You will specialize in collecting, analyzing, and presenting quantitative and qualitative market research. It is most common for market researchers to be employed by marketing agencies, where they work on a variety of projects for numerous companies and industries.
There are times when market researchers are directly employed by a company (known as client-side), where they collect information regarding customer opinions, investments, and marketing trends.
Earnings
- Market researchers typically earn between $23,000 and $30,000 as a starting salary. Depending on experience, this can rise to a salary of $30,000 to $45,000.
- Once you have gained significant experience, you can expect to earn between £40,000 and £70,000.
The figures do not include earnings that can be derived from freelance work or self-employment. A company car, a profit-sharing plan, medical insurance, gym membership, and bonuses may be offered by some larger firms. Generally, overtime is not paid, but some organizations may offer time off in lieu of overtime. The salary figures provided are only intended to serve as a guide.
Hours of Work
It is common for in-house and quantitative researchers to work between the hours of 9 am and 5 pm, with occasional evening or weekend work required to meet project deadlines. Qualitative researchers often work evenings and weekends in order to gain a better understanding of their respondents. A career break or secondment may be possible if you work for a larger organization, particularly if you have a client-facing role.
What You Can Expect
- It is sometimes possible to work as a self-employed individual or freelancer with significant experience. It is generally necessary to have acquired around ten years of experience and a good network of contacts in order to be self-employed.
- Due to the tight deadlines, this role can be fast-paced and high-pressure, but it is also challenging and rewarding.
- It is possible to obtain short-term contracts through recruitment agencies, although these are usually for senior positions in market research.
- There is a high level of competition for jobs. Speculative approaches can be more effective than relying solely on advertised vacancies. If you are interested in market research assistant positions, you should consider applying first
- There are numerous opportunities to work for market research firms in London and the South East of England, however, client-side positions are generally available throughout the United States.
- In addition to working from a desk, some market researchers travel nationally as well as internationally in order to complete their research and visit client organizations.
Work Experience to Earn
You will benefit from prior experience in areas such as research, statistical data analysis, and interview techniques. Possibility of gaining relevant work experience can be gained through work placements, shadowing, or volunteering and a number of market research agencies offer structured placement programs.
The average marketing research analyst works 40 hours per week. In order to meet project deadlines, overtime may be required from time to time. It is important to note that analysts, although they frequently interact with a variety of marketing research team members, also do a great deal of independent work, such as analyzing data, preparing reports, and generating statistics.
The Employers
The majority of positions are located in market research agencies or consultancies. In addition to businesses, advertising and public relations agencies, local and central government agencies, and charities, these agencies manage and oversee research projects commissioned by a range of organizations.
A large number of marketing research agencies are located in and around London and the South East of England. The size of agencies can range from two to several hundred employees, and they provide either specialized or general consulting services.
There are also opportunities for market researchers to work within industrial and commercial organizations, such as manufacturing, pharmaceutical, and retail companies as well as advertising agencies and charities. The role in these settings may involve coordinating and contracting out research on behalf of the company or assisting in the development of marketing strategies.
Prospects for a Career
Generally, career advancement in market research can occur rapidly, with many market researchers advancing to a more senior position within two or three years of joining the field. Promotions are typically made on the basis of merit, professional qualifications gained, experience and specialization.
After gaining experience, you may progress to the position of research executive, then to the position of senior researcher, and finally to the position of account director. With seniority, the responsibility for client contact, presentations, and project and team management increase, often at the expense of the level of fieldwork undertaken.
To enhance your career development and/or job mobility later in your career, it is recommended that you gain a broad range of experience before specializing. Due to the rapid growth of international business and the development of information technology, this field has created opportunities around the globe. As you gain experience in your specialty area, you can move into the role of a research practitioner, either independently or in partnership.
Conclusion
One of the most promising career paths in the industry is that of a market research analyst. It is estimated that the market will grow by 26 percent by 2026. A reliable source of data is essential to making effective business decisions in order to capitalize on growth opportunities.
Increasingly, the market will be data-driven due to the advancement of technology. As a result, employers will be hiring research market analysts to collect data, analyze and provide informed insights. There is average competition in the market, making it one of the booming industries. Possessing the necessary skill sets and educational qualifications will enable one to easily obtain the position.
