What Does a Market Research Analyst Do?

Big data is big business.

That's why there's a need for employees who can work with data. And there are plenty of job titles in the workforce for people who take on this work.
One of them? Market research analysts.

So who are these people?

"Market research analysts are people who gather various pieces of data, and then conduct a thorough analysis of that data," said Dr. Gary White, an adjunct instructor at Southern New Hampshire University (SNHU). "The data generally consists of information regarding the competition as well as consumers."

White teaches at the graduate level at SNHU, guiding students through Advanced Marketing Research and Analytics as well as their capstone course. Before he made the shift to higher education, he was director of operations — which involved a considerable amount of market needs assessment research — for one of the largest fast-food restaurant chains in the country.

In studying the data, White says, you attempt to uncover customer needs and wants in an attempt to understand the products or services that the target market wants.

What Does a Market Research Analyst Do on a Daily Basis? 

If you like having a variety of tasks, a market research analyst role may be a good fit for you.

"The market research analyst is responsible for monitoring and forecasting various trends in order to gauge the effectiveness of marketing campaigns," said Dr. Lester Wills, an SNHU adjunct instructor.

Wills previously managed the marketing divisions of several multinational corporations in Australia, where he and his teams conducted market research as an integral part of marketing programs. He also has led several research programs and headed up a task force for the main financial services industry body in Australia. Today, Wills teaches several graduate-level marketing courses at SNHU, including Market Research, Advanced Market Research and Analytics, and Ethical and Legal Issues in Marketing. 

If you feel these tasks are up your alley, here's what the U.S. Bureau of Labor Statistics (BLS) says are 4 qualities that would be important to have:

• Analytical skills, to evaluate the data
• Communication skills, to present the data
• Critical-thinking skills, to assess all information
• Detail-oriented, to pay attention to all aspects involved

If those sound like a match for you, read on to learn more about what your paycheck could look like.

How Much Do Market Research Analysts Make?

The median market research analyst salary in May 2022 was $68,230, according to the BLS: That's 47% more than the median wages for all workers across the U.S.*

(It's good to note that the BLS states that the highest 10% received more than $131,850 as a median salary in 2022 — earning 6 figures is possible in this field.)*

And 3 industries each had median salaries above the median for all market research analysts, according to the BLS:

• Management of companies and enterprises*
• Information*
• Finance and insurance*

What Qualifications Do You Need to Be a Market Analyst?

There's one question that you might have when considering the career: "Do market research analysts use math?" 

Great news if you're not a fan:

"Good math skills are certainly helpful, because the market research analyst is heavily involved in statistical analysis of data," White said. "However, today’s modern statistical software performs all of the mathematical calculations for you."

Wills agreed.

"Given there are both quantitative and qualitative aspects to the role, a mix of skills is essential," he said. "You do not need to be good at math to be able to conduct qualitative research. However, some basic math skills are required for the quantitative research."

If a number of skills are needed to analyze market research, what should you study? 

Fortunately, there are a number of college degree programs that can help you achieve your goal. Between White and Wills, their suggestions for bachelor's degrees and focused courses include:

• Business Administration
• Economics
• Marketing
• Psychology
• Sociology
• Statistics

An undergraduate degree can help you get the job, though you'll want to note that some employers may require a master's degree, Wills said.

Plus, BLS states that market research analysts are in demand — so when you graduate, you could see more openings here than in a number of other fields.*

According to the BLS, over 115,000 new jobs are projected to be added to the workforce through 2032.* (That's a 13% increase in roles, over 4 times the average growth rate for all occupations!)*

White confirms that analysts are sought-after roles: "Companies continue to need knowledge regarding customer behavior in order to gain or maintain their competitive advantage in the marketplace," he said.

What is the Difference Between Market Research and Market Analysis?

In your job search, you may see "market research" and "market analysis" as separate functions. And that's because they are.

"Market research primarily focuses on data directly from the market and customers," Wills said. "It looks to utilize consumer behavior and economic trends to confirm business ideas. It is focused on primary research."

It can work hand in hand with the analysis tasks.

"Market analysis is a form of secondary research and tends to be focused on a particular sector or niche in the market to try and answer specific questions," Wills said. "The research can be used to gain an understanding of how particular products and services are likely to perform in a certain environment."

Is a Market Research Analyst a Good Job?

Choosing to become a market research analyst can be an exciting decision — and one that can allow you to have an impact in your company.

"You have the opportunity to interface directly with consumers in the marketplace, collect and analyze data," White said. "And you get to report the results of your data and recommendations to marketing decision-makers within an organization."

Wills shared this view.

"If you love trying to understand consumer behavior and/or predict trends in the market, it can be a great role, since an analyst will help companies make important decisions," he said.

*Cited job growth projections may not reflect local and/or short-term economic or job conditions and do not guarantee actual job growth. Actual salaries and/or earning potential may be the result of a combination of factors including, but not limited to: years of experience, industry of employment, geographic location, and worker skill.

Deidre Ashe was 9 years old when she launched her professional writing career. While spending a day at work with her dad, she penned her first book, illustrated it and sent it off to a publishing company — after finding the address on the copyright page of one of her paperbacks. While the story never made it to the shelves of libraries, the editors wrote back, encouraging her to continue pursuing her writing passion. (Yes, she still has that letter.)

After earning a bachelor’s in journalism, Ashe spent a decade working in the media industry. She then transitioned into marketing, later getting her MA in Communication from Southern New Hampshire University in 2018. Connect with her on LinkedIn.