Last Updated: November 4, 2020
For a company to introduce a new product in the marketplace, conditions need to be just right. If the market is too saturated, the product will be ignored. If the market is too small, companies won’t recover costs.
These factors and more are why companies hire research analysts to ensure that product or service launches will be successful. Using statistical software and knowledge of marketing practices, research analysts provide companies with projected outcomes and the potential risks associated with project launches.
What do they do?
Location and Opportunity
According to Indeed.com, prospective research analysts have good chances of finding jobs in several different locations. Some of these locations include:
Research analysts are statistical wizards who research target markets to understand who offers a product, how they offer the product, who buys the product, and why they buy the product. By reviewing large amounts of data, they run case scenarios for their products, measuring their impact.
Companies assign research analysts to teams who work with marketers to monitor campaigns. They craft reports that show the return on investment for a product before and after a planned marketing campaign, detailing the benefits or risks to account executives.
Research analysts work with many other market researchers to monitor campaigns. Some other professionals include:
Our Recommended Schools
Most research analysts enter the position straight out of college, gaining experience beforehand in internships. The position is well suited for those with extensive mathematical skills and an ability to translate complex data into readable marketing goals.
Many companies require research analysts to earn master’s degrees in statistics or marketing. Some schools offer specific master’s-level programs for market research careers.
Becoming a Research Analyst
Research analysts earn competitive pay as they ensure the ongoing survival of their companies. Most research analysts earn an average salary of $84,000, with others earning even higher.
If you’re interested in learning more about researching market conditions, contact schools offering degrees in marketing.