What does a Market Researcher do?
The collection and analysis of data and information to present to clients to help them to make informed political, social and economic decisions. The majority of market researchers are employed by marketing agencies that range in size, where work is carried out on numerous projects for different companies and industries.
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Types of market research
You can specialise in these types of research:
- Quantitative - involves working with statistics, analytics and percentages to deliver quick results.
- Qualitative - involves analysing opinions and feelings toward certain products and services. It can take years to complete.
What skills does a Market Researcher need?
- Strong written and oral communication skills
- Interpersonal skills and the ability to build rapport quickly
- Analytical and numerical skills
- Accuracy and attention to detail
- The ability to use initiative and work autonomously in addition to team working skills
- Excellent organisational skills and attention to detail
- Commercial awareness
- Creativity and the ability to solve problems
- The ability to negotiate and persuade
- Knowledge of research technology and tools
- An interest in psychology and behaviour.
How do I become a market researcher?
If you would like to become a market researcher, there are a few essential steps to take. Most applicants for the role will have an undergraduate degree. A postgraduate qualification in a statistics related area can be beneficial for those who have an undergraduate degree in an unrelated field. You will also need several years work experience to get certified as a professional market researcher.
Earning a bachelor's degree - degrees in marketing, business or psychology offer a great start. These degrees provide valuable insights and help future market research analysts to understand consumer buying behaviour and develop an analytical mindset.
- BSc Business Management with Marketing
- BSc International Strategic Business Management
- BSc (Hons) Psychology
Gaining working experience - to become a market researcher you will need several years of industry experience. During your studies you can gain work experience via a work placement or a summer internship. As a graduate you can start as a market assistant or account coordinator. These roles will help provide access to job opportunities, such as becoming a market researcher.
Earning a master’s degree - to qualify for higher level positions you should consider pursuing a master’s degree. There are degrees that specifically focus on market research and analytics.
- MSc Legal Technology
- MSc Psychology (Conversion)
- MSc Business Analytics
- MSc Marketing
- MSc Strategic Business Management
How much does a market researcher make?
Graduates can earn between £20,000 and £25,000. With experience they can earn up to £35,000 and at a senior level this can range between £40,000 and £70,000. Some companies offer additional benefits such as company cars, profit-sharing schemes, bonuses, gym membership and private medical care.
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