How to Become a Market Research Analyst
Market research analyst is an ideal career path for people who like the hard number aspect or are interested in the psychology aspect which involves understanding the consumer before analyzing the data. There are multiple avenues to this career, making it one of the sought for custom career choices.
Functions market research analyst perform
Market research analyst conducts study to analyze market conditions and examines potential sales of a product or service in a particular market or geography. They help to ascertain what kind of products people want to buy and at what price. They come up with data that determines a company’s position in the market by providing research material pertaining to competitor’s sales graphs and marketing methods. Using this information, they determine potential markets, product demand, and pricing.
Making of a good research analyst
This profession requires customizable skill sets and there is not really one perfect set of characteristics that make up a precise and talented market research analyst.
The core traits required to perform this job include good analytical thinking backed with high level of curiosity. These two qualities bundled together makes for a creative as well as a dedicated and results oriented market research analyst.
Most people associate an analyst with somebody having expertise in math and statistics domain. But the fact remains that the most efficient market research analysts come from a social science or a psychology background. One of the important treat most of analyst posses is an incredible ability to read and decode consumer behavior patterns.
Some marketing professionals develop skills and find niche areas that align with their passions. A market researcher gets an opportunity to learn broad facets of marketing business. This gives an opportunity to these specialists to explore new career options in case one gets bored with the present job.
There has been an increase in data and market research activities across all industries leading to increased job opportunities for people involved in market research activities.
These research activities lead the way in creating and developing improved marketing strategies and allow companies to monitor customer satisfaction and gather feedback about how to improve products or services.
– Pavan Mudholkar
Sr Research Analyst