consumer and competitor behavior and predicting how each might change in the future. They condense numbers into words, offering readable reports and infographics that help businesses interpret market performance and anticipate market trends so that they can develop strategies that maximize company resources and offer the best chances for growth and success.
Want to Learn More?
Insight is critical for a company to be competitive. The best products can’t replace the understanding of and the expectation for market change. If you would like to learn how to assess your own businesses practices and create actionable insights for future growth, contact our team at Communications for Research (CFR). Our market research analysts can help you evaluate your businesses goals and develop a research plan that increases your productivity and your ROI.
You might also wish to download our free eBook, “6 Keys to Accelerate Growth with the Right Field Data Collection Partner,” for additional tips on improving your company’s bottom line.