As of May 2011, there were 318,190 marketing or market research analysts employed in the United States, according to data from the Bureau of Labor Statistics. This indicates the importance of this field in the business world, as these workers keep tabs on customers, competitors and changing demands in the marketplace. They usually work in marketing departments of corporations or other institutions and often report to marketing or marketing research managers.
Average Annual Salary & Benefits:
Marketing research analysts earned mean annual salary of $67,130, according to the BLS. The top 10 percent made of $112,560 per year. The top-paying industry for these professionals is automotive manufacturing: $99,320 per year. And those in Delaware and the state of Washington earned the highest salaries at $81,070 and $78,620 per year, respectively. Marketing analysts who work full time usually receive benefits like medical insurance, paid time off and retirement plans.
Primary Job Duties:
Marketing research analysts are usually employed by research agencies or companies that manufacturer or sell products or services. Some may be employed by the government or non-profit organizations. Whatever the case, the job of a marketing research analyst is to write questionnaires, coordinate the fielding of the research and then analyze the results. They may study how satisfied customers are with a new product they purchased, for example, or determine the percentage of people who saw a particular advertisement on television. They may also be responsible for tracking demographics of customers, such as age, income and family size. After analyzing survey results, these workers usually summarize the results in a report. The information is then used to help companies develop marketing strategies.
A marketing research analyst typically works in an office. Most work an average of 40 hours per week, with a typical workweek being Monday thru Friday during the day. Many work in a business casual environment, but they may need to wear suits when presenting to client companies. And because of project deadlines, they may have to work weekends on occasions. Five percent of marketing research analysts are self-employed, according to the BLS, running their own agencies or consulting firms.
Education & Training:
Most marketing research analysts are required to have bachelor's degrees. They take courses in marketing, psychology, statistics and economics. Some companies may prefer or require masters' degrees for these professionals. And those who teach in universities must have doctorate or Ph.D. degrees. Training is mostly on the job. Those who want to join professional organizations may need to seek certification.
The BLS reports that jobs for marketing research analysts are expected to increase 41 percent between 2010 and 2020. This rate of growth is much faster than the 14 percent national average for all occupations. Competition is fierce among corporations. The value the data marketing research analysts mine to differentiate themselves from competitors. This is the main impetus behind the growth rate.