Marketing research and analytics is a method used by consumers to successfully market and sell products and keep up with the competition. Although the terms marketing research and marketing analytics are often used interchangeably, they’re two separate processes despite being used together. Marketing research and analytics is the technology of data used by businesses and marketers. Individuals who work in the field of marketing research and analytics are known as marketing research analysts. Learn more about this field and potential career.
What is Marketing Research and Analytics?
Marketing research and analytics is a process used by marketers and business people to determine what methods competitors use to market and sell their products as well as what types of marketing would work best to sell their products and beat the competition. Market research analysts monitor sales trends and gather data on market conditions, competitors and consumers.
They create methods for gathering data, such as opinion polls, questionnaires, surveys, graphs and even observing shoppers as they shop in stores. Marketing research analysts determine how effective marketing strategies are and analyze their data with statistical software. Their job is a two-step process: they research companies and products and analyze their findings.
How to Become a Marketing Research Analyst
Marketing research analysts should have at least a bachelor’s degree, although some positions may require the candidate to have a master’s degree. Their bachelor’s degree is generally in market research, although some choose fields like math, statistics, business or computer science. Marketing research analyst programs include courses in research methods, statistics consumer behavior, social sciences and marketing.
A Master’s in Business Administration (MBA) is often the degree of choice for aspiring marketing research analysts. A master’s degree is usually also required for managerial positions in this field. Although certification is not required, marketing research analysts may obtain certification through the Marketing Research Association.
Career Outlook for Marketing Research Analysts
According to a report by the U.S. Bureau of Labor Statistics (BLS), marketing research analysts are expected to see job growth of 20 percent during the decade of 2018-2028. This excellent growth potential comes from the increasing use of market research and data throughout various industries. As industries continue to use the services of marketing research analysts to help sell products, these professionals will continue to be in demand.
U.S. News & World Report ranks marketing research analyst 8th among best business jobs and 43rd among 100 best jobs. Market research analyst wages nationwide ranged from $46,360 to $88,680 with the average annual wage at $63,120. Wages can vary greatly from one state to the next and from one city to the next. The states where market research analysts earned the highest wages in 2018 are:
- New Jersey – $87,210
- Delaware – $82,890
- Washington – $81,890
- District of Columbia – $79,770
- Texas – $78200
The best-paying metropolitan areas for marketing research analysts are:
- San Jose, California – $97,240
- San Francisco, California – $88,760
- Seattle, Washington – $86,510
- Bridgeport, Connecticut – $85,330
- Houston, Texas – $82,480
Related Resource: MBA Marketing Degrees Online: 10 Best Deals
Working in the field of marketing research and analytics can be very challenging but can also be extremely rewarding. A marketing research analyst may have the task of taking an unfamiliar product and researching marketing methods to make the product not only marketable but also popular with the public. Marketing research and analytics professionals continue to be in demand because of their valuable services.