December 15, 2023

How to become a Market Research Analyst in 2024?

Market research analysts pore over trending keywords, survey responses, social media mentions, and more to understand markets, customers, and competitors. Learn more about this high-demand role.

Market research analysts—sometimes called market researchers—help companies develop or maintain a competitive edge by finding and delivering data-backed insights into potential markets, competitors, and even customer behavior.

They’re an integral part of a company’s overall marketing strategy and are in demand across multiple industries. Look at the role of a market research analyst and what you can expect working in the field.

What is Marketing Research Analytics?

Market research analytics is the process of extracting information about target markets, customers, and marketing efforts through data visualization tools in order to generate valuable business insights and report on obtained results in an effective way. It has that specificity to be focused on real market feedback.

In simple words, Market research analytics means looking at data to learn what your customers and the market are saying. It's like taking a close look at your customers, what they want, and how your marketing is doing, and then showing the results in an easy-to-understand way to help your business.

What does a Market Research Analyst do?

Market research analysts help companies understand target markets. They do this through in-depth studies of data from market trends, market conditions, consumer buying behaviors, and other related metrics.

Here are some responsibilities of a Market Research Analyst:

1. Data analysis:

Data analysis involves collecting data through surveys, interviews, and online research, employing tools like web analytics and social media monitoring. The Analyst conducts the process of data analysis and data visualization to identify patterns and trends and present their findings to stakeholders in comprehensive reports and presentations.

2. Market Assessment:

 Analysts evaluate the market's size, potential for growth, and competitive landscape. This information helps organizations make informed decisions about entering or expanding in a market.

3. Consumer Behavior Analysis:

Understanding consumer behavior is essential. Market research analysts track buying habits, preferences, and trends to help organizations tailor their products and marketing strategies.

4. Competitor Analysis:

They assess competitors' strengths and weaknesses, identifying opportunities and threats in the marketplace. This information guides organizations in refining their strategies.

5. Strategy Development: 

Analysts play an essential role in helping organizations develop marketing, pricing, and product strategies. They also provide guidance on product development and market positioning.

Marketing Career Path Options

With a Marketing degree, you open doors to various career options, including:

1. Digital Marketing Analyst: Specializing in online marketing strategies like SEO, SEM, and social media to enhance digital campaigns 

Entry-level average salary: ₹3.3L

2. Marketing Analyst: Analyzing market data to guide strategic decisions.

Entry-level average salary: ₹3.0L - ₹4.0L

3. Business Analyst: Bridging the gap between business and technology to improve efficiency.

Entry-level average salary: ₹3.5L - ₹4.0L

4. Data Analyst: Extracting insights from data for informed decision-making.

Entry-level average salary: ₹4.0L - ₹4.5L

Other potential roles include Advertising or Promotions Manager and Social Media Strategist.

How to Become a Market Research Analyst: Roadmap

In order to become a Market research analyst, You'll need strong analytical skills, attention to detail, and excellent communication abilities. You should be a pro at data analysis and have a grab on spotting trends. 

Let's get started with a complete comprehensive guide to become one in 2024.

Step 1: Education and Academic Foundation

1. Pursue a Bachelor’s Degree

Start with a bachelor's degree in marketing and business administration. Each one provides unique insights into consumer behaviour and preferences. Marketing covers business theories and consumer behavior. Business administration delves into finance, law, and stats.

2. Earn Master’s Degree(Optional)

To qualify for higher-level positions, market research analysts should consider pursuing a master’s degree. There are degrees that focus specifically on market research analysis related fields, such as marketing, market research, or data analytics; however, professionals may also choose to earn a Master of Business Administration (MBA).

Step 2: Building a Data Analytical Skillset

As a market research analyst, you'll need strong analytical skills, attention to detail, and excellent communication abilities. You should be a pro at data analysis and have a grab on  spotting trends. Plus, staying up-to-date with industry knowledge is key to your success.

1. Technical skills

Technical skills for market research analysts include proficiency in Excel for managing tabular data, SQL for database queries, and knowledge of tools like SAS, SPSS, Python, or R for handling both structured and unstructured data. Additionally, expertise in dashboarding tools such as Tableau, PowerBI, Qlikview, or Plotly is also valuable in this role.

Learning Resources
1. Power BI Learning Overview by Microsoft
  • Level : Beginner to Advance
  • Fee : Free to Access
Free Course Here

2. Tableau Learning by Tableau
  • Level : Beginner to Advance
  • Fee : Free to Access
Free Course Here

3. SQL for Data Analysis by Udacity
  • Level : Beginner
  • Fee : Free to Access
Free Course Here

4. Intro to python by
  • Level : Beginner
  • Fee : Free to Access
Free Course Here

2. Data Processing & Statistical Skills

Market research analysts should develop proficiency in Data processing which involves tasks like gathering, organizing, and cleaning data to make it useful and accurate. 

Statistical skills like understanding Mean (average), Median (middle value), and Standard Deviation (variation) help in making sense of the data. These concepts help in summarizing and interpreting information effectively.

For a Market Research Analyst, these skills are like tools in their toolbox, helping them draw meaningful conclusions from the data they work with.

Learning Resources

Step 3: Understand Market Research Analytics

Now focus on understanding market research analysis by either taking a course or reading books and learn how to interpret data to drive marketing strategies and decision-making.

Learning Resources

Step 4: Get proficient in Marketing Research Tools

Marketing research tools help businesses understand their target market and gather feedback and determine how the consumers feel about the company's products or services. Here is a list of some commonly used marketing tools:

  • Common tools include Qualtrics for surveys and data analysis, SurveyMonkey for user-friendly surveys, and  Typeform for engaging forms.
  • Google Trends reveals search term popularity over time and aids in SEO and content marketing.
  • SEMrush is an all-in-one toolkit for SEO, content marketing, PPC advertising, and competitor analysis.

These tools play a vital role in data collection and decision-making for marketing professionals.

Step 5: Build On-the-Job Experience

Before you become a full-fledged market research analyst, spend a few years gaining experience. Roles like marketing assistant or account representative can be useful. This practical experience not only opens up better job prospects but also helps with certifications.

Step 6: Apply for job

Try applying for internships, volunteering, or entry-level jobs in market research. This practical experience helps you understand how markets function, the issues they face, and how to analyze market data effectively.

You can easily find jobs, internships on the following sites:

Step 7: Build a Network

Building a network in the market research industry involves attending relevant events, joining online groups and associations, seeking mentorship, collaborating with peers, and staying informed about industry trends. These steps help you connect with professionals, share knowledge, and stay updated on market research developments, facilitating career growth and opportunities in the field.


In summary, becoming a market research analyst in 2024 involves a clear roadmap. Start with the right education, develop essential skills in data analysis and statistics, and get hands-on experience. Understand market research analytics and the tools of the trade. Building a network is crucial for career growth. With dedication and continuous learning, you can build a successful career in this dynamic field.

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