Market research and data analytics is one of the fastest growing occupations. Here is what you need to know about forging a successful career in this field.

Nishit Sood,
Managing Director, Yoma Multinational Solutions LLP, HR Consultants, Gurgaon
When an organisation needs to measure the effectiveness of a marketing campaign, it relies on market research data analysts to calculate potential sales of a product. With their expertise in identifying key market statistics, market analysts assist companies to acquire information that helps in making decisions pertaining to product development, pricing, placement and promotion of the brands. They, generally, survey a market, evaluate statistical data and forecast future trends.

They devise and assess tools to collect data based upon public opinion, interviews, online reviews, focus groups and questionnaires about customers, competitors and the market. After compiling data and analysing trends in the marketplace, they prepare charts and graphs and use other visual aids to demonstrate results of their study. Using these findings, they may help in gaining an understanding of whether a company needs to introduce new lines of products or not and should it open new branches or not. It also helps companies in determining product demand, pricing and potential markets. Due to the ever-growing demand of market research analysts in private and government organisations, it has emerged as a vital career option for those having an interest in this domain. In present times, market research is one of the fastest growing occupations, which is expected to grow 32 per cent by 2022.

Skills required
To make an entry in this domain, you must have a graduation or postgraduation degree in market research or a related subject. Students having a bachelor's or master's degree in subjects such as statistics, mathematics, business administration, business communication, social sciences or computer science can also opt for a career in this field. They can also pursue diploma or postgraduate diploma courses in market research after 10+2.

So, if you are a keen observer, have good spoken and written communication skills, problem solving and time management expertise, a team-oriented spirit, and ability to evaluate and interpret statistics, this could be an ideal job for you. Initially, you could start as an intern, a junior research analyst or research assistant and with the right experience and skills, you could work your way up. Market researchers are mainly employed by research and development firms, consulting firms and internet service providers.

Positions available
In recent years, research and development industry has changed due to globalisation and digital revolution. People pursuing career in this field can get these job positions.

• Vice-president: Responsible for managing marketing research procedure of the company.
• Research director: Responsible for design and execution of marketing research projects.
• Assistant director: Supervises research work of staff members.
• Senior analyst: Serves as expert in the development of projects and directs operational delivery of the assigned projects.
• Junior analyst: Responsible for secondary data analysis and statistical analysis.
• Senior project manager: The work of a project manager is to develop, implant and manage market research projects.
• Field work director: Assists in recruitment, quality management, assessment of telephone and face-to-face interviewers.

A market data analyst employed as a junior assistant earns between Rs 15,000 to Rs 20,000 per month. Whereas a MBA or master's degree holder can earn around Rs 30,000 plus a month. Salary increases with experience and top earners receive more than Rs 1 lakh a month.

PG courses in market research and data analytics

• Certified programme in Business Analytics, ISB, Hyderabad
• Certificate programme in Market Research and Data Analytics, MICA, Ahmedabad
• Diploma in Business Analytics, Symbiosis Centre for Management and Human Resource Development, Pune
• Business Analytics and Intelligence, IIM, Bangalore
• Programme in Business Analytics and Big Data, Aegis School of Business, Mumbai