Market Research Analysts

What Market Research Analysts Do

Market research analysts study market conditions to examine potential sales of a product or service.

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Work Environment

Because most industries use market research, these analysts are employed throughout the economy. Most analysts work full time during regular business hours. Some work under pressure of deadlines and tight schedules.

How to Become a Market Research Analyst

Most market research analysts need at least a bachelor’s degree. Some research positions may require a master’s degree. Strong math and analytical skills are essential.

Pay

The median annual wage for market research analysts was $63,790 in May 2019.

Job Outlook

Employment of market research analysts is projected to grow 18 percent from 2019 to 2029, much faster than the average for all occupations. Employment growth will be driven by an increased use of data and market research across many industries.

Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.

Duties

Market research analysts typically do the following:

  • Monitor and forecast marketing and sales trends
  • Measure the effectiveness of marketing programs and strategies
  • Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
  • Gather data on consumers, competitors, and market conditions
  • Analyze data using statistical software
  • Convert complex data and findings into understandable tables, graphs, and written reports
  • Prepare reports and present results to clients and management

Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.

Analysts help determine a company’s position in the marketplace by researching their competitors and analyzing their prices, sales, and marketing methods. Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions.

Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.

Workers who design and conduct surveys are known as survey researchers.

Market research analysts held about 738,100 jobs in 2019. The largest employers of market research analysts were as follows:

Management, scientific, and technical consulting services 11%
Finance and insurance 10
Management of companies and enterprises 8
Wholesale trade 8
Publishing industries (except Internet) 4

Because most industries use market research, these analysts are employed throughout the economy.

Market research analysts can work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts may work with graphic designers and artists to create charts, graphs, and infographics summarizing the research and findings.

Work Schedules

Most market research analysts work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work.

This table shows a list of occupations with job duties that are similar to those of market research analysts.

Occupation Job Duties Entry-Level Education Median Annual Pay, May 2019

Cost Estimators

Cost estimators collect and analyze data in order to estimate the time, money, materials, and labor required to make a product or provide a service.

Bachelor’s degree $65,250

Advertising, Promotions, and Marketing Managers

Advertising, promotions, and marketing managers plan programs to generate interest in products or services.

Bachelor’s degree $135,900

Operations Research Analysts

Operations research analysts use advanced mathematical and analytical methods to help solve complex issues.

Bachelor’s degree $84,810

Economists

Economists

Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.

Master’s degree $105,020

Mathematicians and Statisticians

Mathematicians and statisticians analyze data and apply mathematical and statistical techniques to help solve problems.

Master’s degree $92,030

Survey Researchers

Survey researchers design and conduct surveys and analyze data.

Master’s degree $59,170

Public Relations Specialists

Public relations specialists create and maintain a favorable public image for the organization they represent.

Bachelor’s degree $61,150

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Market Research Analysts and Marketing Specialists


Suggested citation:

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Market Research Analysts,
at https://www.bls.gov/ooh/business-and-financial/market-research-analysts.htm (visited ).