You are friends with a girl named Donna. She has a small business of handmade chocolates which is gaining popularity. Hence, She is planning to increase the flavours of the chocolates she sells. But to do so, she will have to empty her piggy bank entirely. Do you think she should do that?
If you think you need more information before answering that question, then you are right. This is what Market Researchers/Analysts do. They provide the business owners with the additional information that is required to make strategic business decisions.
In this article, you will know how you can become a market researcher/analyst after the 12th, the educational opportunities- in India and abroad, the skills required, and the salary a market researcher earns.
Who is a Market Researcher Analyst?
A Market Researcher/Analyst studies consumer preferences and then consults an organization to determine various aspects of the business -like what goods consumers want, who will purchase them, and how much they will cost.
Read more: How to become an Investment Analyst
How to Become a Market Researcher/Analyst? [Step by Step]
Step 1: Stream to select
The best part about Market Research is that you can get into it from any of the fields- Humanities, Science, and Commerce. The decision should be made based on the subjects you like and the amount of money you are ready to invest.
Step 2: Certification Courses & Project Courses
You may try out a variety of online courses to learn more about the field of work. You can use these credentials to assess your interest in the field. The signals that you should watch out for are the desire to learn more about it and the enthusiasm you have while taking the course. Some of the certificate programs that will make you stand out and advance your knowledge in the industry are:
|Institute offering the course
|The University of California through Coursera
|Market Research and Consumer Behavior
|IE Business school through Coursera
|Data Analytics Professional Certificate
|Google through Coursera
|less than 6 Months (self-paced)
|Market Research: Qualitative
|1 Hour 29 mins
|An introduction to Consumer Neuroscience and Neuromarketing
|Copenhagen Business School through Coursera
|Jr. MBA in Data Analytics
|Market Research Foundations
|Excel: Market Research Strategies
|2 hours 10 mins
Step 3: Educational Qualifications
How to become a Market Researcher Analyst After the 12th
What to study In India
A) UG/ Diploma/Certificates In India:
There are various paths you can take to become a Market Researcher Analyst through the 3 different streams:
–B.Sc in Mathematics
–B.Sc in Statistic
–B.A. in Psychology
–B.A. in Economics
- PATH 1:
With Commerce in 12th Grade, you can pursue your Bachelor’s Degree in either B.Com or other self-financed courses like BBA (Bachelor in Business Administration) or BBM (Bachelor in Business Management) with specialization in Marketing or Digital Marketing.
- PATH 2:
With Science in 12th, B.Sc (Bachelor of Science) with specialization in Mathematics, Statistics or Computer Science can get you into Market Research. These courses will help in developing the data analysis skills which are the core of Market Research.
- PATH 3:
Social Science degrees like a B.A. (Bachelors in Arts) with a specialization in Psychology provide a deeper understanding of consumer behavior and habits.
You can even pursue some diploma courses post completing 10+2.
|Institute offering the course
|Diploma in Research Analyst
|National Institute of Financial Markets (NIFM)
|Diploma in Research Analyst
|Institute of Financial Market (IIFM)
|Diploma in Research Analyst
B) Top colleges to pursue these degrees:
- Indian Institute of Management, Bengaluru
- Institute of Financial Market, Bengaluru
- Faculty of Management Studies, Delhi
- Indian Institute of Management, Ranchi
- MICA, Ahmedabad
- Indian School of Business, Hyderabad
- Rustomjee Business School, Mumbai
What to Study Abroad
A) UG/ Diploma/Certificates Abroad:
The degree name of the Bachelor’s courses abroad is more or less the same. However, their syllabus, structure, and approach to teaching might differ. Some of the UG courses that you can check out include:
|B.Sc in Marketing
|Degree in Marketing and Market Research
|BA (Hons) in Marketing
|BBA (Hons) in Marketing
The duration of these bachelor’s courses and their names might differ depending on which country you apply to.
You can also pursue some globally recognized certifications which will help enhance your expertise in the field. Some of the renowned certifications are:
|International Institute for Procurement and Market Research (IIPMR)
|Certified Research Analyst
Certified Research Expert
Certified Research Professional
|120 hours for 3 levels
|Certificate in Market and Social Research Practice
|Less than 6 months
|Professional Researcher Certification (PRC)
|The University of Texas
|Graduate Certificate in Marketing Analytics and Market Research
|1 year (9 Months online + 3 on campus)
B) Top colleges to pursue Market Research:
- Universidad de Leon, Spain
- University of London, UK
- Arden University, UK
- Southern University College, Malaysia
- Twintech International University College Of Technology, Malaysia
- Philander Smith College, USA
- The Pennsylvania State University, USA
Learn more: How to become a nutritionist after 12th
Step 4: Job Preparation required
After completing your Bachelor’s degree, how do you get a job as a Market Researcher Analyst? Considering that people from all disciplines get into the role, there is some serious preparation you must do to stand out from the crowd. Here are some tips:
- Assess your interest in the subject
Programs like Clever Harvey’s JuniorMBA in Chief Marketing Officer are a great way to analyze whether you like the subject of “Marketing”. With our industry partner Puma, you will get to know amazing brand stories and solve problems like a pro.
While you’re still in college, an internship can help you get useful work experience. Although you might not have any prior job experience, your excellent grades and projects might make you eligible for the right internship and, eventually, a career.
3. Build connections:
LinkedIn is a great way to talk to experts from the field and gain insights into the role. You might never know who might consider you for their next opening. Additionally, any social media account works great to showcase your work- be it Instagram or LinkedIn.
4. Take up Live projects:
Live projects work best if you don’t have time to commit to an entire internship. Taking up a small research project with a market research company will help you understand the basics of research and even help you distinguish yourself from others.
Skills required to become a Market Researcher Analyst:
- Project Management
- Presentations Skills
- Interpersonal Skills
- Analytical Skills
- Interest in Marketing and Human Psychology
- Attention to detail
- Good observation skills to notice patterns in data
Salary of a Market Researcher/Analyst:
Salary in India for a Market Researcher Analyst
As a Market Researcher Analyst, you can expect to earn between 3 LPA to 3.2 LPA as a starting salary. However, these figures are an average and approximate amount. A lot about salary depends on the company and even geographical location. A start-up in Mumbai might be able to pay you more than a start-up in Udaipur or even vice versa.
In India, the highest paying cities for entry-level positions are
- Ahmedabad, Gujarat- ₹18,190/ month
- Mumbai, Maharashtra- ₹16,243/ month
- Gurgaon, Haryana- ₹15,496/ month
- Noida, Uttar Pradesh- ₹15,443/ month
- Pune, Maharashtra- ₹15,387/ month
Salary Abroad for a Market Researcher/Analyst
Salary abroad would also depend on different locations across the country. However, a general overview of the entry-level salaries is shown below:
|Entry-level salary per year
|44 773 €
Top recruiters in India
- Cognizant Technology Solutions
- Silicon India
Top recruiters abroad
- Morgan Stanley
- Haynes and Company
- IFF Research
Still, want to explore more? Here are some ways you can do that:
- Shark Tank and Shark Tank India
What to expect: With every pitch, you will get to know various business jargon along with how people are doing their research
What to expect: Interviews with the world’s great marketing managers from renowned brands
- Books you can read:
- 21st Century Marketing: Philip Kotler
- Design for How people think: John Walen
- Marketing to Mindstates: Will Leach
I hope this information excites you to get into market research. Considering that every company on this planet wants to be the best, each of them wants to know what their customers want, making Market research one of the most lucrative career options.
FAQs about how to become a Market Research Analyst
How can I become a market research analyst?
Enroll in a relevant higher education program. Many businesses demand that market research analysts hold a bachelor’s degree in a subject like marketing.
Acquire some basic work experience. It will add to your portfolio.
Look for certificates to upskill.
What qualifications do you need to be a market researcher?
A degree in statistics, marketing, or Psychology can get you a Market Research Job. Other than the degree, it also requires
strong computer and statistical skills.
An aptitude for working with data is required for quantitative research.
A fascination with behavioral science and psychology for qualitative research.
To operate as an industrial researcher, you must possess certain scientific or technological knowledge.
Is market research a good career in India?
In India, market research positions are well compensated. The entry-level positions might, however, be low paying due to the need for expertise and specialty in this industry. Fresh grads may be paid between INR 20 and INR 25 thousand per month.
Do market research analysts travel?
Analysts of market research often work inside. For surveys or focus groups, they could spend time outside of the office recruiting people. To conduct market research or to convey their results to clients, they could also go to conference rooms or meeting locations.
What are the 4 types of market research?
You don’t have to stick with just one research technique; there are a variety of methods you may gather consumer data and do market research. Surveys, interviews, focus groups, and consumer observation are four popular forms of market research methodologies.
What are the 2 main types of marketing research?
The main two types are Primary research and secondary research. Primary research involves research being conducted for the first time while secondary research is where the already existing data is used to make some conclusions.
How do companies use market research?
Companies use market research to improve their products through customer feedback. Also, market research helps companies to maintain a good relationship with their customers by keeping them up to date with new products and services.