Are you interested in the business and have strong analytical skills and business acumen? If yes, a career as a Market Research Analyst may suit you.
Market Research Analysts use data-driven strategies to determine a company's target customer base, develop advertising strategies, and examine the most effective ways to sell their products or services.
To become a market researcher/ market research analyst in Australia, you must study a degree in market research or business, commerce, and management with a major in marketing. Employers regard highly previous experience in market research.
If you are interested in data analysis, consumer behaviour, or marketing strategies, you should learn how to get into a market research field.
This blog discusses a market research analyst role – their work responsibilities, required education and skills for this position, national average salary, and the steps to pursue a successful marketing research career.
1. What Is A Market Researcher?
Market Researchers analyze demographic information and consumer opinions to determine the market strength/ demand for a company's goods or services.
They use this analysis to create valuable advice to help companies make informed social, political, or economic decisions. It allows them to optimize products, select better advertisement channels, assess the best business sites for organizations, and determine service or product price points.
Market Research Analysts examine current market trends and consumer questionnaires and design surveys to anticipate product demand concerning the shopping patterns of the target audience.
2. What Does A Market Researcher Do?
Here is the market researcher's job description:
Meet clients to discuss information needs with clients and agree on project scope and timeline.
Design questionnaires, opinion polls, surveys and observations, interviews, and focus groups to monitor and predict marketing trends
Review and analyze sales performance.
Identify specific consumer markets for clients.
Analyse data concerning consumer patterns and preferences
Understand and forecast present and future consumer trends, such as changes in lifestyles and tastes.
Transform complex data and findings into easy-to-understand tables, reports, and graphs.
Measure the efficacy of marketing programs and strategies.
Organise, manage and store data and information.
Manage project budgets
Develop and distribute data collection methods.
Use statistical modelling software.
Check the quality of data collected.
Present analysis to clients and management
Conduct in-person, telephone, and online assessments to collect opinions on the company's products and services.
Communicate results and represent suggestions creatively.
3. What Are The Skills Required For Market Research Analyst?
Before considering a career as a market researcher, you should identify any personal and educational requirements for a particular position.
Successful marketing research analysts have a combination of soft skills and technical knowledge. You can develop the following skills by taking relevant courses if you need to gain the following skills.
Understanding qualitative and quantitative research methods.
Working knowledge of computers, particularly specialist data analysis programs and presentation software, to collect market data and use research methods to support their conclusions.
Knowledge of MS Excel to manipulate data and prepare charts
Knowledge of using audio or video equipment, whiteboards, and other audio-visual presentation media
They use a personal computer as one of their main tools.
Excellent maths and computer skills
Aptitude for statistics
Good communication and interpersonal skills
Able to analyze and interpret statistics and other information
Accuracy and strong attention to detail.
Able to perform independently with minimal supervision
Able to work effectively in a fast-paced environment
4. What Qualifications Do You Need To Be A Market Researcher?
Follow these steps to qualify for a Market Researcher role:
Gain your Senior Secondary Certificate of Education or equivalent in one or more prerequisite subjects such as English and mathematics.
Complete an undergraduate degree in market research or business, management, commerce, or economics with a major in marketing. These market research analyst courses take three years to complete full-time. Alternatively, you can graduate in statistics, sociology, economics, psychology, computer science, maths, or behavioural sciences degrees to enter this occupation.
Gain membership in the Australian Marketing Institute or the Australian Market & Social Research Society to stay updated with industry trends and developments.
5. Steps To Become A Researcher In Australia?
Market research analysts usually require an undergraduate degree in marketing or a relevant field and some prior experience to work in this role.
Here are a few steps you can follow to start your career in market research:
Step 1: Get Qualified
Many entry-level market research analyst positions require candidates to have at least an undergraduate quantification in a functional area, such as a marketing degree, before pursuing market research.
The qualification teaches foundational marketing concepts and expands your knowledge of fundamental marketing concepts such as consumer behaviour patterns, marketing principles, macroeconomics, and business communications.
Some of the preferred degree options include:
Step 2: Pursue A Post-Graduate Qualification
This qualification helps for a leadership role as a market research analyst.
Step 3: Build Work Experience
Most market research analyst jobs aren't entry-level, as many hiring managers prefer candidates with market research experience in the marketing industry.
Look for opportunities as a marketing research intern, account representative, marketing assistant, or another entry-level position to build industry knowledge and gain a competitive advantage over other market research analyst applicants.
Some of the helpful entry-level positions you can consider to build experience are:
Public Relations Coordinator
Step 4: Get Certified
Market research is a highly competitive field. Earning certifications in market research analysis can validate your competency for the role to potential employers.
The coursework of these programs teaches research fundamentals to students that prove valuable to begin their market research career or broaden their existing experience.
Below is a list of certifications you may consider pursuing:
Certified analytics and insights professionals
Insights professional certification
Qualified professional researcher
Market research analytics
Step 5: Improvise Your Soft Skills
Besides expanding your theoretical knowledge, consider brushing up your marketing skills. Online courses, virtual learning events, and in-person seminars are good ways to develop soft skills.
6. Employment Opportunities For A Market Researcher
Market Researchers primarily work in industries that manufacture and sell consumer products or services such as magazines, food, cars, clothing, appliances, etc.
Other areas that increasingly use market research services include:
Radio and television networks
Marketing or Market research agencies
Top companies for Market Researchers in Australia
University of Sydney – Avg. salary $106,000per year
Proforce – Avg. salary $65,565per year
Euromonitor International – Avg. salary $63,985per year
7. Working Conditions For Market Research Analysts
Market research analysts usually work full-time in an office environment. They work for standard business hours per week, with necessary overtime to meet project deadlines.
Market research analysts primarily work in largely populated areas like cities to gather as much data as possible. However, they may also require researching in regional areas or conducting online market research to collect data from a broader section of people.
Market research analysts may sometimes need to work evenings or weekends. The job also requires occasional travel to meet clients to perform research or attend conferences or training.
Most use email and telephones regularly to communicate with clients, management, or other business professionals.
8. Specialisation In Market Research In Australia
Market research graduates usually take up market research interviewing jobs to get an initial break into this field.
Once they gain experience as Market Researchers, they can pursue different specialties within the market research field that assist other researchers or analyze various market aspects.
Some of these specializations include:
Market Research Analysts: They analyze the existing market to develop advertisement strategies, identify the feasibility of product launches, and examine business sites.
Market Research Interviewer: They conduct in-person or virtual interviews of people in the target market to gather data and understand current trends.
Market Researcher: They gather and analyze market information to assess the demand for specific products or services and assist firms in connecting with target markets.
9. Job Outlook For Market Research Analysts
Around 71% of employed Market Research Analysts work full-time for an average of 42 hours per week. It is comparable to the standard of all other jobs, i.e., 44 hours per week.
Primary Industries For Employment
Professional, Scientific, And Technical Services - 55.4%
Financial And Insurance Services - 8.2%
Information Media And Telecommunications - 5.0%
Retail Trade - 4.1%
Other Industries - 24.6%
Employment Across Australia
Victoria and New South Wales have the largest employment share:
NSW - 47.0%
VIC - 34.6%
QLD - 9.0%
SA - 2.9%
WA - 4.7%
TAS - 0.5%
NT - 0.2%
ACT - 1.1%
Worker's Age And Gender Profile
The average age of Market Research Analysts is 33 years, which is much less than all jobs' average of 40 years. Most workers are between the age of 25 to 34 years.
Females constitute 59% of the workforce which is 11 percentage points above the average of all jobs, i.e., 48%.
10. What Does A Research Analyst Earn In Australia?
According to PayScale, the average market researcher's salary in Australia is AU$ 60,945 per year.
Here is the market research analyst salary in Australia at varying experience levels.
Entry-level Market Researchers (<1-year experience) - AU$60,136 per year
Early career Market Researchers (1-4 years of experience) - AU$90,535 per year
Experienced Market Researchers (10-19 years of experience) - AU$ 100,834 per year.
Highest-paying cities for Market Researchers in Australia are:
Melbourne VIC - $117,333 per year
Canberra ACT - $113,791 per year
Sydney Central Business District NSW - $101,233 per year
Sydney NSW - $98,815 per year
Cremorne VIC - $94,455 per year
Brisbane QLD - $84,845 per year
Research VIC - $75,855 per year
Riverwood NSW - $73,888 per year
Townsville QLD - $73,019 per year
11. Frequently Asked Questions (FAQs)
What Are The Types of Market Researchers?
There are two types of Market researchers: quantitative research and qualitative research.
Which Degree Is Best For Market Research?
You usually require a bachelor's degree in marketing, management and commerce, business and management, psychology, or another related field to work as a Market Research Analyst.
Once you complete the course, you will gain confidence to add value to an organization's marketing efforts, pursue further studies in marketing, or secure an entry-level role in this exciting sector.
Why Do You Want To Be A Market Research Analyst?
Market researchers play a vital role in collecting necessary information and data that drive the business's decision-making. There is a good demand for market research services among market research firms and government bodies.
Is Market Research A Good Career?
Market Researcher/Market Research Analyst is a high-demand and well-paid career in Australia. Professionals in this role help improve a company's marketing and productivity by understanding the needs and wants of customers and measuring the efficacy of marketing and business strategies.
The increased use of data and market research across all industries drive employment growth in this sector. In Australia, the government projects the employment of market research analysts to grow much faster than the average for all occupations.
Professional, scientific, and technical service industries are the leading employer for researchers. Other employers include financial services, information media, telecommunications, insurance, and retail trades.
Do Market Researchers Get Paid Well?
Yes. The average salary for market researchers is $92,845 per year, which is higher than the national average salary. On top of the income, market researchers also receive healthcare coverage and retirement plans.
However, this field requires experience and specialization, and entry-level roles can be low paying. Your salary potential can increase as you gain experience, specialize, and pursue a senior role.
What Other Careers Can A Market Researcher Pursue?
Several professions utilize various skills and traits of market researchers. Some of these include:
Advertising Account Executive
Can Anyone Become A Market Researcher?
Yes. Anyone who completes a 3-year full-time Bachelor's degree in marketing, or a Bachelor's degree in business, management, economics, or commerce, majoring in marketing, can enter this role.
You may also consider less common pathways such as an undergraduate degree in statistics, computer science, sociology, economics, psychology, maths, or behavioural sciences to earn specialization in specific industries.
How Do I Get Into Market Research With No Experience?
Entering the marketing industry without relevant work experience can be challenging; however, with thorough research, you could land an appropriate position.
Here we have mentioned a few tips that could help you gain the experience needed to work in this role:
Watch videos, podcasts and read blogs to get a better understanding of the marketing sector.
Develop and run some online surveys to build market research experience.
Consider taking recognized online courses and certifications in marketing skills to acquire basic knowledge to enter an industry. It will boost your resume and demonstrate your commitment to potential recruiters by becoming an accomplished marketing professional.
Identify small firms that can't afford to hire an in-house marketing team or someone in the marketing unit who needs help to widen their social media presence or connect with the local press.
These are the best ways to get work with minimal to no experience. As you build work experience, your freelancing work can become a full-time role.
Do You Need an MBA for Market Research?
Good market research is critical for government and business. It helps them to test markets and form productive marketing strategies and policies.
To become and grow your career as a Market research analyst, you should earn a professional qualification like a Master's of Business Administration from a reputed institute.
Many top Australian universities, such as Sydney University, Swinburne University, etc., offer this course.
Undertaking this course is an excellent way to develop strong communication skills, learn more about business trends, and prepare for promotion opportunities.
A career as a market research analyst can be satisfying. They are responsible for providing valuable insights to assist companies in making informed decisions about their products and services.
If you like finding new ways to drive a company's sales strategically, this career allows you to explore untapped markets to improve the company's marketing efforts.
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