What They Do
Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
Duties
Market research analysts typically do the following:
- Monitor and forecast marketing and sales trends
- Measure the effectiveness of marketing programs and strategies
- Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
- Gather data on consumers, competitors, and market conditions
- Analyze data using statistical software
- Convert data and findings into tables, graphs, and written reports
- Prepare reports and present results to clients and management
Market research analysts gather data and study other information to help a company promote its products or services. They gather data on consumer buying habits, demographics, needs, and preferences. They collect data and information using a variety of methods, such as focus groups, interviews, literature reviews, market analysis surveys, public opinion polls, and questionnaires.
Analysts help determine a company’s position in the marketplace by researching their competitors and studying their marketing methods, prices, and sales. Using this information, analysts may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables analysts to develop advertising brochures and commercials, product promotions, and sales plans.
Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.
Workers who design and conduct surveys that market research analysts use are survey researchers.
Work Environment
Market research analysts held about 941,700 jobs in 2024. The largest employers of market research analysts were as follows:
| Management, scientific, and technical consulting services | 10% |
| Finance and insurance | 9 |
| Information | 9 |
| Management of companies and enterprises | 7 |
| Wholesale trade | 7 |
Because most industries use market research, these analysts are employed throughout the economy.
Market research analysts work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts work with graphic designers and artists to create charts, graphs, and infographics summarizing their research and findings.
Work Schedules
Most market research analysts work full time during regular business hours.
How to Become One
Market research analysts typically need a bachelor’s degree. Some employers require or prefer that job candidates have a master’s degree.
Pay
The median annual wage for market research analysts was $76,950 in May 2024.
Job Outlook
Employment of market research analysts is projected to grow 7 percent from 2024 to 2034, much faster than the average for all occupations.
About 87,200 openings for market research analysts are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.