Are you still deciding what you want to be when you grow up? You are not alone. The rest of the world is right there with you when it comes to such uncertainty and indecision.
It is normal to have second thoughts about what you want to major in at college. Knowledge about careers you may be interested in is a key to success. If you do not know about something, how can you make an informed decision? Well, you can’t. So, maybe you should consider being a market research analyst as a career.
A market research analyst is a person who analyzes the market for companies that need to know more about their base or the people they want to be their base. They answer questions that companies need to know, like if they prefer Coke or Pepsi, and why. They research the market of a product to identify trends, so the company can sell more units. That is the end game for a market research analyst, to make the company more money through data and statistics.
This job is a hard one to be successful in. It requires a minimum of a bachelor's degree focusing on economics, business, and statistics. Those classes are not easy. It gets even harder in the real world. You are in charge of compiling data and answering all questions from a company. If you like data and research, then this job may be exactly what you should pursue.
A Day in the Life
The main duty of a market research analyst for a company is gathering data on sales and trends to forecast future sales and trends. This is no small task, but a large responsibility.
Analysts research trends and data to create statistical data to ensure the company reaches out to everyone in their base. Extending the base is ideal. Essentially, you are using math and social skills to get the company more customers. Pretty important, right?
Analysts monitor marketing programs to ensure they are as effective as possible and make changes when needed. They brainstorm programs and marketing strategies online and elsewhere for the company. They compile all data to make physical representations of what people are buying, why they are buying it, who they are, when they are buying, etc.
The duties they perform from day to day vary widely. Usually, with a big company, there are teams and individuals tasked with certain aspects of the job. It depends on the size of your team. There is not usually just one analyst who works in a department, there is just so much to do. One person would not be able to cover it all.
How Analysts Help Businesses
Again, these analysts take the data on trends and sales and research ways to make everything better. Obviously, a company wants more sales. To do that, they either need more products bought by the people who are already customers, or they need more customers. The analysts use this data to figure out how to do that.
Demographical information is key to successfully advertising. You cannot market fidget spinners to senior citizens. You must market them to young people. How do you reach them? What age group buys fidget spinners? Where and when do they usually buy them? Is your product sold in the stores that sell the most items? These are the questions that analysts can answer. They give a company the best ways to reach as many customers as possible.
Real-Life Experience in Market Research
If you are interested in joining this field, talk with an experienced research analyst to get some real-life knowledge on what you can expect. Going to school and learning about it is not ever going to be the same as getting hands-on experience.
When you are in school, do your best to look for an internship at a company. When you finish school, you will be even better prepared for a job as an analyst. This gives you the education you need along with hands-on experience and real-life skills to be successful.
Keep in mind that even when you are done with school and you are in your career working hard, there are plenty of resources available that you can use to better understand certain parts of the industry.
A market research analyst is always learning. Markets change, sales plummet and rise, and products and strategies change every year. You need to be able to adapt to the way this career changes all the time. If you are a person who wants stability and monotony, then this one is not for you. New ways of doing this job are always emerging. Being able to keep up with the trends and strategies is the only way to help your company get more customers and drive sales.
Would you make a successful market research analyst? Why or why not?