Market Research Analysts Skills: Definition and Examples
By Indeed Editorial Team
Published 14 September 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
With a competitive business environment, organisations may require market research analysts to understand the market and develop successful advertising strategies. Companies often recruit market research analysts to help them create successful services, products or campaigns. Understanding market research analyst skills can improve your candidacy when seeking a market research analyst job. In this article, we define market research analyst skills, provide examples, outline how to improve them, give examples of these competencies in the workplace and explain how to highlight them when pursuing a job.
What are market research analysts skills?
Market research analysts skills are the proficiencies and competencies that market research analysts require to perform their duties. For example, a market research analyst can use data analysis skills to scrutinise customer behaviour and patterns. They can also use communication skills to engage stakeholders, explain their findings and address any concerns. Successful market research analysts often identify and improve their specialised skills. They can use their knowledge to highlight these competencies during a job search.
Examples of market research analyst skills
Market research analysts can use various skills to perform their duties. The following are some examples of skills they may use:
Market research involves collecting large amounts of data about the market and customers. A market research analyst assesses the data to obtain helpful insights regarding a specific business line or industry. Data analysis skills help a market research analyst discern what's relevant, analyse large amounts of data and get insights such as patterns. A market research analyst understands these data analysis types:
Descriptive data analysis: This data analysis type comprises the techniques to organise and categorise historical data to determine trends. Market research analysts can use it to quantify outcomes of previous business practices using simple terms such as the number of site visits, products a company manufactures and sales figures.
Diagnostic data analysis: This data analysis type involves the methods to evaluate data sets and identify causal relationships. For instance, if a descriptive assessment shows increasing sales within a specific period, a diagnostic analysis can seek the reason for the deviation.
Predictive data analysis: This data analysis type comprises the techniques that utilise existing data to forecast trends and outcomes. The process can involve machine learning algorithms and complex mathematical models to derive valuable predictions from data sets.
Prescriptive data analysis: This data analysis type is an advanced form of predictive data analysis, and it attempts to predict potential outcomes of hypothetical changes to organisational practices. For example, existing businesses can use this method to determine whether launching a new product may make similar company items redundant.
While market research analysts often use data that businesses already have, they can also collect primary data. Data collection competencies can help these professionals. For example, they can know where to find data and how to capture it. Data collection techniques that can help market research analysts include:
Interview techniques: Market research analysts can use customer discussions and focus groups when collecting data. Good interview and interpersonal skills can help these professionals obtain credible and usable data.
Survey creation: Market research analysts may know how to develop scientifically valid surveys to obtain the information they want. They may also utilise form builder software to create and publish digital surveys.
Data curation: Market research analysts can manage and filter collected data to determine what's helpful for their tasks. They know how to classify data and prepare the relevant sets for market research.
Market research analysts can use communication skills to engage various stakeholders. For example, they can use these competencies to communicate their findings to stakeholders, which stakeholders can use while making a decision. A market research analyst can also use communication skills to engage colleagues. They can share and understand a company's sales and promotional goals, communicate campaign progress, devise effective marketing strategies and engage other teams to achieve common targets. These skills can include speaking, listening and writing. You can improve your communication skills by observing effective communicators and attending communication training.
Market research analysts can create compelling data visualisations to help them communicate their findings to stakeholders. Data visualisations are the graphical representations of data sets that highlight important trends from the data. A market research analyst can use these solutions to help stakeholders see and understand their findings. Some tools a market research analyst can use to visualise the data include graphs, charts and diagrams.
Marketing strategy knowledge
Market research analysts require advanced knowledge of advertising strategies. For example, they can know how to target an audience, write sales copies, develop a sales process and track sales goals. They can use this knowledge to create successful marketing strategies and provide helpful insights to improve organisations' marketing efforts. Understanding human behaviour and psychology can also help market research analysts predict how various customer segments can receive an advertising campaign. Market research analysts can use their expertise to devise appropriate marketing campaigns for different groups.
Market research analysts may monitor campaigns and engage different departments or individuals while working. Organisational skills can help these professionals schedule, prioritise and run multiple campaigns. For example, planning your day or week can ensure you complete required tasks within set timelines. You may know what to do each time, reducing your likelihood of overlooking responsibilities or wasting time. You can improve your organisational competencies by arranging your desk, having a schedule and using a task manager.
Successful market research analysts can recognise issues and formulate solutions to resolve them. For example, they can evaluate the performance of an organisation or department to determine marketing challenges. Market research analysts can suggest potential fixes to improve targeting and marketing strategies, helping the organisation or department meet its advertising goals. Practice can help you develop your problem-solving skills. You can also review case studies of other market research analysts to get helpful insights.
How to improve market research analyst skills
Improving these skills can help you develop the required competencies to perform various duties. Here are steps to help improve your skills:
1. List relevant skills
List the skills you may require to execute the duties of a market research analyst. Search online to discover these competencies and proficiencies. You can also consult a senior market research analyst to learn their skills. Compare their suggestions with your list and add any missing skills to it.
2. Rank skills
Rank how often you may use the skills you've listed. You can also create a separate list ranking your proficiency in each skill. Compare the two lists to identify skills that you may frequently use and can improve. Prioritise these skills as you plan to improve your market research analyst skills.
3. Improve skills
Improve the skills you've prioritised by attending short courses, reading a wide range of texts, getting insights from senior colleagues or practising using the skills to improve them. Find the appropriate mix of improvement strategies and implement them. For example, you can attend classes and practise to improve hard skills like data collection and analysis.
4. Review your progress
You can assess how you're improving your skills after specific periods. For example, you can ask colleagues or family members to evaluate your progress in your communication skills. You can also test your performance when improving hard skills by using them to perform duties that a market research analyst can perform. If you're improving slower than expected, you can change your approach.
Market research analyst skills in the workplace
Reviewing how these professionals use certain skills in the workplace can help you understand their importance. Here are ways market research analysts can use them:
Communication: Market research analysts can discuss their work with colleagues, request information from various departments and receive feedback. They can also communicate their findings to stakeholders to help them make decisions.
Data collection: Market research analysts can obtain data from departments or potential customers using surveys, interviews or focus groups.
Data analysis: Market research analysts can scrutinise data to determine what's important. They can also process information to get helpful insights.
How to highlight market research analyst skills
Highlighting your market research analyst skills on a resume, in a cover letter or during an interview can demonstrate your competencies. The following are ways to do this:
1. Market research analyst skills for a resume and cover letter
List market research analyst skills on your resume and explain them in your cover letter. Review the job description and company website to determine the skills you can highlight. Prioritise the skills on a job description to better align with what a hiring manager and the applicant tracking system may look for and require for this role. You can briefly describe an experience to demonstrate these skills in your cover letter.
2. Market research analyst skills for a job interview
You can use a job interview to demonstrate your market research analyst skills. Tailor your answers to highlight your skills while answering an interviewer's questions. You may use experiences to show your proficiencies and competencies.
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