Market Research Analyst study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.
Recruiter & Staffing Needs
Market Research Analyst study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.
Recruiter & Staffing Needs
Job Prospects
Job prospects should be best for those with a master’s degree in market research, marketing, statistics, or business administration.
Those with a strong quantitative background in statistical and data analysis or related work experience will have better job opportunities than those without it.
Employment projections data for market research analysts, 2016-26
| Occupational Title | SOC Code | Employment, 2016 | Projected Employment, 2026 | Change, 2016-26 | Employment by Industry | |
|---|---|---|---|---|---|---|
| Percent | Numeric | |||||
| Market Research Analysts and Marketing Specialists | 13-1161 | 595,400 | 733,700 | 23 | 138,300 |  xlsx |
SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program
Employment projections data for market research analysts, 2016-26
| Occupational Title |
|---|
| Market Research Analysts and Marketing Specialists |
| SOC Code |
| 13-1161 |
| Employment, 2016 |
| 595,400 |
| Projected Employment, 2026 |
| 733,700 |
| CHANGE, 2016-26 |
| PERCENT |
| 23 |
| NUMERIC |
| 138,300 |
| EMPLOYMENT BY INDUSTRY |
| xlsx |
SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program
Pay
The median annual wage for market research analysts was $63,230 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $34,510, and the highest 10 percent earned more than $122,770.
In May 2017, the median annual wages for market research analysts in the top industries in which they worked were as follows:
| Publishing Industries (Except Internet) | $73,070 |
|---|---|
| Management of Companies and Enterprises | $72,680 |
| Finance and Insurance | $71,190 |
| Wholesale Trade | $60,890 |
| Management, Scientific, and Technical Consulting Services | $60,800 |
Most market research analysts work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work.
Market Research Analysts
Median annual wages, May 2017
Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Occupational Employment Statistics
Job Outlook
Employment of market research analysts is projected to grow 23 percent from 2016 to 2026, much faster than the average for all occupations.
Employment growth will be driven by an increasing use of data and market research across all industries. They will be needed to help understand the needs and wants of customers, measure the effectiveness of marketing and business strategies, and identify the factors affecting product demand.
Market research provides companies and organizations with an opportunity to increase sales and cut costs. Companies increasingly use research on consumer behavior to develop improved marketing strategies. By doing so, companies are better able to market directly to their target population.
Market research also lets companies monitor customer satisfaction and gather feedback about how to improve products or services, allowing companies to build an advantage over their competitors. They may use research to decide the location of stores, placement of products, and services offered.
The increase in the collection and analyses of “big data”—extremely large sets of information, such as social media comments or online product reviews— can provide insight on consumer behaviors and preferences. Businesses will need market research analysts to conduct analyses of the data and information.
Market Research Analysts
Percent change in employment, projected 2016-26
Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Occupational Employment Statistics
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