Our online Bachelor of Arts in Psychology prepares students with the skills they need, such as data analysis and statistical interpretation, to pursue a career as a market researcher.
Also referred to as market research analysts and marketing specialists, these professionals research conditions in local, regional and national markets to help shape marketing strategies. They also analyze data to predict the sales of a company’s products or services. Although market researchers sometimes create marketing campaigns, they more often are part of a team that develops campaigns based on their work in understanding market conditions and effective tactics.
When they prepare reports for clients, market researchers synthesize their findings and provide easy-to-understand graphics and explanations. The data gathered includes information on customer demographics, needs, buying habits and preferences. Market researchers use this information to identify potential new markets and consumers. Their goal is to see how various factors affect demand for specific products and services. Another aspect of a market researcher job description is to keep track of industry trends and measure the effects of various marketing and advertising tactics. This enables them to forecast future trends and profitability. Finally, market researchers also sometimes attend conferences to explain their findings to large groups, usually including management.
Outlook and Salary
The average salary for market researchers is $60,800 annually, according to the Bureau of Labor Statistics. This is a stable career to pursue, because it is growing much faster than the national average for all occupations. Through the year 2022, demand for market researchers is expected to grow at a rate of 32 percent, which means that more and more companies will be looking to hire market researchers in coming years.
Characteristics of Successful Market Researchers
When it comes to what makes a successful market researcher, it is important to have an analytical mind that can digest information accurately and quickly. They also need critical thinking skills and the ability to solve complex problems. This is because of the technical nature of the work that market researchers do. If you are considering a career in market research, you should be confident when making decisions and presenting information to others. You should also have strong organizational skills, because it is likely that you will be gathering large amounts of information at once. Finally, successful market researchers need great communication skills. You have to be able to explain your findings to others so that the data you gather can be used by companies and clients.
Many market researchers have an educational background that includes psychology, or a related degree. This is because so much of the work that market researchers do requires them to understand the behavior and thinking processes of consumers. Another skill that is transferable from psychology programs is training in sociocultural and international diversity — especially helpful for market researchers looking at new or expanding markets. Consumers come from all walks of life, so a strong sense of interpersonal relationships and communications is another valuable skill that comes from psychology degree programs. Finally, understanding and applying research methods is one of the most important skills that a market researcher can have. As research plays such a big role in psychology education, this degree path is a great choice for you if you are considering a career as a market researcher.