What Do Market Research Analysts and Marketing Specialists Do?
Market research analysts and marketing specialists research market conditions in national, regional, or local areas. They gather information to determine how successful potential sales of a service or a product will be and create marketing campaigns accordingly. They also collect information on competitors and how they handle pricing, sales, and distribution and marketing methods.In general, these workers should have excellent communications skills, be able to deliver personal and customer service so that they can properly assess customer needs, know what quality standards need to be met, and be able to evaluate customer satisfaction. The analysts and specialists should have knowledge in administration, management, sales, and marketing so that they can handle strategic planning, promotions, marketing tactics, and sales techniques. They also are required to have computer and electronics knowledge for data and information analysis.Between 2012 and 2022, the annual growth rate for these positions is projected at 32% across the country. This results in about 18,850 job openings each year.
Market Research Analysts and Marketing Specialists Skills and Abilities
Market research analysts and marketing specialists should have excellent communication skills in all areas such as reading, writing, listening, and speaking. They need to have strong critical thinking and problem solving skills. Decision making and good judgment as well as inductive and deductive reasoning skills are critical for success in these occupations since much of their work centers upon working with information to draw conclusions and making business decisions based on the findings.
Market Research Analysts and Marketing Specialists Duties
Market research analysts and marketing specialists work on getting information, usually with the help of computers and databases, and analyzing that information or data. They interpret the information and explain what it means and how it can be used. Their findings are often shared with colleagues, supervisors, and subordinates, using graphics and text. They research competitors and analyze their prices, sales, marketing, and distribution methods. In addition, they study customer demographics, preferences, needs, and buying habits to identify trends, potential markets, and product demand. They also measure customer satisfaction as well as marketing, advertising, and communications programs to see if the strategies were effective.
Market Research Analysts and Marketing Specialists Tools and Technology
People in this field should be able to use desktop, notebook, or personal computers as well as scanners and smartphones or similar equipment. Analysts and specialists will need to know how to use scientific or analytical software, customer relationship management (CRM) software, database user interface and query software, information retrieval or search software, and photo imaging or graphics software.
Education and Training for Market Research Analysts and Marketing Specialists
Most people who are market research analysts and marketing specialists have at least a Bachelor’s degree. There is usually no work experience or on-the-job training available for entry-level positions. Most employees should have relevant coursework, such as marketing research, marketing, international marketing, consumer merchandising, and applied economics.
Market Research Analysts and Marketing Specialists Salary
Pay varies, depending upon the nature of the occupation. The lowest 10% make approximately $33,500 per year while the median annual salary is $61,300. The top 10% of market research analysts and marketing specialists earn about $116,800 each year.
Market Research Analysts and Marketing Specialists Jobs by Geography
Utah, Guam, Colorado, and Florida have the highest concentration of market research analysts and marketing specialists, by population. However, the states that have the highest median wages for these positions are Delaware, California, New Jersey, and Washington. Management, scientific, and technical consulting services have the highest demand for marketing specialists and market research analysts. Keep this statistics in mind when deciding on where you should start your career as a marketing specialist or market research analyst.