Do you keenly watch Big Boss seasons? And still manage to steal a quick look of its repeated episodes? Some audience are attracted so much to it that it becomes addictive, then they form a huge audience group whose inputs run the shows content. The reaction, likes and dislikes are all calculated and forms the basis of corresponding episodes. Nearly all of this is facilitated by market researchers. This is an attractive and rewarding field for those with the inclination for questioning the reason of things. Opportunities in the field of market research as a profession are available worldwide and need a rich indulgence in market culture and quantitative methods. Market research is well thought-out to be the highest growing professional categories today.
Market Research includes collection of information and inputs regarding consumers’ opinions, tastes, needs and preferences. This data is compiled through a various methods and then used by companies for decision making regarding advertising, promotion, and distribution activities. Information gathered and analyzed by market research is also helpful to find out accurately who the companies’ target markets are. Market research analysts perform the day-to-day work of the marketing research industry.
Nature of work
Job profile of market researchers varies from the function of field data collection to data compiling, coding and analysis as well. Market research analysts are concerned about the prospective sales of a product or service. They evaluate statistical data on past sales to forecast future sales. They congregate facts and figures on competitors and explore prices, sales, and methods of promotion and distribution.
Market Research Analysts develop methods and measures to obtain the data they need. They often devise telephonic, electronic mail, or online surveys to understand and evaluate customer preferences. Some surveys are conducted as personal interviews by approaching consumers door-to-door, conducting focus group discussions, or setting up kiosks to capture data in public places such as shopping malls and trade fairs. Skilled interviewers, under the market research analyst’s track, mostly conduct the surveys.
After compiling the data, market research analysts assess them and formulate recommendations for their client or employer based on their studies. The information generated out of their analysis forms basis of various key decisions in the area of advertising and sales budgeting, marketing planning, distribution planning, pricing strategies, differential pricing in various geographical territories. Other strategic decision making areas like brand extensions, product line-stretching or pruning, opening new branches, capacity expansion and diversification of operations are also facilitated by such data analysis.
Market research analysts may contribute through his inputs towards developing promotional content for sales brochures, advertising leaflets and ad films, sales strategy, and product promotional offers like sample trials and freebees.
Research studies can be conducted for various agencies, organizations, businesses, rating agencies, government bodies, political parties and individual consultants as well.
Desired Skills in the area of market research
Inquisitiveness, Students aspiring to pursue market research as a career should be of basic nature as inquisitive, to look after reasons and facts for certain observed trends.
Data skills, aspirant must be good at figures and statistical operations. Knowledge of MS office, excel, powerpoint and even IBM SPSS is desirable and in fact must as these facilitate data compilation, analysis and presentation easier.
Team-spirit, as research projects in companies are across huge geographies, large teams are formed to conduct surveys and studies so candidate must be a good team person who can effectively and efficiently collaborate.
People skills and Communication skills, these skills are must to collect information and deal with a variety of audience and be able to understand them thoroughly.
Mentally agility, since this area calls for interaction with variety of target respondents and customer groups so the candidate should be of agile mindset to be able to adjust with the frequency of subject and be able to connect and articulate accordingly.
Ready to travel; since data collection is to be done from various geographic locations and organizations so frequent traveler is suited for the profile while simultaneously skills pertaining to focus and accuracy in data entry and analysis is also needed.