Are you a fresh graduate or young professional looking to kickstart your career as a Market Research Analyst in India? If so, then you've come to the right place! This comprehensive guide will provide you with all the information you need to become a successful Market Research Analyst.
What is Market Research Analysis?
Market Research Analysis is the process of collecting and analysing data to help businesses make informed decisions about their products and services. The job involves carrying out surveys, focus groups, and other research methods to gather information on consumer preferences, market trends, and competitor strategies.
The role of a Market Research Analyst is vital in helping companies understand the needs of their target audience and make strategic business decisions based on the insights gathered.
Job Potential and Growth Opportunities
Market Research Analysis is a growing field with immense job potential in India. With increasing competition among brands across industries, there is a rising demand for skilled market research analysts who can provide valuable insights into customer behaviour patterns and market trends.
The demand for market research analysts in India is expected to grow exponentially in the coming years due to the increase in competition across industries. According to a report by ResearchAndMarkets.com, the Indian market research industry is projected to grow at a CAGR of 11.04% during 2021–2026.
Some of the popular sectors hiring Market Research Analysts include:
- FMCG
- IT
- Healthcare
- Advertising
- Media and entertainment
- E-commerce
Required Education and Qualifications
To become a Market Research Analyst in India, you need at least an undergraduate degree in fields such as psychology, statistics, economics, or business management.
A postgraduate course such as a Masters in Marketing Research or an MBA specialising in marketing can be an added advantage for aspirants seeking to advance their career prospects further.
There are also several certifications that aspiring Market Research Analysts can obtain, such as the PG Certificate Programme in Market Research and Data Analytics, the Executive Programme In Advanced Business Analytics (Marketing), the Certification Course In Market Research and Analytics, etc.
How to Develop Skills for Market Research Analysis
Understand Your Skills
To be successful as a Market Research Analyst, one needs to have a set of strong analytical skills along with excellent communication skills to interpret data accurately and convey key insights effectively to stakeholders. Creativity is also essential to developing innovative research methodologies and data visualisations. The ability to work under pressure and meet deadlines is also crucial for this job.
Choose The Right Certification
Upskilling opportunities are widely available in the form of certification programmes, online courses, internships, and on-the-job training. Certification programmes can provide a comprehensive understanding of market research analysis and equip aspirants with the necessary skills. Online courses offer flexible learning options for those seeking to upskill at their own pace and convenience.
Get Work Experience
Internships and on-the-job training opportunities can provide hands-on experience in the field and help develop an understanding of the industry. Good communication, data interpretation, and presentation skills can be developed through such experiences.
Salary Expectations for Market Research Analysts
The salary of a Market Research Analyst in India varies based on factors such as experience level, industry sector, and location.
- The average salary for an entry-level analyst is between ₹3-5 lakhs per annum.
- Senior analysts with 5+ years of experience can expect salaries ranging from ₹8-12 lakhs per annum.
- In top cities like Mumbai and the Delhi-NCR region, salaries are relatively higher due to the high cost of living.
Career Pathways for Market Research Analysts
The career trajectory for a Market Research Analyst typically involves starting in an entry-level analyst position before progressing onto senior analyst roles or team lead positions.
With the right mix of educational qualifications and experience in the field, coupled with soft skills like leadership qualities, market research analysts can advance their careers further into positions like Marketing Analytics Consultant or Data Scientist.
Opportunities and Scope for Specialisation
Market research analysts can specialise in different areas, such as consumer behaviour research, financial market research, or social and political research. Such specialisations can help gain expertise in specific fields, providing greater job opportunities at senior levels.
Specialising in Consumer behaviour Research involves conducting studies that focus on understanding consumer behaviour patterns, which are crucial when launching new products or services.
Financial Market Research involves researching trends in financial markets, while Social and Political Research helps understand public sentiment towards different issues through surveys or focus group discussions.
Benefits of Specialisation
- Increased demand for specific skill sets
- Higher salaries due to specialised knowledge
- Personalised career growth opportunities with greater autonomy
- Creative freedom
Charting Your Path to Success as a Market Research Analyst
Becoming a Market Research Analyst is a fantastic career choice for those who are interested in the fields of research, marketing, and analytics. As you have learned throughout this guide, this profession offers tremendous growth opportunities, great salaries, and challenging yet fulfilling work.
Here are some key takeaways we hope will help you:
- Pursue an undergraduate degree in psychology, economics, or statistics.
- Upskill by enrolling in certification programmes.
- Consider specialising in Consumer behaviour Research or Financial Market Research.
- Keep an eye out for job openings across industries such as FMCG, healthcare, and finance.
At WIZR, we’re here to help you achieve your career goals. We offer guidance and financial assistance for upskilling programmes so that you can be on your way to becoming a successful Market Research Analyst.
FAQs
1. Is there a high demand for market research analysts?
Yes, with the growth of businesses across various industries in India, there is a high demand for skilled market research analysts.
2. Do you need an MBA to be a market research analyst?
No, you don't need an MBA to become a market research analyst. A postgraduate degree in Marketing Research or any related field could be beneficial.
3. Is the job of a market research analyst stressful?
The job of a Market Research Analyst can vary in stress levels depending on the assignments they undertake; however, it's generally considered less stressful than other high-pressure jobs.
4. Who earns more: a market research analyst or a digital marketing manager?
Digital Marketing Managers earn slightly more than Market Research Analysts due to their additional responsibilities, but both professions offer lucrative salaries.
5. Can I apply for market research analyst jobs abroad?
Yes! In fact, many multinational organisations operating in India require Market Research Analysts who possess knowledge of local markets and consumer behaviour while also having a global perspective.
