Market researchers gather and analyse
information in order to determine if there is an actual demand
for a particular product or service. Market researchers source
information, categorize data, perform surveys, write reports
and make considered recommendations based on their
research.
A Typical Day
A market researcher may begin the day
reviewing client briefs in order to ensure that their focus is
on track. The usually work in a team and are allocated a
specific area of a project to focus on. A market researcher
attends many meetings throughout the day, both with clients and
co-workers. Market researchers require a great deal of energy
and exceptional communication skills.
A market researcher may work on creating a
customized questionnaire in order to survey a sample group to
test reactions to a particular product or service. They may
track and collate information from company files and they may
consider the wider industry statistics available in the
government and financial sectors.
A market researcher spends most of the
working day analyzing information and predicting and
interpreting trends in consumer demand. They write reports and
make detailed presentations to clients. Ultimately, they may
make recommendations based on market research so that
businesses can make an informed decision about weather to
launch a new product or service.
Career Outlook
Market researchers need to be highly
educated and experienced in order to obtain employment in this
particular field. Competition for positions at prestigious
companies is fierce. Many market researchers are able to secure
work at advertising agencies, for charities or for government
organizations.
The current economic climate has reduced the
number of positions available in this field, because of a drop
in consumer spending. When the economy improves there may be an
increase in demand for market researchers. Market researchers
who are able to use the latest technology in order to collect
and analyze information have stronger prospects for
employment.
Promotional Potential
Many people begin their career as marketing
assistants and then progress to market researcher positions. A
common career path after working in market research is to move
into sales and business development roles. Individuals with
exceptional drive and focus may be able to successfully launch
their own marketing companies. Many individuals are able to
have successful careers working for government agencies.
Skills and
Abilities
Market researchers need to be very good at organizing and
collecting information. A good market researcher has strong
financial instincts and is able to identify emerging trends.
Good mathematical and computer skills are essential. Market
researchers should also have strong sales abilities because
they may need to pitch their ideas and convince clients that
their interpretation of all available data is valid.
Education and Training
Market researchers usually possess a
university education. Most market researchers have commerce
degrees and major in marketing and finance. Some market
researchers have a background in psychology, statistics or the
behavioural sciences.
Is a career in Market Research right
for me?
People who love research, technology and
finance make good market researchers. It is essential to have a
strong interest in the latest consumer trends and an ability to
think critically about data and understand how statistics
influence business marketing decisions.