How to Become a Market Research Analyst

In today’s crowded marketplace, every business wants to understand consumer needs, tap into market trends, and stand out among the competition. To succeed in these efforts, they must leverage data-driven insights to make informed marketing decisions.

Many organizations are starting to implement data into their decision-making, but 87% of marketers still claim that data is their most underutilized asset. Why is this the case? The culprit could be found in an overall lack of expertise. Turning raw data into actionable strategy requires skilled analysis, which is why market research analysts are already in high demand across the country. Research suggests that demand will continue to increase in the years ahead, making it a great time to learn how to become a market research analyst.

What is a Market Research Analyst?

Market research analysts spend their days collecting and analyzing data. They gather information, study trends, assess market conditions, and turn raw data into usable information that helps their companies succeed. These data-driven insights serve as a valuable tool, improving a business’s marketing strategies and, in turn, driving overall growth. In fact, 86% of companies report that market research provides a 4x return on their investment.

The positive effects of market research analysis cannot be overstated. For one international retail chain, enhancing market research led to a 15% jump in sales. After implementing advanced data analysis, an education technology company experienced a 20% increase in customer satisfaction. A boutique hospitality company leveraged customer insights and improved data segmentation to increase their market share by 15%.

Market research analysts played a key role in each of these successes. By studying consumer behavior, they can identify effective marketing tactics and recognize areas of potential growth and risk. This helps businesses better connect to their target market. As market research analysts conduct studies and aggregate data, they learn which products and services will be successful, which customers are likely to buy them, and which price points provide the greatest return on investment.

How Do Market Research Analysts Fit into BI Teams?

Business intelligence (BI) teams work together to turn data into useful information. In addition to market research analysts, BI Teams can include:

• BI Architects — This role focuses on designing and implementing systems that store and structure data. From building data warehouses to using their IT skills to manage technical issues, BI architects build data systems so that other members of BI teams can access and analyze information efficiently.
• Data Scientists — While data scientists and market research analysts both work with data, they serve different functions within a BI team. Data scientists focus on machine learning and other advanced techniques to assess big data and make predictions, while market research analysts spend most of their time analyzing consumer data to inform future marketing decisions.
• Business Intelligence Analysts — While BI analysts share some similarities with market research analysts, they often work outside the marketing sector in sales, operations, or logistics.
• Economists — Many BI teams work closely with their company’s finance department, since economists also use data modeling and trend forecasting to help businesses allocate resources correctly.
• Logisticians — In product-based businesses, logisticians often work with BI teams, using data to improve shipping efficiency and minimize costs.

Who Should Be a Market Research Analyst?

Market research analysts typically enter the workforce after earning undergraduate degrees in marketing, business or communications. Each of these degrees provides some of the foundational skills needed to analyze and report on market research. Those pursuing senior or more specialized roles should consider earning a graduate degree like an MBA or DBA in business intelligence or marketing.

In the workplace, market research analysts use a variety of technical skills and soft skills to excel in their work. Technical skills like data collection, data analysis and programming allow them to work efficiently with large amounts of statistical data. Soft skills like strong communication, attention to detail and critical thinking help them interpret the data and share their findings effectively.

Many market research analysts begin their careers as research assistants or marketing assistants. Through entry-level jobs, internships, and workplace collaboration, market research analysts gain the experience needed to lead companies in successful marketing efforts.

The Role of Market Research Analysts

Market research analysts employ a diverse range of skills in the scope of their work. Their technical skills help them collect data from various sources like data warehouses, customer reviews, and social media comments. Their soft skills help them turn those data points into reports and graphics, which they share with company executives and marketing team leaders.

Market research analysts play an important role, but they don’t work alone. They must be strong communicators who make data accessible to other teams, crafting reports and presentations that all can understand. They’re also strategists, working with other marketing professionals to implement research into campaigns and forecast future consumer behavior. As companies build more robust business intelligence teams, market research analysts get to collaborate with others to enhance marketing strategy, communications, and sales.

Career and Salary Outlook for Market Research Analysts

Market research analysts are in high demand, which leads to competitive pay and lucrative job opportunities. The BLS reports that market research analysts made an average annual salary of $76,950 in 2024, with the top ten percent of earners bringing in more than $144,610 annually. Advanced work experience and graduate degrees can help market research analysts secure top-paying roles.

As companies continue to look for employees who know how to merge data-driven insights with strong communications skills, available jobs for market research analysts will continue to skyrocket. Over 88,000 openings for market research analysts are projected each year, with a growth rate of 8% between now and 2033, much faster than the national average. This is great news for marketing or business professionals who want to further their education and advance their careers as market research analysts.

How to Become a Market Research Analyst

1. Earn an undergraduate degree.

Students can lay a solid foundation for any marketing or data analysis career by earning a bachelor’s degree. For those aspiring to become market research analysts, popular degree programs include marketing, communications, business administration, or psychology.

These degree programs provide education that aids in a market research analysis career. A psychology degree can help analysts understand the thoughts and feelings of their consumer base, while a business administration degree covers finance, leadership, and statistics. A marketing degree may prove most helpful to aspiring research analysts, combining business education with psychological insights.

1. Gain real-world experience.

Even before students graduate, they can volunteer to help with market research projects and apply for internships in their field. Both of these opportunities provide valuable work experience that will help them secure a job in marketing or research.

Most companies prefer to hire recent graduates in entry-level positions like research assistant or marketing assistant. As they work, they learn in real-time and pick up valuable skills that will help them advance their career. Marketing professionals can also earn market research certificates that can help them hone specific skills and stand out among their peers as they advance into the role of market research analyst.

1. Earn a graduate degree.

Market research analysts may eventually want to qualify for more competitive positions that require top education and skills. Top market research analysts go on to earn their MBA and DBA degrees, which opens doors to lucrative opportunities and leadership roles. Advancing your career as a market research analyst with a graduate degree will help you learn critical leadership skills, applied research, and data-driven strategy to prepare for administration, education and government roles. To become a leader in your field, consider earning your DBA in Business Intelligence.

Earn Your DBA Online with Marymount University

Earning a doctorate online allows you to continue to excel in your field while furthering your education. At Marymount University Online, our Doctorate of Business Administration in Business Intelligence teaches you to identify and fully seize data-driven opportunities to inform decisions you are making today.

Marymount University offers an innovative approach to the Doctorate of Business Administration, enhancing students’ expertise and equipping them to achieve their fullest potential. You’ll study in The College of Business, Innovation, Leadership, and Technology (BILT), whose interdisciplinary approach provides a robust, multifaceted perspective.

In your coursework, you’ll enhance your skills in change management, strategic thinking, and ethical decision-making, all of which help you stand out as a leader. While you study, you’ll build your professional network by connecting with other experienced leaders, faculty and alumni from across the country — currently spanning 38 states.

Marymount University’s online DBA in BI can be completed 100% online in just three years, allowing you to balance your current career with your future aspirations. Our unique focus on business intelligence prepares you for an ever-evolving digital world, helping you succeed today while preparing you for tomorrow.

Become a BI expert with a DBA in Business Intelligence from Marymount University Online.