What is a Market Research Analyst? 2024 Guide

Market research analysts—sometimes called market researchers—help companies develop or maintain a competitive edge by finding and delivering data-backed insights into potential markets, competitors, and even customer behaviour. 

They’re an integral part of a company’s overall marketing strategy and are in demand across multiple industries. Learn more about this high-growth role.

What does a market research analyst do?

Market research analysts pore over trending keywords, survey responses, social media mentions, and other data to find answers. In essence, they transform information into actionable insights that will help companies develop everything from competitive product launches to effective marketing campaigns.   

Each company’s needs differ, but your responsibilities as a market research analyst may include: 

• Developing data collection tools and techniques

• Using data modelling tools

• Analysing data sets and communicating findings

• Contributing data-backed insights to marketing strategy

• Conducting product testing and brand research

What type of research does a market research analyst conduct?

A market research analyst conducts qualitative and quantitative research. In other words, they gather statistical data and solicit responses about people’s beliefs, opinions, and experiences. An analyst’s research can span multiple areas, including: 

Customers

Primary and secondary customer research—everything from demographics to opinions—helps a company develop more targeted marketing and align its products and services with customers’ differing needs. Market research analysts may also identify how companies find, acquire, and retain customers while avoiding churn—or customer loss.

Markets

As a company develops new offerings—like products, services, or ideas—market research about competitors, similar products, and potential sales can help successfully position each launch. Market research analysts investigate new and existing markets, learning as much as possible so they can deliver precise suggestions.

Brands 

Both new and established companies rely on brand research to strengthen their position in the market. Conducting a competitive analysis to see how a company’s brand fares against competitors and researching customers’ brand awareness and perception helps them remain competitive. Those findings can also yield insights into customer acquisition, retention, and loyalty.

Campaigns

Understanding how a company’s customers feel about advertising at all phases of a marketing campaign can produce specific messaging and, in turn, more impactful campaigns. While this type of research typically falls under a marketing analyst role, market research analysts at smaller companies may also sometimes analyse a company’s marketing strategy.

Market research analyst qualifications

Education

Market research analyst jobs typically require an undergraduate qualification. The field you choose might include:

• Marketing and analytics

• Maths and statistics

• Data science

• Consumer psychology

• Sociology

Market research analyst technical skills

Data collection tools: Market research analysts gather data from an array of sources, including surveys, social media platforms, keyword trends, and audience insights. Market research analysts use Qualtrics, SurveyMonkey, Typeform, Google Trends, and SEMrush, among many other tools, to learn more about customers, markets, and competitors.

Statistical analysis: Because market research involves working with quantitative data, it’s crucial to understand how to apply statistical techniques to group your data into relevant and actionable findings. While many programmes, including the data visualisation tools below, offer a statistical analysis feature, it shouldn’t replace more foundational knowledge. 

Data visualisation: Once a market research analyst has collected relevant data, they need to structure their findings in a comprehensible way. Knowing how to use data dashboards or data analytics suites can help convey important findings to other teams. Market research analysts use data visualisation tools like Tableau, Qlikview, and Plotly.  

Programming languages: Although not always necessary, some companies do require market research analysts to know a programming language, such as R, SQL, SAS, or SPSS, which feeds into their data gathering and data interpretation efforts. Make sure to read over job descriptions to learn which language, if any, a company prefers. 

Market research analyst workplace skills

Interpretation: Parsing data is critical in a market research analyst’s role. After gathering the necessary data, you must interpret those findings in light of a company’s product and marketing needs.  

Critical thinking: Conducting market research means knowing how to ask the right questions to find the best data, extracting meaning from collected data, and then applying those insights to a company’s marketing strategy.    

Communication: Translating insights into recommendations that other teams can act upon will help in a marketing research analyst's line of work. A strong ability to speak and write clearly and constructively is an asset. 

Interviewing: Many market research analysts rely on digital surveys to glean customer responses, but the role can also involve conducting customer interviews or focus groups. Being comfortable speaking with strangers and getting them to open up about their experiences is an essential skill. 

What are the benefits of being a market research analyst?

Market research analyst salary

According to Glassdoor, the median salary for a market research analyst in the UK is £30,808 [1]. Glassdoor calculated this figure using the incomes of its users working as market research analysts in the UK. It represents the midpoint of a salary range between the 25th and 75th percentile. 

Job prospects

According to Statista, 142,000 people worked in advertising and market research in the UK by the end of 2021 [2]. As companies continue to need insight into customer behaviour to keep their competitive edge, market research analysts will continue playing an integral role.

Market research analyst vs. similar roles

Market research analysts share much in common with roles that also parse data and deliver strategic insights. 

Marketing analyst

Although market research analysts are sometimes confused—and even called marketing analysts—the two roles differ slightly. Marketing analysts focus internally on a company’s marketing efforts rather than externally on markets, but both roles use data to inform their recommendations.

Business analyst

Another role that relies heavily on data, a business analyst analyses large data sets to make recommendations that will strengthen a business’ processes and help it run more efficiently. 

Data analyst

In a much broader role, a data analyst typically works with large, raw data sets that they must first clean to glean critical insights. Data analysts apply their findings to an array of organisational and business needs.

How to become a market research analyst

1. Look for a related entry-level role.

While you may find some entry-level market research analyst roles, many employers prefer at least two years of experience. If you’re interested in becoming a market research analyst, consider a related function to help you gain experience and grow more competitive. Working as a marketing assistant or data analyst can provide you with the experience necessary to move into market research analysis.

2. Brush up on related technical skills.

Knowing that market research analysts use specific tools to gather and assess data about customers, markets, and competitors, it’s a good idea to research popular programmes and refine your knowledge of them. Watch tutorials, use free trials, and familiarise yourself with the tools of the trade.

3. Take a course.

Taking courses that expose you to strategies of market research can help introduce you to the work of a market research analyst. The Google Digital Marketing & E-Commerce Professional Certificate, available on Coursera, might be an excellent place to start.