5 Responsibilities of a Market Research Analyst

Market Research Analyst Responsibilities

  • Monitor Market Trends
  • Collect Data
  • Analyze Data
  • Prepare Reports
  • Evaluate Marketing Programs

According to the Bureau of Labor Statistics, there are about 595,400 people employed as market research analysts. Despite their prevalence in the workforce, few people understand how their responsibilities are critical to a company’s productivity.

1. Monitor Market Trends

A market research analyst must monitor market trends to understand consumer preferences. This information is vital for a company as it guides the intents when developing future products or services. Analysts monitor consumer needs, behavior, and perception of value. They also must be aware of trends in the industry which include being aware of product innovations, product features that competitors offer, delivery methods, and operation methods. They must stay abreast of lower cost alternatives. Understanding the changes that occur in the market allows for a company to access more consumers and understand who threatens their current or future consumer base.

2. Collect Data

Various methods are employed to collect data to be analyzed. Primary or secondary data may be used. Primary data is gathered by the analyst and secondary data is previously existing data that’s used. Popular methods of data collection include questionnaires, interviews, and focus groups. Many electronic means of data collection are now used due to the increase in internet use by consumers. This can allow an analyst to conduct surveys in places like forums and chat rooms. Analysts can also use information from cookies on the computer which stores personalized information about a consumer based on their web browsing behaviors.

3. Analyze Data

The amount of data that analysts collect can be massive. It is imperative that the proper procedures are employed to ensure that the collected data is used appropriately. Analysts must use different methods for analyzing quantitative, or numerical, data that is used for analyzing qualitative, or non-measurable, data. Sometimes data reduction is necessary which condenses the data into small meaningful parts. Many data analysis techniques are used to makes sense of the data. The goal is to find patterns and relationships within the data. A variety of software applications are available that allow these techniques to be used with ease.

4. Prepare Reports

Market research analysts must prepare reports containing collected information. It is of vital importance that the reports are clear and easy to understand as they need to be fully understood by the client. Although presenting quantifiable data is generally a straightforward process, trying to determine why customers have made specific choices is much more difficult and often requires the analyst to understand human emotions. These conclusions are important as the entire process of collecting and analyzing the data is to culminate into employable results that allow for a company to take actions that will better meet the needs of consumers.

5. Evaluate Marketing Programs

Analysts must evaluate the effectiveness of currently existing marketing programs. Companies employ various strategies to establish a greater consumer base and to keep existing customers satisfied. The ways to entice consumers change over time, and thus a company needs to monitor how effective their strategies are on a regular basis. The analyst can determine the effectiveness of the strategies by analyzing data which includes comparing the different methods used and determining if they increase, decrease or maintain consumer interest. If new methods are needed, then the market research analyst can use research to guide in the development of these strategies.

Companies search for ways to increase productivity. Competent market research analysts can be an indispensable asset to a company.

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Source: Bureau of Labor Statistics