Greenlights abound as to mastering the essential skills to be possessed on how to become a market researcher. In this article, we shall be nudging your consciousness and feeding your thirst or interest with the things to do an dhow to do it in order to become the best at being a qualified market researcher.
If you would like to become a market researcher, there are a few essential steps to take. Most applicants for the role will have an undergraduate degree. A postgraduate qualification in a statistics related area can be beneficial for those who have an undergraduate degree in an unrelated field.
You will also need several years work experience to get certified as a professional market researcher. During your studies you can gain work experience via a work placement or a summer internship. As a graduate you can start as a market assistant or account coordinator. These roles will help provide access to job opportunities, such as becoming a market researcher.
Market research skills involve your ability to gather and analyze data related to potential customers, products and services. Market researchers, marketers, advertisers, media executives, business developers and business analysts primarily use these skills.
They involve following the best practices to get results that help them understand market trends and interpret customer behavior. Although they shall be comprehensively explained, some of the very important skills to be found with market researcher are outlined below:
- Strong knowledge of statistics and computers
- An ability to handle data to work in quantitative research
- An analytical mind
- An interest in psychology and behavioral science for qualitative research
- Specific scientific or technical knowledge to work as an industrial researcher
- Confidence when dealing with a wide variety of people
- The ability to take responsibility and handle pressure
- Excellent communication skills and the ability to give clear instructions
- Accurate and clear written skills when producing questionnaires and reports
- Methodical and well organized
- Good numerical, analytical and problem-solving skills
- Commercial awareness for work with corporate clients
- Excellent people skills and a friendly manner
Who is a Market Researcher?
A market researcher is someone that helps brands and businesses understand which products and services are in demand, which demographics comprise their target audience and how much their target audience is willing to pay for their products or services.
Market Researchers usually work for market research consultancies or in-house marketing / research departments. And this can span practically any industry. Depending on the sector, audience and purpose of market research, there are a number of methods you would use. Quantitative research involves questioning large numbers of people by telephone and postal surveys, plus interviews in person.
While qualitative research uses focus groups and in-depth interviews to glean information. In addition, electronic data collection involves compiling statistics that are already available, such as company records.
Skills That Are Essential for Market Researcher
Here are the important skills which professional market researchers must display in the discharge of their roles:
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Market Research Awareness
Awareness of market research is a key skill for this role. You may develop this skill by keeping up to date with market research activity, including the latest news and tools. Market research is ever-increasing, meaning there are many opportunities and tools to help you conduct valuable research and carry out other primary duties. Staying up to date with the latest news and forms of market research helps you appeal to employers who want to reach wider audiences.
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Critical Thinking Skills
Critical thinking skills are crucial for market research, as they help you to evaluate the quality, reliability, and validity of your data and sources. You need to be able to question assumptions, challenge biases, and avoid logical fallacies in your research process. You also need to be able to compare and contrast different perspectives, arguments, and evidence, and form your own independent and informed opinions.
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Interpersonal Skills
Interpersonal skills are valuable to have across many aspects of market research. Firstly, interpersonal skills help you communicate effectively with team members and colleagues. Secondly, they’re advantageous for communicating with consumers and conducting interviews that provide key insights. Interpersonal skills help you extract the information you need from consumers to make beneficial decisions and boost profits.
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Data Visualization
Data visualization skills help you create engaging and compelling data visualizations. Most market researchers depend on data visualizations to communicate their findings to stakeholders and clients. These graphic representations of data and statistics are useful for highlighting key trends or identifying areas for improvement within strategies. These skills allow you to showcase information to other staff who may not have a background in market research.
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Reading Comprehension
Market researchers regularly interpret various documents and data, making reading comprehension very beneficial. The ability to read effectively and comprehend key information helps you extract the most important aspects of data or other forms of research. Interpreting data correctly is a key responsibility of market research, making reading comprehension central to the role.
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Data Analysis
Data analysis is a foundational skill for market researchers. Your ability to analyze data is key to making informed and useful recommendations to clients and helps you present your findings. Understanding data also guides you towards the best approach for gathering consumer data, such as surveys or questionnaires.
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Product Development
Product development skills are valuable for helping you conduct quantitative and qualitative research. Experience and strengths in product development help you provide different departments with relevant data that they may use to inform objectives and strategies. Product development skills are also valuable for your recognition of consumer insights, as consumer insights and opinions are typically the focus of market research.
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Communication Skills
Communication skills are equally important for market research, as they enable you to communicate your findings and insights effectively to different audiences and stakeholders. You need to be able to tailor your message and style according to the purpose, context, and medium of your communication. You also need to be able to use various formats and channels to present your data, such as reports, dashboards, infographics, presentations, and podcasts.
Market Researcher Earnings
Their starting salary will be around £10,000 while agency staff are paid around £30 for a six hour day.
In other areas of office-based market research, they start on £15,000 to £20,000 a year which, with experience, would rise to around £28,000.
In senior positions, your salary could increase to £40,000 to £50,000.
