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Market research analysts鈥攕ometimes called market researchers鈥攈elp companies develop or maintain a competitive edge by finding and delivering data-backed insights into potential markets, competitors, and even customer behaviour. They鈥檙e an integral part of a company鈥檚 overall marketing strategy and are in demand across multiple industries.

Learn more about what market research analysts do, the different types of research, the skills you need to succeed in this role, and more.

What does a market research analyst do?听

Market research analysts pore over trending keywords, survey responses, social media mentions, and other data to find answers. Essentially, they transform information into actionable insights to help companies develop everything from competitive product launches to effective marketing campaigns.听听听

Each company鈥檚 needs differ, but your responsibilities as a market research analyst may include:听

• Developing data collection tools and techniques听

• Using data modelling tools

• Analyzing data sets and communicating findings听

• Contributing data-backed insights to marketing strategy听

• Conducting product testing and brand research听

What type of research does a market research analyst conduct?听

A market research analyst conducts qualitative and quantitative research. They gather statistical data and solicit responses about people鈥檚 beliefs, opinions, and experiences.

An analyst鈥檚 research can span multiple areas, including:听

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Primary and secondary customer research鈥攅verything from demographics to opinions鈥攈elps a company develop more targeted marketing and align its products and services with customers鈥� differing needs. Market research analysts may also identify how companies find, acquire, and retain customers while avoiding churn or customer loss.听

Primary vs. secondary research: What's the difference?

Primary research is research you conduct yourself, building original tools or techniques to help you collect new information. Secondary research is published research someone else has done, like a government agency or research think tank.

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As a company develops new offerings鈥攍ike products, services, or ideas鈥攎arket research about competitors, similar products, and potential sales can help successfully position each launch. Market research analysts investigate new and existing markets, learning as much as possible so they can deliver precise suggestions.听

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New and established companies rely on brand research to strengthen their market position. Conducting a competitive analysis to see how a company鈥檚 brand fares against competitors and researching customers鈥� brand awareness and perception helps them remain competitive. Those findings can also yield insights into customer acquisition, retention, and loyalty.听

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Understanding how a company鈥檚 customers feel about advertising at all phases of a marketing campaign can produce specific messaging and more impactful campaigns. While this type of research typically falls under a marketing analyst role, market research analysts at smaller companies may sometimes analyze a company鈥檚 marketing strategy.听听听

Market research analyst job description

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Market research analyst jobs typically require a bachelor鈥檚 degree in commerce, business administration, economics, or public administration. More senior-level market research analyst jobs may require a master鈥檚 degree.

Majors that can prepare you for a job as a market research analyst include:听

• Business administration听

• 贰肠辞苍辞尘颈肠蝉听

• Marketing

• Psychology

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• Statistics

Market research analyst technical skills

Data collection tools: Market research analysts gather data from an array of sources, including surveys, social media platforms, keyword trends, and audience insights. Market research analysts use Qualtrics, SurveyMonkey, Typeform, Google Trends, and SEMrush, among many other tools, to learn more about customers, markets, and competitors.

Statistical analysis: Because market research involves working with quantitative data, it鈥檚 important to understand how to apply statistical techniques to group your data into relevant, actionable findings. While many programs offer a statistical analysis feature, they shouldn鈥檛 replace more foundational knowledge.听听

Data visualization: Once a market research analyst has collected relevant data, they must structure their findings comprehensively. Knowing how to use data dashboards or data analytics suites can help convey important findings to other teams. Market research analysts use data visualization tools like Tableau, Qlikview, and Plotly.听听

Programming languages: Although not always necessary, some companies require market research analysts to know a programming language, such as R, SQL, SAS, or SPSS, which feeds into their data gathering and data interpretation efforts. Always read over job descriptions to learn which language, if any, a company prefers.听

A course like IBM鈥檚 Introduction to R Language on 糖心vlog官网观看 can help you learn more about one of the most popular programming languages used today for data analysis.听

Market research workplace skills听

Interpretation: Parsing data is critical to a market research analyst鈥檚 role. After gathering the necessary data, you must interpret those findings in light of a company鈥檚 product and marketing needs.听听

Critical thinking: Conducting market research means knowing how to ask the right questions to find the best data, extracting meaning from collected data, and then applying those insights to a company鈥檚 marketing strategy.听听听听

Communication: Translating insights into recommendations other teams can act upon will help in a marketing research analyst's line of work. A strong ability to speak and write clearly and constructively is an asset.听

Interviewing: Many market research analysts rely on digital surveys to glean customer responses, but the role can also involve conducting customer interviews or focus groups. Being comfortable speaking with strangers and getting them to open up about their experiences is a key skill.听听

What are the benefits of being a market research analyst?听

Job prospects

As companies need insight into customer behaviour to keep their competitive edge, market research analysts will serve an integral role. The Canadian government anticipates market research analysts to have moderate job opportunities within most provinces over the next three years [].

Market research analyst salary

The median salary for a market research analyst in Canada is $68,250 or $35 per hour, according to Talent.com, though salary can differ depending on the industry []. This is higher than the average hourly wage of $31.37 for all employees within the country [].

Market research analyst vs. similar roles

Market research analysts have a lot in common with roles that also parse data and deliver strategic insights.听

Marketing analyst

Although market research analysts are sometimes confused鈥攁nd even called鈥攎arketing analysts, the roles differ slightly. Marketing analysts focus internally on a company鈥檚 marketing efforts rather than externally on markets, but both use data to inform their recommendations.听

Business analyst

Another data-reliant role, a business analyst analyzes large data sets to make recommendations to strengthen a business鈥� processes and help it run more efficiently.听

Data analyst

A much broader role than the three previously described, a data analyst typically works with large, raw data sets that must first be cleaned to yield important insights. Data analysts apply their findings to an array of organizational and business needs.听听

How to become a market research analyst听

1. Look for a related entry-level role.

While some entry-level market research analyst roles exist, many employers prefer some prior experience. If you鈥檙e interested in becoming a market research analyst, consider a related role to help you gain experience and grow more competitive. Working as a marketing assistant or data analyst can provide you with the experience necessary to move into market research analysis.听听

2. Brush up on related technical skills.

Knowing that market research analysts use specific tools to gather and assess data about customers, markets, and competitors, it鈥檚 a good idea to research the most popular programs and refine your knowledge of them. Watch tutorials, use free trials, and familiarise yourself with the tools of the trade.

Develop your technical skills with one of these Guided Projects, designed to be completed in two hours or less:

• Use SurveyMonkey to Create a Survey and Analyze Results 听

• Introduction to Relational Database and SQL

• Create a Brand Awareness Survey in Qualtrics

• Google Trends Analysis using R

3. Take a course.听

Taking courses that expose you to key strategies of market research can help introduce you to the work of a market research analyst. This Market Research Specialization from UC Davis, available on 糖心vlog官网观看, might be a good place to start. Not only will you learn about what it takes to do market research and decide if it鈥檚 a good career option for you, but you鈥檒l begin learning the necessary techniques to succeed in the field.

You could consider deepening your knowledge with a skill-specific series of classes, like Data Visualization with Tableau Specialization.

A credential, like the Meta Marketing Analytics Professional Certificate, is designed for beginners with no prior market research experience. Get up to speed on the key tools and techniques used in the profession while learning from industry experts at Meta.

4. Get a degree.

A bachelor's degree is generally required to qualify for a position as a market research analyst in Canada. Consider getting a degree in a qualifying topic, such as economics, business administration, commerce, or public administration.

Start your market research analyst career with 糖心vlog官网观看

Prepare for your career by taking a course or pursuing your degree. A great place to start if you are new to the field or want to decide if this career is right for you is the Market Research Specialization from UC Davis on 糖心vlog官网观看. You can also conveniently earn your degree online, such as a Bachelor of Science in General Business, a BSc Business Administration, or a Master of Business Administration (iMBA)