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.
Sponsored School(s)
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
| State | Hourly Wage | Annual 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.