There are many advantages of engaging in market research. It can help you determine audience preferences, tailor your marketing efforts, and assess consumer priorities. To complete this process, businesses must engage in various tasks. First, they must gather information by sector and then analyze the resulting data. Next, they must interpret the results of the research. Finally, after collecting data, marketers and market research providers must evaluate the findings. This article explores the benefits of hiring a market research analyst and its job outlook in 2019.
The job outlook for market research analysts in 2019
The job outlook for market research analysts is positive. The need for qualified professionals will remain high. As a result, analysts have strong job prospects in the United States. The job growth is faster than the average for all occupations. According to O*NET, market research analyst jobs are expected to increase by 18% between 2014 and 2024. In addition, more than 130,300 new jobs are expected to open up in this field over this period.
According to the U.S. Bureau of Labor Statistics, job growth for market research analysts will be 18 percent over the next decade. While the national workforce is expected to grow at only 3.7 percent over that period, market research analysts are expected to grow by 17.7%. Despite the fast growth rate, job seekers should be aware that they can find an abundance of jobs in this field. The salary for market research analysts is also high, with an average pay of $120,580.
Read more: 1900 US federal census
Education requirements
A bachelor’s degree in marketing or a related field is the minimum requirement for most market research analyst positions. You can study market research as a concentration or pursue other academic majors, depending on the position. However, such a degree will focus solely on market research and may not teach you other essential skills you need to succeed in business or marketing. Therefore, choosing a major that will help you develop broad business and marketing knowledge is vital.
Generally, a market research analyst must have at least a bachelor’s degree to enter the field. In general, relevant undergraduate degrees offer in-depth knowledge of core concepts, such as consumer behavior, target audience identification, and strategic planning. While a master’s degree is not required for entry into the field, many employers prefer candidates who have earned such a degree.
Career outlook
In this fast-paced profession, the career outlook for market research providers is favorable. Companies are increasingly outsourcing marketing functions, which are less cost-efficient than in-house research. As a result, the role of the market researcher is constantly changing as new technologies develop, expand, and sometimes replace the market research function. As a result, job growth in this profession is expected to be faster than the average for all jobs. Depending on experience and professional qualifications, career progression is quick and relatively steady.
The market research profession requires a person with analytical skills to analyze data. After collecting data, researchers must analyze the results and make recommendations based on those findings. They also provide management with information to determine the best product lines, sales, and advertising strategies. The career outlook for market research providers is generally bright as most industry professionals start as project managers or project directors, and salary ranges are based on their experience. The salary ranges for various positions in the industry are also shown in the job description.
Salary
A market research analyst’s job typically involves providing consumer and industry data analysis for various clients. They also identify new target consumer groups. Market research analysts typically work long hours, whether alone or in a team. Many spend a great deal of time on the computer. They must be well-versed in various market sectors and popular trends. They should be able to work under tight deadlines and have a flexible schedule. Job opportunities for market research analysts are expected to grow by 17% over the next decade, with many openings due to workers’ retirement.
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