What does a market research analyst do?
A market research analyst is responsible for researching market conditions and collecting data on competitors, customers, and market trends. Their main duties include:
- Designing and coordinating research studies, surveys, interviews, focus groups, and other data collection methods
- Analyzing data using statistical software and techniques
- Interpreting data and trends to uncover insights about the target market or industry
- Creating reports, presentations, infographics, and other materials to communicate research findings
- Making recommendations to clients or management based on research conclusions
- Monitoring industry trends, economics, technology advancements, and other factors that may impact the market
- Forecasting sales growth, consumer behaviors, and potential market opportunities
Market research analysts play a critical role in gathering actionable data and insights that inform key business decisions and strategies. They need strong analytical, communication, research, and problem-solving skills.
What are the main stress factors for market research analysts?
While market research analyst can be a rewarding career, it does come with certain stress factors, including:
Tight deadlines
Market research is often needed on short notice to address emerging issues or questions. Analysts frequently need to turn around projects very quickly, which can mean working under intense deadline pressure.
Data analysis challenges
It can be stressful when data is difficult to interpret, incomplete, or contains anomalies. Determining the right analytical techniques and troubleshooting data issues requires patience and persistence.
Unclear research needs
Clients and stakeholders are not always able to clearly articulate their research needs and objectives. Analysts must probe to determine the right questions to answer.
Keeping current on industry trends
To perform their jobs effectively, analysts need to be continuously learning about their industry and market. Keeping pace with fast-changing consumer behaviors and new technologies can be demanding.
Communicating complex ideas
It can be difficult to explain statistical analysis and research findings in clear, understandable ways for various audiences. Finding the right means of communication is key.
Isolation
Analysts spend a significant amount of time working independently while reviewing data. Without in-person interactions, it is easy to feel isolated.
Maintaining objectivity
Researchers must avoid biases by not making assumptions or investment in certain outcomes. This requires disciplined analytical thinking.
Presentation anxiety
Some analysts experience nervousness related to presenting their research and recommendations, especially to company executives. Public speaking skills help in alleviating this stress.
What skills are important for managing stress as a market research analyst?
While market research comes with innate stressors, the following skills and tactics can help analysts maintain their mental well-being and minimize anxiety:
Time management abilities
Meeting tight deadlines requires honing time management skills like prioritizing tasks, breaking down large projects, avoiding distractions, and managing workflow efficiently.
Collaboration
Building connections with colleagues allows analysts to consult with others when facing challenges and gain different perspectives. Having support eases stress.
Communication skills
Strong written and oral communication skills help analysts articulate complex ideas, relay findings, ask concise questions, and avoid miscommunications causing stress.
Problem-solving attitude
Persistence, creativity, and analytical thinking enable analysts to work through research challenges and unravel the meaning hidden within data.
Flexibility
In a dynamic industry, analysts need flexibility to adjust to rapid changes in consumer behaviors, economic conditions, regulations, and client priorities. Going with the flow reduces stress.
Tech savviness
Continually learning new data tools and analytical methods allows analysts to take advantage of technology advancements and new research capabilities as they arise.
Curiosity and lifelong learning
An inquisitive mindset enables analysts to delve into research topics and proactively deepen their overall industry and subject-matter expertise through ongoing education and training.
Attention to detail
Careful, methodical work habits help analysts avoid simple data and analytic mistakes that could call research conclusions into question. Meticulousness pays off.
Organization and planning abilities
Analysts who excel at organization, planning, and project management are at an advantage when dealing with tight deadlines and competing priorities. Their workday stress is reduced.
What is the typical work schedule for a market research analyst?
Most market research analysts work full time during normal business hours, Monday through Friday. However, given frequent tight deadlines, they may need to work additional hours in evenings or weekends to complete projects on time. Work schedules can ramp up significantly when nearing key deliverable dates.
According to the Bureau of Labor Statistics, market research analysts work a median of 40 hours per week. Their work schedules and hours tend to be more stable and predictable than other high-stress occupations that require overnight shifts or on-call duties. The focus on normal business hours helps provide analysts with better work-life balance.
While market analysts may occasionally need to make themselves available for off-hours communications and coordination, extensive overtime is not very common in this field outside of major deadlines and busy seasons. For individuals who value reasonable work-life balance yet occasionally enjoy short-term intensive projects, a typical Monday-Friday market research job can be a good fit.
How much travel is required as a market research analyst?
Market research analysts can perform much of their data analysis and desktop research tasks from an office setting without extensive travel. However, they may be required to travel occasionally to:
- Attend conferences and trade shows
- Meet with clients to define project needs and present findings
- Oversee focus groups, interviews, surveys, or taste tests
- Visit stores, restaurants or other establishments to directly observe consumer behaviors and preferences
The extent of travel depends greatly on the particular role and company. Analysts focused on data analysis may only travel a few times a year for conferences and client meetings, while consumer research analysts conducting on-site studies and assessments may travel regularly.
According to the Bureau of Labor Statistics, 12% of market research analysts worked from home in 2021. For analysts who prefer minimal travel, pursuing remote analytical roles may be a good option.
Amount of Travel | % of Market Research Analysts |
---|---|
None | 39% |
1-10% of time spent traveling | 15% |
11-25% of time traveling | 18% |
26-40% traveling | 11% |
Over 40% traveling | 8% |
As shown in the table, over half of market research analysts travel 1-10% or less for their jobs. For those wanting to avoid frequent business trips, limiting travel is often feasible in analyst roles focused on data analysis and reporting.
What education and skills are required to be a market research analyst?
The educational requirements to become a market research analyst include:
- Bachelor’s degree – Most analyst roles require at least a bachelor’s degree, frequently in a field like statistics, mathematics, economics, business, or data analytics.
- Coursework – Relevant undergraduate coursework includes statistics, data analytics, marketing, consumer behavior, communication, and research methods.
- Technical skills – Proficiency with data tools like SPSS, SAS, SQL, Tableau, Excel, and statistical analysis is very important.
- Communication skills – Strong research, writing, presentation, and interpersonal skills are needed to interface with stakeholders.
- Analytical mindset – Critical thinking and data interpretation abilities are essential to make sense of complex information.
Advanced degrees like a master’s in business administration (MBA) or market research can provide additional skills. Ongoing professional development helps analysts stay current as methods and technologies evolve.
What is the average salary for market research analysts?
According to the Bureau of Labor Statistics, the average annual salary for market research analysts in the United States as of 2021 is:
- Mean annual salary: $65,810
- Median annual salary: $63,920
Salaries can vary based on:
- Experience level
- Education credentials
- Size of employer
- Specific industry
- Geographic location
Bonuses are common for meeting project objectives, and can add a significant amount to overall compensation. Senior market research analysts and managers generally earn well over the average salary.
While market research tends to pay moderately compared to some other data-centric roles, the stress levels also tend to be lower which offers a balance of decent pay with reasonable workloads.
What are the growth opportunities in the market research field?
Professionals interested in long-term careers as market research analysts can progress into roles such as:
- Senior market research analyst – Leads projects and teams with more autonomy and responsibility.
- Market research manager – Manages analysts and broader research initiatives and strategy.
- Insights manager – Leads development of consumer insights to guide business decisions.
- Qualitative research director – Oversees focus groups, interviews, and observational studies.
- Quantitative research director – Manages analytics and modeling for surveys and other data collection.
- Market research department head – Directs all market research initiatives within an organization.
With sufficient experience, market research analysts can also become independent consultants managing projects across multiple companies and industries. The field offers diverse advancement potential.
Should I become a market research analyst? Key considerations.
When weighing whether to pursue a career as a market research analyst, consider the following:
Pros
- Moderate stress levels compared to other fast-paced business roles
- Opportunities to solve interesting problems and uncover insights from data
- Collaborative work with colleagues and stakeholders
- Variety of projects and research topics
- Strong employment growth and job opportunities in the field
- Career advancement potential into management roles
Cons
- Can be mentally tiring working long hours at a computer
- Tight deadlines and pressure of key deliverables
- Some travel may be required depending on role
- Need to explain complex data analysis in easy-to-understand ways
- Required to keep skills current as analytical tools change rapidly
Best suited for
Individuals who tend to thrive as market research analysts include those who:
- Enjoy intellectual challenges and problem-solving
- Have an analytical and detail-oriented mindset
- Are innately curious and interested in learning
- Can persevere through frustrations when data is messy or unclear
- Appreciate variety and new challenges
- Can work independently but also collaborate effectively
- Have solid organizational and time management skills
- Can communicate complex concepts clearly and tactfully
Conclusion
Market research analyst positions come with moderate stress levels overall, as well as promising career trajectories. Individuals should weigh the key pros, cons, and considerations highlighted above.
While deadline pressures, isolation, and communication challenges exist, stress factors seem manageable for those with strong research, analytical, organizational, and interpersonal skills. Plus, the work provides intellectual stimulation and opportunities to derive meaningful insights from data.
For individuals seeking careers with solid work-life balance who are technologically savvy, analytical, communicative, and open to continual learning, market research presents a lower-stress option with room for advancement.