Average Market Research Analyst Salary by State

A market research analyst helps organizations understand the products and services people want and what price they are willing to pay for them. (Rasmussen.edu). These analysts also examine market conditions to gauge the sales potential of new products and services. That research can come in many forms, as long as it helps the organization to understand its audience and industry, market their products well and maximize profits.

Common duties of market research analysts include: (BLS.gov)

  • Monitor and forecast sales and marketing trends.
  • Measure how effective marketing programs and strategies are.
  • Devise and evaluate methods for collating and collecting data, including surveys, questionnaires and opinion polls.
  • Collect important data on competitors, consumers, and market conditions
  • Analyze company data with statistics software
  • Convert datasets and findings into tables, graphs and written reports that can be understood by laymen.
  • Prepare reports and present data findings to management and clients.

Market research analysts play a critical role in the competitiveness of modern companies. They research and collect data to help companies market services and products better and to the right people. They also collect information and data with many methods, such as focus groups, interviews, market analysis surveys, and literature reviews.

By analyzing prices, sales and marketing techniques, market research analysts, they find potential new product markets, and learn about product demand and pricing. In the end, their vast knowledge of the target customer allows them to develop marketing materials and sales plans to increase sales and profitability.

Market Research Analyst Salary Outlook

Professionals and students interested in a market research analyst career might consider getting their degree in marketing, business, finance or a related field. But before you commit to a college program, learn as much as you can about the salary outlook for this profession. Below is detailed information to help your decision-making process.

Bureau of Labor Statistics

BLS reports the median salary for market research analysts is $63,100, with a range between $34,300 and $121,000. Market research analysts with the most experience and a master’s or MBA generally earn the highest salaries. (BLS.gov). The top industries for salary in this profession are:

  • Publishing: $74,300
  • Management of companies and enterprises: $73,400
  • Finance and insurance: $69,600
  • Wholesale trade: $61,400
  • Management, scientific and technical consulting: $60,800

A related position to consider for salary information is survey researcher. These professionals do some of the same work as market research analysts, such as design surveys and analyze data to help companies make decisions about products, services, and prices.

The Bureau of Labor Statistics reports the median salary for survey researchers is $57,700 as of May 2018, with a range between $29000 and $103,500. (BLS.gov)

Highest paying industries in the survey research field are:

  • Scientific research and development services: $73,400
  • Other professional, scientific, and technical services: $54,600
  • Educational services: $53,000
  • Religious, grantmaking, civic, professional and related organizations: $50,300

Payscale.com

Payscale.com states the average salary for marketing research analysts is $51,766, with a range between $39,000 and $75,000. Popular skills and corresponding salaries in the market research analyst field are: (Payscale.com)

  • Market research: $51,700
  • Data analysis: Data analysis: $54,200
  • Microsoft Excel: $51,400
  • Research analysis: $49,000
  • Strategic marketing: $56,500

This website also reports higher salaries in market research analysis as your experience increases:

  • Zero to one year of experience: $45,500
  • One to four years of experience: $51,600
  • Five to nine years of experience: $57,756
  • Ten to 19 years of experience: $75,000
  • More than 20 years of experience: $71,500

Payscale notes that your salary can be higher or lower than the average salary of $51,766 based on living in these cities:

  • San Francisco: +35%
  • Boston: +14%
  • Chicago: +13%
  • New York City: +6%
  • Seattle: +3%
  • Washington DC: -2%
  • Atlanta: -5%

US News and World Report

This source notes the median salary for the field is $63,200 with a range between $46,460 to $89,200 from the 25th to 75th percentile. (USnews.com)

Glassdoor.com

Glassdoor.com reports the average salary for market research analysts is $63,100, with a range between $11,000 and $59,000. (Glassdoor.com)

Indeed.com

Indeed.com reports the average salary for market research analysts is $61,588. Other related salaries are: (Indeed.com)

  • Market researcher: $67,300
  • Research analyst: $72,800
  • Business analyst: $75,900
  • Market analyst: $68,600
  • Product analyst: $80,600
  • Intelligence analyst: $56,100

Ziprecruiter.com

Ziprecruiter.com reports the average salary for market research analysts is $62,900 per year, with a range between $23,500 and $106,000. Most in the profession earn between $46,000 and $64,000. (Ziprecruiter.com)

Salary.com

This website reports a median salary of $58,600 with a range between $52,100 and $66,100 for market research analysts. (Salary.com)

Job Demand for Market Research Analysts

BLS reports that employment of market research analysts will soar 20% by 2028, much faster than average. Employment growth is being caused by the greater use of big data and market research in most industries to determine the products and services consumers want and the prices they are willing to pay. Market research analysts will be needed to better grasp the wants and needs of customers, measure how effective marketing and business strategies are, and identify the factors that shape product demand. (BLS.gov)

Job demand also is increasing because companies know that market research gives them a chance to boost sales and reduce costs. Companies are studying consumer behavior in more detail to develop finer tuned marketing strategies to drive sales.

Average Market Research Analyst Salary by State

StateHourly WageAnnual Salary
New York - Market Research Analyst$33.08$68,808
Massachusetts - Market Research Analyst$32.84$68,312
New Hampshire - Market Research Analyst$32.05$66,655
Maryland - Market Research Analyst$30.48$63,404
Hawaii - Market Research Analyst$30.34$63,106
Connecticut - Market Research Analyst$30.25$62,923
Alaska - Market Research Analyst$30.25$62,919
Montana - Market Research Analyst$30.25$62,919
North Dakota - Market Research Analyst$30.25$62,919
Wyoming - Market Research Analyst$30.25$62,919
Nevada - Market Research Analyst$30.25$62,919
Idaho - Market Research Analyst$30.25$62,919
Vermont - Market Research Analyst$30.17$62,752
Nebraska - Market Research Analyst$30.11$62,630
Washington - Market Research Analyst$30.09$62,593
Rhode Island - Market Research Analyst$29.78$61,948
California - Market Research Analyst$29.77$61,912
Virginia - Market Research Analyst$29.62$61,606
Arizona - Market Research Analyst$29.30$60,948
New Jersey - Market Research Analyst$29.11$60,557
Colorado - Market Research Analyst$28.73$59,759
West Virginia - Market Research Analyst$28.71$59,724
Minnesota - Market Research Analyst$28.60$59,491
Pennsylvania - Market Research Analyst$28.60$59,487
South Dakota - Market Research Analyst$28.59$59,465
South Carolina - Market Research Analyst$28.55$59,378
Tennessee - Market Research Analyst$28.44$59,147
Delaware - Market Research Analyst$28.42$59,120
Oregon - Market Research Analyst$28.40$59,064
Utah - Market Research Analyst$28.20$58,651
Ohio - Market Research Analyst$28.14$58,537
Kentucky - Market Research Analyst$28.11$58,472
Indiana - Market Research Analyst$27.95$58,138
Oklahoma - Market Research Analyst$27.88$57,995
Louisiana - Market Research Analyst$27.80$57,826
Wisconsin - Market Research Analyst$27.75$57,726
Kansas - Market Research Analyst$27.67$57,547
Maine - Market Research Analyst$27.64$57,492
Iowa - Market Research Analyst$27.58$57,361
Texas - Market Research Analyst$27.12$56,402
Georgia - Market Research Analyst$27.02$56,200
Arkansas - Market Research Analyst$26.92$55,987
New Mexico - Market Research Analyst$26.76$55,670
Alabama - Market Research Analyst$26.56$55,255
Michigan - Market Research Analyst$26.54$55,194
Illinois - Market Research Analyst$26.45$55,021
Mississippi - Market Research Analyst$26.15$54,399
Missouri - Market Research Analyst$25.89$53,846
Florida - Market Research Analyst$25.50$53,038
North Carolina - Market Research Analyst$23.19$48,236

Source: Ziprecruiter.com, January 2020.

Summary

Demand for market research analysts will be strong for the next decade, as companies want to better understand the needs and wants of customers. The vital input of market research analysts can be the difference between a successful company and one that is just hanging on.

Earning a bachelor’s degree in market research, statistics, math, business or even computer science can give you a good start in the field with a salary starting in the $40,000s or $50,000s.