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Are you good with data? Love a challenge? Feel comfortable gathering and communicating information? A career in market research could be a good fit for you!
Learn more about the market research profession and discover if there’s potential for you in the field in this article. We’re covering everything from the job role and responsibilities to the kind of salary and working hours you can expect. We will also share more about the skills and work experience expected from a professional in this field.
The Role
A market researcher is someone who collects and analyzes information to present on behalf of a client. The information shared through market research helps organizations make better decisions economically, socially, or politically.
Typically, a market researcher is employed by a company — either a business or a market research agency. On the business side, you’ll do work and research topics of importance to your employer. On the agency side, you’ll research numerous projects for various clients.
There are two specialties within the field, qualitative and quantitative research. Quantitative focuses on numbers and statistics, while qualitative focuses on opinions and reasoning.
Responsibilities
The work you do will reflect the nature of your employer. While the responsibilities of market research jobs will vary from role to role, some of the most common tasks for market researchers include:
- Meeting with clients to discuss research projects
- Preparing briefs and planning research
- Managing the distribution of questionnaires and surveys
- Training interviewers and additional researchers
- Moderating focus groups
- Conducting surveys
- Using analytical software to organize data
- Sharing insights with clients and recommendations based on findings
Salary and Hours
Salary and hours will also vary depending on the type of work you’re doing. But there is still a general window of money and hours that you can expect.
Salary
An entry-level salary for market research professionals is around $25-30k. With the experience of relevant schooling, that can increase closer to $35k. A more seasoned professional at the senior level can earn between 50k-80k.
Keep in mind that these are employee salaries and do not account for the money made through contract or freelance work.
Some firms may offer competitive benefits such as health insurance, time off, stock shares, or a company car in addition to money.
Hours
For most market researchers, hours are a standard 9 am-5 pm. Depending on the project, some nighttime or weekend work may be necessary. For qualitative researchers, these working hours are more common because they may have a better chance of contacting their subjects.
What To Expect From a Market Research Position
While these might not necessarily apply to freelance jobs, keep in mind that these are some of the most standard aspects of market research jobs:
- The majority of the work is desk-based, but there is still room for travel when necessary for the project.
- Some market researchers choose to work on a contract or freelance basis, though this is more typical of market researchers with significant experience.
- Agencies may work with short-term contractors, but this is typically reserved for senior members.
- The industry is usually fast-paced and can involve many high-pressure situations due to the nature of the work and deadlines.
- There is a high level of job competition for these roles, so it’s best to reach out as much as possible to inquire about positions rather than rely solely on advertised openings.
Qualifications Required
Most employers will expect a minimum level of education and basic professional skills, like analysis and communication. For quantitative market research, a degree in any of the following fields is recommended:
- Business (admin)
- Economics
- Statistics
- Mathematics
If you want to become a qualitative researcher, it’s a good idea to have a degree in one of these fields:
- Psychology
- Social science
- Anthropology
- sociology
- Communications
Skills Expected
To get a job in this field, you should be able to prove proficiency in the following skills:
- organization
- strong interpersonal, written communication
- attention to detail
- strong analytical skills
- problem-solving
- teamwork
- flexibility
- motivation
- digital literacy
Experience Preferred
It can improve your chances in the job pool if you have some pre-entry experience in similar or related fields, such as statistical data, interviewing, or another kind of research.
To gain this experience before applying, you can look for internships or volunteer opportunities. You could even reach out to firms you are interested in and ask about job-shadowing opportunities.
Market Research Employers
To find market research employers, look for agencies or consulting firms. This is the easiest way to break into the industry. Conversely, many large enterprises house internal research teams for the same purpose. You could also search for job openings at large companies with a role similar to “market research associate.”
If you’d like to explore a different side of market research, there may also be opportunities at universities, government departments, or industry giants. These would be client-side positions that you could potentially find in any niche. You could find a role at a manufacturing company, a pharmaceuticals firm, a retail corporation, or even advertising agencies. There’s even room to grow into a non-profit market research role.
Growth in the Field
As far as professional development and career prospects go, you can rapidly progress within a market research career if you stick with it for three years or more. Promotions in this field will be based on merit, gained experience, specialty, and professional qualifications. By working hard and sticking with it, you can scale rapidly in both salary and seniority.
By taking professional development courses or going back to school for higher education, you can earn more money and grow in your role.
Final Thoughts
Could the market research field be right for you? If you enjoy working with large amounts of data and analyzing it to create insights and valuable action points, this could be a career you flourish in. If you have some qualifications, skills, and experience most valued in this industry, consider applying for market research jobs in the future.
Market research professionals are responsible for analyzing customer behavior and figuring out what works in order to create marketing campaigns that will be most effective. The average salary is $59,000- $92,000 annually depending on the company you work with. Depending on your experience level, this could translate into a full time position or freelance contract opportunities until you find something more permanent. It’s important to know there isn’t one specific degree needed but rather an interest in understanding how people make decisions when it comes to purchasing products as well as strong analytical skills and the ability to synthesize information quickly so they can develop actionable insights from their data analysis efforts.