- A market research analyst is typically assigned a number of smaller clients or one large client at a time. When a client is first signed, the market researcher's first responsibility is to meet with the company's representatives and discuss their background goals. The market research analyst must thoroughly understand the nature of the company, such as what their strengths and weaknesses are. It is also important that they understand the client's reasons for conducting market research, such as whether they are responding to a decline in sales or perhaps getting ready to launch a new product line. In addition to meeting with the client, the market research analyst might also review the company's history and financial records to have a complete view.
- After market analysts have a clear picture of who they are representing and why, their next responsibility is to determine what method of research is most likely to produce the type of data necessary to fulfill the client's needs. There are a variety of methods available to market researchers, including surveys, interviews, focus groups, observation and field trials. Surveys are one of the most frequently used techniques of the market research analyst. Typically, surveys consist of a list of questions written by the research analyst that can either be posed in person at a public setting like a shopping mall or busy street or over the phone. In the past, market research surveys were conducted via U.S. mail, but increasingly, they are being offered online instead. An interview is similar to a survey, except it encourages longer, more elaborate answers from the research participant. A focus group involves gathering a selection of people together in a room that can be monitored by video surveillance or a live, hidden audience. The groups is typically asked to experience or use something, and afterward, the research analyst poses a series of questions to the group. Observation involves videotaping or monitoring people in a familiar environment such as a store, workplace or home to understand how they shop for or use a product or service. Field trials involve allowing people to buy or use a product or service in a select area.
- After the research is complete, the market research analyst is required to compile a report of the findings. These usually begin with a summary of the question or questions that led to the research as well as the background information the analyst obtained at the outset of the project. The report then continues to describe the research method or methods used, explaining why they were relevant, when and where they were performed and how participants were selected. Next, a detailed account of the results are explained, followed by a section of conclusions based upon the research. The report typically includes transcriptions from any interviews and conversations following focus groups and copies of written surveys as well as graphs and pictorial representations of the survey data.
- Market research analysts are usually required to have a bachelor's degree in a field relating to marketing or business. Some analysts continue on or return to school to earn a Master of Business Administration or MBA degree, which gives them higher earnings potential. In addition to traditional business coursework, market research analysts may take courses in communications, psychology, statistics, sociology, economics and English. During their schooling, many market research analysts intern as assistants at market research firms, helping with isolated stages in the research or report writing process. Because technology and economic conditions are constantly evolving, it is important that market research analysts stay abreast of changes in their industry and the larger business world through continued education after graduation.
- In 2006, there were over 234,000 market research analysts, and the U.S. Bureau of Labor Statistics predicts that the need for additional workers in the field will increase by 20 percent over the next two decades. This means the creation of more than 50,000 new jobs as businesses continue to rely more and more upon strategic market research to target their advertising efforts most cost-effectively. The U.S. Bureau of Labor Statistics notes that competition for positions in the market research industry are highly competitive, and that a shift in education requirements for analysts will most likely occur. The predicted result is that prospective workers in the field will need graduate-level degrees to successfully fill new jobs.
