What Are the Main Types of Market Research Analysts?

To become a Market research analyst you need the knowledge of gathering and interpreting data to help businesses understand market dynamics and develop and launch more effective products and services. Some specialise in particular industries, markets, or research techniques. Here are the main types:

• Consumer Research Analyst: Analysts who study consumer behaviours, preferences, and motivations gather data on purchasing habits, product preferences, and brand loyalty. They then research demographics, geography, psychographics, and pop culture. They help companies sell more sophisticated products and market them more effectively.
• Market segment analyst: You are a market segment analyst. You’re an analyst who focuses on certain segments, such as demographics, regions, political affiliations or consumer types, in this market. You look at their needs and characteristics to develop a focused marketing message to reach them.
• Competitive intelligence analyst: This individual monitors competitors’ actions, such as product lines, prices, or promotions. They might collect market information or employ various research methodologies, statistical analysis, and data management to determine what factors best position a business or materially affect its operations.
• Product Research Analyst: Product research analysts evaluate the performance of single products from conception to market launch. They collect and analyse consumer feedback, test products, and track sales to make product-improvement recommendations and identify new product development opportunities.
• Data Analyst/Statistician: This job uses statistical tools to analyse market data and draw conclusions about trends. It often involves using available software to build models, predict market behaviour, and develop meaningful insight based on collected quantitative data.
• Business-to-Business (B2B) Analyst: B2B analysts focus on business clients, not consumers. They conduct research on business trends, industry needs, and commercial markets so that companies can develop products and services for other businesses.

What Does a Market Research Analyst Do?

Market research analysts are key for many businesses to make effective decisions about their customers, competitors and market conditions. They share the fruits of their work with their clients, informing everything from marketing strategies to the design of new products to the running of their firms. Here’s what a market research analyst job entails:

• Data Collection and Analysis: Analysts collect data from multiple sources, such as surveys, questionnaires, or focus groups, and use advanced computer algorithms to analyse the data and identify patterns and trends in markets, customers, and business opportunities.
• Designing Surveys and Research Tools: A market research analyst drafts surveys and questionnaires to obtain information from a target audience. The analyst determines the best research method based on the study’s goals.
• Understanding Consumer Behaviour: Analysts examine how consumers behave, what they buy, and what appeals to them to help retailers and other businesses understand what motivates consumers and helps companies develop products or services in line with market demand.
• Check Competitor Strategy: They monitor competitors’ market positioning, product offerings, and pricing strategies. A clear picture of the competitive landscape may reveal gaps in marketplace offerings and uncover each competitor’s strengths and weaknesses.
• Forecasting Market Trends: Market research analysts predict future market trends and behaviours through data modelling and statistical analysis. This allows businesses to forecast prices, make informed decisions about product launches, create marketing campaigns and make sales projections.
• Developing reports and presentations: Market research analysts write their results in reports and presentations containing actionable recommendations for marketing teams, product managers and business leaders.
• Monitoring Marketing Campaigns and Product Performance: Tracking the Implementation of Marketing Campaigns and Product Performance: Analysts keep track of the efficiency of marketing campaigns and product performance. They evaluate whether these campaigns and products fulfil the business goals and figures and suggest modifications if needed.

Average Market Research Analyst Salary

There is a significant variation in salaries of market research analysts in the UK, depending on years of experience, industry and location. Here’s an overview of a typical salary:

• Entry-Level Market Research Analyst: Starting analysts can earn about £20,000-28,000 a year. Assistants are often provided with close mentorship and development to solidify fundamental skills.
• Market Research Analyst: A few years’ experience is enough to see a market research analyst earning between £28,000 and £40,000 yearly. Certainly, experience in a sector such as tech finance or healthcare will brighten this figure.
• Research Manager or Senior Market Research Analyst: managerial or team/project leader roles can pay £40,000-£60,000+- £ 60,000+. Roles requiring skills in data analysis, research methodologies, or technical knowledge can demand higher salaries.

Market Research Analyst Skills

Market research analysts require a combination of analytical, technical, and interpersonal skills. Here are the key skills needed for a career as a market research analyst:

• Data Analysis and Statistical Skills: Analysts need to be comfortable working with large data sets and applying statistical tools to interpret market data. Proficiency in software like SPSS, R, Tableau, or Microsoft Excel is essential.
• Research Methodology Knowledge: Understanding qualitative and quantitative research methods is key. Analysts need to know when to use different techniques, such as surveys, focus groups, or observational studies, to gather relevant data.
• Critical Thinking and Problem-Solving: Analysts must be able to think critically to make sense of complex data and find actionable insights. Strong problem-solving skills are needed to identify trends, draw conclusions, and provide practical recommendations.
• Communication and Presentation Skills: The ability to convey findings clearly and persuasively to non-technical stakeholders is essential. Analysts must create detailed reports, visual data presentations, and executive summaries to communicate their insights effectively.
• Attention to Detail: Accuracy is crucial when analyzing data and creating reports. Market research analysts must be detail-oriented to ensure their findings are precise and reliable.
• Commercial Awareness: Understanding the broader business context and market conditions helps analysts provide relevant insights. Knowledge of industry trends, consumer behavior, and economic factors can influence the success of their research.
• Project Management: Analysts often work on multiple projects simultaneously, requiring good time management and organizational skills. They must manage research timelines, coordinate data collection, and ensure timely delivery of reports.

Market Research Analyst Tips

Here are some tips for aspiring market research analysts:

• Get the Relevant Degree: Most market research analysts have a degree in business, marketing, psychology, economics, statistics, or a related field. Courses on research methods, data analysis, and consumer behaviour are especially helpful.
• Build technical skills: Learn data analysis software such as SPSS, SAS, R, Tableau, or Microsoft Excel. It is key to have statistical and analytical skills, interpret market data, and predict market trends.
• Secure internships or entry-level roles: If you can, secure an internship or entry-level role in an organisation to learn on the job. Look for opportunities in marketing, research or data analysis.
• Stay Informed on Market Trends and Industry News: Ensure you stay apprised of the market context and of wider industry trends and news: the better informed you are of the consumer and the industry, the more useful you will be. Maintain an awareness of what marketing is going on in your industry—and what is happening in your market—by subscribing to Mintel, Statista, or other market research agencies or to a periodical such as Marketing Week.
• Build Soft Skills: Improve your communication, teamwork, and problem-solving. Market research analysts regularly work with multiple teams to develop data and present it digestibly.
• Network and Attend Events: Professional networking organisations like the Market Research Society (MRS) can help you attend their events, conferences, or workshops, where you can network with others in your industry. Room to grow If you want a job in market research, joining a professional association can help you open up a network with others and leverage them for job opportunities.
• Specialised Certification: Although not always necessary, certification, such as the MRS Advanced Certificate in Market Social Research Practice, can add credibility to your professional standing and provide advanced training in research methodology and analysis.

Market Research Analyst Requirements

To be a market research analyst in the UK, you would typically have to have a combination of education, experience, and skills. Here are what you need:

• Education: A bachelor’s degree is generally required, often in a related field such as marketing, business, economics, statistics, or psychology. Market research analysts often have backgrounds in the social sciences or data analysis.
• Research and Analytical Skills: Experience and competency in using research methods, data analysis and quantitative techniques to collect, organise and document data. Analysts should be able to extract insights from data.
• Marketing or Research Experience: Ideally, the candidate would have had some experience in a related field (before or after graduation) through interning in or working in an entry-level marketing role or a research assistantship.
• Familiarity with Research Tools and Software: Proficiency in data analysis software, research tools, and survey platforms – Excel, SPSS, R, Tableau, Google Analytics, Qualtrics, SurveyMonkey, etc.
• Communication and Report Writing Skills: Market research analysts must be able to write their analysis in the form of reports, presentations, and graphs.

How to Become a Market Research Analyst

Here’s a step-by-step guide to becoming a market research analyst in the UK:

• Get a Degree That Better Prepares You: Start with a degree in something useful (marketing, business, psychology or even economics) and offer relevant graduate school courses such as data analytics, research methods and consumer behaviour.
• Get Research or Marketing Experience: Candidates with limited work experience are encouraged to seek an internship, volunteer position, or an entry-level role in market research firms, advertising agencies, or corporate marketing departments to gain hands-on experience.
• Learn to Use Data Analysis Tools: Learn to work with statistical software (such as SPSS, SAS, Tableau, or Microsoft Excel), be familiar with survey software, and extract and chart data from your CRM system.
• Develop Soft Skills: Brush up on communication skills, analytical thinking, and project management. Learn to communicate data well and clearly to different audiences.
• Apply for Positions as Market Research Analyst: Customis your CV and cover letter to highlight your research, data analysis and communications skills. Highlight coursework, internships, and certifications relevant to this field.
• Research: Research entry-level market research jobs with marketing firms, research agencies, consulting companies or corporate marketing departments.
• Further Training or Certification (Optional): Although not necessary, you can sign up for advanced training that helps position you better in the market research industry, such as the MRS Advanced Certificate in Market Social Research Practice.
• Continued professional development: keep your finger on the pulse of market research trends and consumer behaviours, as well as new technologies, through industry events and presentations, workshops and webinars and by joining professional associations such as the Market Research Society (MRS) to learn about new techniques, network, and access career development resources.
• Niche expertise (optional): Ideally, you’ll want to specialise in a ‘niche’; for example, you could focus on one kind of market research work, such as consumer behavioural analysis, digital marketing analytics or competitive intelligence. This specialisation will make you more valuable to prospective employers and allow you to exploit new career avenues.

Frequently Asked Questions

Why Should You Become a Market Research Analyst?

Love analysing consumer behaviour, working with data and influencing business decisions? Take the reins of consumer behaviour analytics as a market research analyst. This role will enable you to unravel market trends and consumer behaviour, formulate business insights and help organisations drive their strategies based on market demands. With a market research analyst role, you can leverage your skills further as a research analyst or even become a market research manager.

Is Being a Market Research Analyst a Good Career Choice for You?

You might be a good fit if you want to know what makes markets tick, are comfortable with numbers, and enjoy solving problems or explaining things clearly. Being a market research analyst is ideal for people who get a thrill out of blending analytical thinking with creative problem-solving and teamwork. The profession offers a variety of industries, so you can work in retail fi, finance, technology or healthcare – wherever data nurtured by your insight can make a difference.

Market Research Analyst Salaries

Salaries for market research analysts in the UK vary between £20,000 and £60,000+, depending on the candidate’s level of experience, specialisation, and workplace location.

Entry-level analysts typically earn between £20,000 and £28,000; however, mid-level employees are said to make between £28,000 and £40,000. Senior roles or those in management can make salaries of between £40,000 and £60,000 or more.

Which Qualifications Can Help with a Career as a Market Research Analyst?

A degree in marketing, business, economics, statistics, or psychology is a typical first step, supplemented by courses in data analysis, research methods and consumers. Qualifications like the MRS Advanced Certificate in Market Social Research Practice provide additional expertise and credentials.

Do I Need Experience to Get Started as a Market Research Analyst?

That’s right: get some practical experience. This doesn’t have to be another form of postgraduate study. It can be an internship in psychology, a research assistant, or an entry-level marketing job doing data analysis. Many people with PhDs apply for jobs requiring little research, data analysis, or marketing expertise. That’s where work placements and freelance projects can come in handy.

Market Research Analyst Career Outlook

According to the Bureau of Labor Statistics, the field is a safer career choice, with a projected increase in demand through 2030 across various sectors, including tech, retail, finance, healthcare and media. As data increasingly drives corporate decision-making and planning, organisations expect market research analysts to conduct analyses, interpret the numbers and identify never-before-seen trends to build winning marketing strategies. Those specialising in digital analytics, social media research and industry-specific markets have a better chance of securing employment.

Market Research Analyst Hierarchy and Progressing Within the Role

This is a typical progression and greater seniority for market research analysts. They begin their employment in junior to entry-level roles (market research assistant, data analyst, etc.) and work their way up to mid-level and more senior positions (market research analyst, senior analyst, research manager, etc.). Some can progress as far as becoming market research director, insight manager, or head of analytics.

Market Research Analyst Exit Options and Opportunities

Through market research, analysts acquire a broad toolkit that’s transferable to other positions, such as data analyst, marketing manager, business consultant, or brand strategist. The analytical, research, and communications skills needed as a market research analyst make for an easy transition to positions in marketing strategy, business intelligence, or even product development. With industry knowledge, analysts may even move into consulting roles, helping companies fine-tune their marketing operations.