The following article discusses the career path of Market Researcher. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Market Researchers.
Market researchers are responsible for looking at every element of the market, and particularly how this relates to their particular organization. They develop and execute various research tasks, collecting and analyzing raw data. They hold various assessments often designing these in an effort to gain numerical data about their market and target demographic. They develop detailed reports on their findings and come up with conclusions based on them. The computer and various statistical analysis programs are their strongest tools, but many also go into the field to conduct direct market research among everyday people.
Market researchers perform a range of other tasks as well. They work very closely with the production team in order to determine where they need to conduct further market research. They also work together with other market researchers, with engineering teams, with strategists, managers, marketers, designers, and more. They often conduct their research over the telephone, through email, online, or face to face. This enables them to collect information on the opinions of others and use this to conduct their analysis. To do all of that, they need very strong communication skills and they must also be highly creative and compelling in what they do.
Other job duties of a market researcher are:
- To help create new marketing plans based on their research
- To track and analyze sales and marketing trends and create forecasts
- To prepare reports that showcase how effective different programs have been
- To research market trends and conditions as relevant to specific demographics, analyzing preferences of consumers to determine where services or products could best be offered or where they could be improved
- To collect data on past sales and on sales figures of the competition to determine whether the way distribution and marketing is being done and prices are being set are effective and competitive
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 595,400 market research analysts in 2016. The largest employers of these professionals are:
- Management, scientific, and technical consulting services 12%
- Finance and insurance 10%
- Wholesale trade 9%
- Management of companies and enterprises 8%
- Publishing industries (except Internet) 3%
How to Become
Market researchers have to be excellent team players. At the same time, they must be able to work independently, requiring little to no supervision. They have to cope well in a high-pressure environment and they must be multitaskers, working on multiple projects at the same time.
Most market researchers hold a bachelor’s degree in a field related to marketing or psychology. Additionally, they often start working for a market research firm before growing into the position of researcher themselves.
Traits & Qualities
The most effective market researchers have the following traits to some degree or other:
– Excellent analytical skills
– Strong communication skills
– Excellent critical thinking
– Strong eye for detail
Bachelor’s with further education, master’s preferred Degree
- Most Reported
Salary by State
The following section lists Market Researcher salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, Massachusetts had the largest quoted salary of $97,286 while Iowa had the smallest quoted salary of $600.
Top 20 National Employers
According to Indeed.com, the following states had employers looking to hire a Market Researcher. The quoted salary figure represents the average salary from all job postings by this employer.
|Employer Name||Location||Average Salary|
|NJF Search Market Researcher||Connecticut||$200,000|
|Stephen Swan & Associates Market Researcher||Illinois||$150,000|
|Execu|Search Market Researcher||New York||$138,083|
|Cameron Craig Group Market Researcher||Massachusetts||$138,013|
|JPMorgan Chase Market Researcher||New York||$135,997|
|PMG Employment Consultants Market Researcher||Massachusetts||$134,631|
|Client Staffing Solutions Market Researcher||Massachusetts||$134,631|
|Bertram & Associates Market Researcher||Massachusetts||$134,631|
|Bio-Partners Market Researcher||Massachusetts||$134,631|
|Tri-Force Market Researcher||Massachusetts||$134,631|
|Professional Recruiting Partners, LLC Market Researcher||Massachusetts||$134,631|
|Ploeger Recruiting Services Market Researcher||Massachusetts||$134,631|
|Lodestar Executive Search Market Researcher||Massachusetts||$134,631|
|Biovid Market Researcher||Pennsylvania||$131,809|
|Microsoft Market Researcher||Washington||$128,584|
- Market Research Analysts : Occupational Outlook Handbook …
- market research – Small Business Administration
- Market Research, Find Market Intelligence | Export.gov …
|Career Name||Average Salary|
|Operation Research Analyst||$65,235|