What does a market research analyst do? Accurate details you should know

A professional market research analyst carries out market studies and analyzes the valuable information that the client company will later use to make decisions regarding the products or services it sells and marketing strategies. The market research analyst is a versatile professional with great analytical skills. They must have knowledge of business management, command of new technologies applied to marketing and statistical techniques and notions of consumer psychology. 

It is one of the most complex jobs

Market research is a process that includes the preparation of surveys, the study of the data obtained and the realization of statistics, which the analyst will use to know the consumption trends, determine the evolution of the sales of a certain product, establish potential consumers, locate competing companies, etc. A tiny mistake in marketing/consumer research may ruin the growth of a company, as it will signal a wrong idea.

It is why the work of the market research analyst is so hard and most complex. There is a great demand for market research jobs among leading MNCs in the world. The result of the analyzes carried out by this professional is a very useful instrument for the company’s marketing and sales department, because based on this research, subsequent advertising campaigns are established or new lines of products or services are launched.

It reduces the potential risk factors

The work of marketing research analysts is usually conceived as the most demanding in the industry since they are in charge of examining in detail any important information for decision-making, or the design of market strategies. These professionals seek to reduce the risks that may be involved in a marketing initiative or project. In this sense, they monitor campaigns, segment customer databases, identify market trends and track the competition. They also take into account aspects such as response volume and return on investment. Generally, marketing analysts work for advertising agencies, marketing firms and in any company or organization that carries out activities related to the area. However, they can also choose to work independently as consultants.

Daily tasks in the job

  • Investigate, collect and analyze market information to later present detailed reports,
  • Use financial intelligence tools to monitor existing consumers and identify potential ones,
  • Design social, economic and marketing surveys, 
  • As well as demographic studies to define market objectives, 
  • Research on consumer habits and preferences to anticipate existing and future trends,
  • Carry out comparative studies of marketing strategies,
  • Review Marketing initiatives to make recommendations,
  • Prepare reports on market trends, consumer habits and results.

Candidate profile and job vacancies

  • Read and interpret numerical and statistical information effectively, 
  • Making logical inferences and making profitable recommendations,
  • Being able to anticipate and adapt to customer needs in a proactive and strategic way,
  • Being able to handle multiple projects at the same time and to work under pressure,
  • Be versatile, flexible and willing to work in an environment with constantly changing demands,
  • Being able to prioritize and plan tasks,
  • Have experience in the elaboration of graphs, flowcharts and projections,
  • Review and summarize Marketing information efficiently and accurately, etc.

Besides the skills and abilities described above, marketing analysts must have extensive knowledge of statistics, mathematics, and analytics. Similarly, they must have the ability to interpret information since these professionals must be able to determine the numbers of importance for the Marketing campaign. 

Most job openings require candidates to have a minimum of 2 years of experience in marketing or a related area, besides having a university degree in mathematics, social sciences, statistics, marketing, business administration or other. Having previous training in market analytics and metrics gives added value to the candidate’s profile.