WHAT IS MARKET RESEARCH ?
Quick Facts on How to Become a Marketing Research Analyst
| Industry | Marketing |
| Eligibility | UG or PG degree in a relevant field like advertising, management, communications, IT or computer science, marketing from a recognized university. |
| Average Starting Salary | INR 1,50,000- 4,50,000 |
| Job Opportunity | Business Firms and Banking & Financial Sector, Digital Marketing Agency, Startups and IT Industries, Social Media Marketing etc. |
What Does a Market Research Analyst Do?
Some of the job roles of a Market Research Analyst are:
- Gathering information and examining trends to develop successful marketing plans.
- Monitoring the competitors’ marketing activities and outcomes;
- Examining the trends, markets, and products they have in common and Analyzing competitive market strategies.
- Communicating with customers, competitors, professional organizations, and suppliers in order to get information on the industry’s trends.
- Compiling customers’ references and feedback.
- Using marketing analytics techniques to gather social media, web analytics, and rankings data.
- Determining the appropriate markets to be approached by Segmenting the target audience.
- Providing assistance to the Sales team by compiling all details for upcoming brands, products, or services.
- Preparing detailed reports on sales volume, customer experience, market trends, and competitors’ outcomes.
- Preparing monthly, quarterly, and annual reports on all of the aforementioned activities and their results.
Purchased sources to delimit trends and to measure the impact of competitors’ marketing activities or Collecting business intelligence data from industry reports or
Steps to Follow to become a Market Research Analyst
There are simple steps to be followed to become a market research analyst. These steps will help you navigate your way to become a market research analyst and settle with the career.
Decision Making
- The students who wish to become Marketing Research Analyst should make up their mind right after 10+2. They should be very passionate and interested about marketing and how it influences people.
- Hence the decision should come right from schooling so that once they pass 10+2, they can take up the right course after their schooling.
- The decisions they make during 10+2 is very crucial, since it will result in the college that the student will land in. Also the subjects chosen should be relevant.
Subject Choices
- The courses like BBA, BCom, BSc etc. can be taken up by anyone who has finished their 10+2 from either science or commerce background but mathematics as a compulsory subject.
- Since there is no compulsion on the subject to be chosen in order to become an market research analyst, any student from any stream be it science or commerce can give the career a try.
- However it would be better off if the student has chosen market or business related subjects during their schooling that is +2 class. This will make it easier for the student to pursue UG courses like BBA BCom etc. which are the requisites to becoming market research analyst.
Entrance Exam Preparation
- Most of the colleges offering BBA admit students on the basis of merit. Some colleges may also admit students based on certain entrance exams which may be national level, state level or even university level.
- The students who wish to take up UG entrance exams should be well informed about the exam, pattern of the exam, time allotted and such things. This will not only help them prepare a schedule accordingly but also helps them plan on the questions and topics they would prefer to cover.
Whereas for admission of students into PG courses like MBA requires the candidate to pass the entrance exam conducted and score good grades in it. Most popular entrance exam held for MBA admissions is CAT which is a highly competitive exam with lakhs of students attempting it every year.
Selecting College
- The candidate should have a good knowledge of the colleges offering the course and should have a list of colleges he/she prefers over the others.
- Many colleges in the local areas of a student will be offering BBA and such related courses, but the priority and goal of the student should be to aim and land into the top premium institutes so that they can secure their future at an early stage itself. A college with good faculty, facilities, placements should always be the priority.
A few IIMs and top B-schools offer the course hence aiming for them should be the goal.
After Qualifying Exam
- After qualifying the entrance exams held, the candidate should go through the admission process.
- The generally used admission process is that the qualified candidate is called for the counselling round where-in they are asked to submit required documents and get them verified.
Some conducting boards may also conduct a personal interview or even group discussion round to test the calibre of the candidate.
Types of Marketing Research Analyst
Market Research Analysts can be classified according to the specific role they play, that is the specific expertise they carry and research and analyze that particular subject they choose. Given below is the list of such types of market research analysts.
Media Analyst
Media analysts produce media evaluation reports by carrying out general quantitative and qualitative research. They make use of various tools such as DART, National Readership Survey etc. and analyze the reports. Their responsibilities include Tracking the media coverage of a product or service in print media, social media, and radio or TV advertisements, Designing and using research tools like the questionnaires, focus groups, and interview schedules to collect relevant information pertaining to a media campaign.
Data Analyst
A data analyst is someone who gathers information using data analysis tools. The meaningful results they derive from the raw un-interpreted data helps their employers or clients make important decisions by identifying various facts and trends. Responsibilities of a Data Analyst include Designing and maintaining data systems and databases; this includes fixing coding errors and other data-related problems, Mining data from primary and secondary sources, then reorganizing said data during a format which will be easily read by either human or machine.
Operations Research Analyst
Research analysts are high-level problem-solvers who use advanced techniques, like optimization, data processing , statistical analysis and mathematical modeling, to develop solutions that help businesses and organizations operate more efficiently and cost-effectively. Their responsibilities Analyzing data and information, Spending lots of time on the computer with sophisticated math software, Making decisions and solving problems, Gathering data needed to solve those problems, Making full use of creative thinking abilities, Interpreting the meaning of information for others and Communicating results and recommendations.
How to Become a Marketing Research Analyst in India?
To become a Market Research analyst in India, you need to inculcate skills of a market analyst at a younger age to stay ahead of the others. Doing an internship during college enhances the employability.
School Level Preparation
After having come out of school, the candidate should focus on class 12 and score the best grades possible from any commerce or science stream. Then they will have to look out for colleges offering relevant courses in advertising or marketing streams. After choosing a college or list of colleges, they will have to consider the admission process and work on it. After joining the course, they will have to score good grades and later get recruited in a good firm or company.
How to become a Marketing Research Analyst after 12th?
Since Marketing Research Analyst courses are offered under UG, PG, Diploma and Certificate levels, the eligibility criteria for different courses vary.
UG Preparation
- For bachelor Marketing Research Analyst courses, the aspiring candidates must have completed Class 12 with Science or commerce stream
- The candidate should have at least 50% marks from a recognized university.
The candidates should have passed any of the various entrance exams held for marketing and its research courses and should have qualified them with a good score since these exams are highly competitive.
PG Preparation
- For the candidate to pursue a Master’s course in Marketing, he/she needs to hold a Bachelor’s degree in a relevant field most preferably in Marketing or Advertisement.
- The candidate should have a minimum grade/percentile of 50 or 5 whichever is applicable from a recognized university.
The candidate should have also qualified the entrance exams held for masters courses in marketing such as CAT, MAT etc.
Courses to Become a Marketing Research Analyst
In India different courses are offered at the Bachelor’s and Master’s level to candidates who wish to pursue a career as a Market Research Analyst. The following are some of the courses that the candidates can pursue for a career as a Market Research Analyst.
BBM Marketing
BBM in Marketing Management is a 3-year full-time undergraduate course, The program is divided into 6 semesters, of 6months each. Admission to the course is predicated on the candidate’s performance during a relevant entrance test, often followed by a round of private Interview. All organizations require proper market research skills to measure different marketing techniques for better sales, and eventually, development of the corporate.
Admission Process
Most institutes offering the course admit students supported performance during a relevant entrance test. Admission process generally varies across colleges. A few institutes also provide direct admission supporting the candidate’s performance at the 10+2 level.
Entrance Exam
There are two popular entrance exams SET and AIMA UGT held for admissions into BBM courses.
| Entrance Exam | Application Deadline | Date of Exam | Date of result |
|---|---|---|---|
| SET | January 25, 2022 – June 15, 2022 | July 3, 2022 | July 12, 2022 |
| AIMA UGAT | June 17, 2022 | June 25, 2022 | July, 2022 |
Eligibility Criteria
- Standard 12 or equivalent examination qualified from any recognized board OR equivalent board approved diploma 10+3.
Obtained at least 50% marks (45% marks for Scheduled Caste/Scheduled Tribes)
How to Apply?
- Visit the official website.
- Read the knowledge bulletin carefully and fill the shape accordingly.
- Fill personal, fee, guardian, educational qualification details etc.
- Upload photo, signature, and left thumb impression on the appliance form.
- Click on finish after checking the filled form.
Take a print of the same for future ref.
How to Prepare?
- The initiative would be to understand the pattern of exam you would like to offer.
- Check out for the varied sections of the exam and time allotted for every section and hence prepare accordingly.
Make a schedule and follow it religiously so that you finish the entire syllabus and understand it thoroughly.
BBA in Marketing
BBA Marketing is a 3 year undergraduate course which is spread into 6 semesters. The course can be taken up by students who have passed 10+2 from a recognized board/university, with a minimum 50% marks.
The average course fee is INR 50,000 – 3,00,000.
Admission Process
There are a few entrance exams held for admissions of students into BBA courses and most of them are university level. The very common and popular university level exam held is UGAT by AIMA.
| Entrance Exam | Application Deadline | Date of Exam | Date of result |
|---|---|---|---|
| SET | January 25, 2022 – June 15, 2022 | July 3, 2022 | July 12, 2022 |
| AIMA UGAT | June 17, 2022 | June 25, 2022 | July 2022 |
Eligibility Criteria
- The candidate must be a graduate with at least 50% marks or must be in the final year of the graduate program. The part-time or correspondence bachelors are not encouraged.
The candidate’s age should not cross 25 years.
How to Apply?
- Firstly they have to see for his or her eligibility then apply for the exams they’re wishing to require abreast of the web site of the exams.
- Then they will have to attend the exam and await for the results. After the results are announced, they ought to attend counselling and provide an inventory of the school they want to be admitted priority wise.
- Students are going to be allotted a university to support their entrance examination scores and if satisfied with it, they shall attend the school and obtain their admissions done and pay the school fees.
After this class shall commence and the course shall continue for 4 years.
How to Prepare?
- The first step will be to understand the exam and its pattern, timings etc. you wish to give.
- Check out for the various sections of the exam and also the time allotted for every section and hence prepare accordingly.
Make a schedule and follow it religiously so that you finish the entire syllabus and understand it thoroughly.
BBA in Digital Marketing
BBA in Digital Marketing is an undergraduate level course conducted for 3 years. The course is an intermittent level marketing course which objectifies the students about the marketing in recent times and how it can be done digitally. It also brings in creativity amongst the students.
The average course fee is INR 45,500 – 3,55,000.
Admission Process
The admissions to BBA Marketing are based on entrance exams mostly. But there are some colleges which admit students directly on merit basis also.
Entrance Exam
One very popular entrance exam held for admissions of students into the BBA program is NMIMS NPAT.
| Particulars | Details |
|---|---|
| Application Date | June 20, 2022 |
| Admit Card Release Date | – |
| Date of Exam | April 1 to June 26, 2022 |
| Date of Result | To be announced |
Eligibility Criteria
- The candidate must be a graduate with at least 50% marks or must be in the final year of the graduate program. The part-time or correspondence bachelors are not encouraged.
- The candidate’s age should not cross 25 years.
How to Apply?
- Firstly they have to see for his or her eligibility then apply for the exams they’re wishing to require abreast of the web site of the exams.
- Then the students will have to take up the exam and await the results. After the results are announced, they ought to attend counselling and provide an inventory of the school they want to be admitted priority wise.
- Students are going to be allotted a university to support their entrance examination scores and if satisfied with it, they shall attend the school and obtain their admissions done and pay the school fees.
- After this class shall commence and the course shall continue for 4 years.
How to Prepare?
- The first step would be to understand the pattern of exam you wish to give.
- Find out about the various sections of the exam and time given for each section and hence prepare accordingly.
- Make a schedule and follow it religiously so that you finish the entire syllabus and understand it thoroughly.
MBA Marketing
MBA Marketing is a Master’s course held for 2 years which is divided into 4 semesters. It can be pursued by those who possess a bachelor’s degree in any field. The average course fee is INR 3 – 25 lakhs.
Admission Process
MBA Admission mostly takes place through All India entrance Exams. The admission process is very simple and straightforward. Students get colleges according to the score awarded in MBA entrance Exams. Form of Application The admission fee for each MBA college ranges between Rs 1500 and Rs 2500.
Entrance Exam
The very famous and highly competitive entrance exam in India CAT is conducted to enroll students into MBA programs especially into IIMs and other top B-schools.
| Particulars | Details |
|---|---|
| Application Date | August 3, 2022 – September 23, 2022 |
| Admit Card Release Date | October 26, 2022 |
| Date of Exam | November 27, 2022 |
| Date of Result | January 3, 2023 |
Eligibility Criteria
CAT Eligibility is 50% in graduation for general candidates and CA, CS, ICWA degrees are also eligible to take the exam. There is no limit to the CAT exam.
Reservation within the CAT exam is obtainable to the reserved quota students as per the GOI guidelines. There’s a 5% relaxation in qualifying percentage and also the qualifying percentile is subsidized for such candidates.
How to Apply?
- Visit the official website of CAT.
- Search for the link of CAT 2022.
- Read the knowledge bulletin carefully and fill the form accordingly.
- Fill personal details, guardian details etc. and Upload photo, signature, and left thumb impression on the appliance form.
- Click on submit after rechecking the filled form.
- Take a hardcopy of the same for future reference.
How to Prepare?
- Understand Concepts: Instead of learning by rote and by-hearting, try to understand the concepts before moving on to the next topic.
Syllabus: Make a timetable and divide the subjects so that the entire syllabus is covered with ease.
How to become a Marketing Research Analyst Abroad?
There are many parameters a student has got to consider while making a choice for studying abroad. There’s a special educational system in several countries. Hence, the wants for studying marketing may vary for college kids in several countries.
UK
In the UK, Marketing courses are usually offered for a duration of about 1 – 3 years. The courses offered are mostly undergraduate level. These courses help the students in learning about the courses on Marketing and its related areas.
Admission Process
The candidate can apply for BBA in the UK either directly through the university platform or use the UCAS application portal. International students eager to take admission in BBA in the UK should meet the wants given below. Aside from that, One academic reference, a private Statement as an essay Evidence of funds to buy the schooling fees and monthly living costs for the primary year of their course within the UK.
Educational Requirements
- International Baccalaureate requirements: 30 points.
- A-levels requirements: ABB.
IELTS requirements: 6.0 overall, with not lower than 5.5 in any of the components.
Other Requirements
- Strong financial background, or arrangement of student education loans.
- VISA should be approved beforehand.
- Internship and other such opportunities must be fully utilized.
Top Colleges
| College | Fees |
|---|---|
| University of Oxford | INR 23,80,203 |
| University of St Andrews | INR 22,66,369 |
| London School of Economics | INR 17,40,983 |
| Loughborough university | INR 16,48,268 |
| University of Leeds | INR 25,75,420 |
| University of Bath | INR 18,95,509 |
| University of Warwick | INR 18,95,800 |
| University College London | INR 18,24,427 |
| University of Strathclyde | INR 9,27,151 |
Course Available
The top courses available in the United Kingdom on marketing are:
| Course Available | Fees |
|---|---|
| MSc Digital Marketing | INR 24,81,050 |
| Marketing and Strategy MSc | INR 20,88,166 |
| Master of Business (Marketing) | INR 23,76,900 |
| Master of Marketing | INR 17,53,025 |
| Marketing MSc | INR 16,49,909 |
USA
The United States of America is taken into account to be one among the simplest abroad destinations for studying and completing graduation. Many marketing courses are offered in the USA like BBA in Global Marketing Management, BBA in Sports Marketing, BSc Public Relations, MBA in Marketing Management etc.
Admission Process
The documents required for admissions in the USA are: Official transcripts, high school diplomas with a minimum GPA of 2.0 or above (translated in English), Letters of Recommendation: Two, course descriptions or syllabus from all the post-secondary institutes attended.
Educational Requirements
- Bachelor’s degree in the related fields with mathematics and English as the core subjects.
- Minimum 83-86% or 3.0 GPA on a 4.0 scale.
- GRE or GMAT test scores.
- IELTS or TOEFL scores.
Other Requirements
- Strong financial background, or arrangement of student education loans.
- VISA should be approved beforehand.
Internship and other such opportunities must be fully utilized.
Top Colleges
| University | Total Fees |
|---|---|
| Columbia University | INR 47,00,351 |
| University of Southern California(USC) | INR 40,11,960 |
| University of Texas at Austin | INR 35,07,724 |
| Michigan State University | INR 27,03,871 |
| Florida International University (FIU) | INR 22,65,405 |
| Texas A&M University | INR 18,26,940 |
| Purdue University | INR 18,00,800 |
| John Hopkins University | INR 54,07,742 |
| University of Alabama | INR 21,92,328 |
| University of Illinois at Chicago (UIC) | INR 21,00,980 |
Course Available
The top courses available in the United States of America on marketing are:
| Course Available | Fees |
|---|---|
| M.S. in Marketing | INR 11,61,463 |
| M.S. in Marketing Analytics | INR 27,74,970 |
| Graduate Certificate in Global Public Relations | INR 15,79,968 |
| Master of Professional Studies (M.P.S.) in Strategic Public Relations | INR 27,41,431 |
| Graduate Certificate in Public Relations | INR 10,28,037 |
Canada
Canada may be a dream destination to settle certain many Indians.There are numerous marketing courses offered in Canada such as Marketing Management- Professional Sales, Market Management Diploma, Graduate Certificate in web and interactive advertising.
Admission process:
Educational Requirements
- Pursuing Masters in Marketing within the country of Canada for international students doesn’t vary much from their own admission process.
In comparison to domestic students. Other than the supporting documents and English proficiency proof which are additionally required from international students, the rest remains the same.
Other Requirements
- Strong financial background or arrangement of student education loans.
- VISA should be approved beforehand.
Internship and other such opportunities must be fully utilized.
Top Colleges
| Colleges | Fees |
|---|---|
| University of Toronto, Toronto | INR 27,15,796 |
| University of British Columbia, Vancouver | INR 24,44,217 |
| McGill University, Montreal | INR 20,15,724 |
| University of Alberta, Edmonton | INR 15,08,776 |
| Queen’s University, Kingston | INR 5,85,405 |
| University of Lethbridge | INR 11,46,666 |
| St Clair College | INR 8,23,248 |
| University of Alberta | INR 7,84,560 |
| Conestoga College | INR 7,84,560 |
| Mohawk College | INR 10,78,110 |
Course Available
The top courses available in the Canada on marketing are: The top courses available in the Canada on marketing are:
| Course available | Fees |
|---|---|
| Master of Business Major in Advertising | INR 7,57,228 |
| Graduate Diploma in Business (marketing) | INR 8,80,568 |
| Post-Degree Diploma in Marketing Management | INR 12,82,418 |
| MBA – Master of Business Administration Specializing in Marketing | INR 7,47,277 |
Australia
Australia is an exotic place for college kids from India who want to review abroad. Courses in Marketing include Master of Marketing, Postgraduate Enabling Program, Master of commerce and master of marketing, Master of Finance, Master of Marketing, Master of Marketing Strategy.
Admission Process:
Educational Requirements
- The candidate has to Complete a Certificate IV of Marketing and Communication (BSB42415) or a Diploma of Marketing and Communication (BSB52415) at the TAFE institute or through any registered training organisation.
Alternatively, complete a Bachelor of selling , Bachelor of selling and Communication, or Bachelor of Advertising at university. The course will almost take upto 3 years full-time, and can be delivered in a classroom or online.
Other Requirements
- Strong financial background or arrangement of student education loans.
- VISA should be approved beforehand.
Internship and other such opportunities must be fully utilized.
Top Colleges
| College | Fees |
|---|---|
| University of Technology, Sydney | INR 50,704 |
| University of Newcastle | INR 22,29,875 |
| The University of Western Australia | INR 22,32,000 |
| Charles Sturt University | INR 13,41,441 |
| University of Canberra | INR 19,93,214 |
| EdX (Online Certificate) | INR 52,394 |
| Macquarie University | INR 21,60,448 |
| Western Sydney University | INR 18,03,406 |
| University of New South Wales | INR 19,92,000 |
| University of Wollongong | INR 26,77,136 |
Course Available
The top courses available in the Australia on marketing are:
| Course Available | Fees |
|---|---|
| Master of Marketing | INR 23,76,900 |
| Marketing, Master of Business in Marketing | INR 17,53,028 |
| Master of Philosophy (MPhil) in Department of Marketing (MPHILMKT) | INR 19,59,267 |
| of Marketing/Master of International Business | INR 17,53,028 |
| Master of Marketing – Coursework | INR 26,29,542 |
Benefits of Career as A Marketing Research Analyst
The benefits of a career as a Marketing Research Analyst are relatively higher than any other profession. A candidate gets the opportunity for advancement, competitive salary in the market, and helps grow in depth knowledge about tax and business law.
Salary
- A Marketing Research Analyst with less than 5 years of experience can expect to earn around 4 LPA,
- A mid-career employee can expect to earn around 6 LPA, An experienced Marketing Research Analyst can expect to earn around 9-10 LPA.
The Salary provided to Market Research Analysts abroad is also very attractive, hence attracting a lot of Indians annually.
Job Security
- A large section of accounting work is digitized, and it can be done online, from anywhere. If the particular student wants better income they should work abroad or they can stay in India and work online. If the student is well-experienced and proficient then there is no chance of job-loss.
- Becoming head of the Marketing department in a company ensures a job throughout the career of an IT Manager.
Gaining enough experience also enables one to change these companies for better salary. All this with the option of having a secure job.
Positive Impact of the Career
- Market Research Analysis is all about researching about the market, customers and clients and analyzing what are the correct steps taken and what has gone wrong and making corrective steps for it. This helps the passionate employee be satisfied every time they do the right analysis and whenever their strategies work. This content from the job will have a positive impact on their life.
Market Research Analyst is considered to be one of the top designations in a company, hence they will be highly reputed and will have a lot of subordinates working under them which is a positive thing.
Unique Experience
Every time you work as a Marketing Research Analyst, you can gain a lot of experience; it’s a continuous learning process; every time you learn a strategy, a new technique, a new method, you can gain a lot of knowledge. Additional benefits like travelling, meeting new people are a part of the job.
Skills Required for Marketing Research Analyst
All successful Market Research Analysts attribute their success to a few top skills. The table below lists the top skills for a Market Research Analyst.
| Teamwork Skills | Communication Skills |
| Critical thinking skills | Analytical skills |
| Expertise in statistics, mathematics and marketing | Detail oriented |
| IT skills | Strong Attention to Detail |
Salary of a Marketing Research Analyst
The salary of Market Research Analyst depends on several factors like the number of years of experience of the candidate, specialisation etc. All available salaries of Market Research Analysts in India are as below.
Average Annual Salary
The average salary of a Market Research analyst is the mean average of the salary received by the Market Research analysts of all levels of specializations, seniority etc. The average salary comes up to INR 5 lacs per annum. The average salary given in different organizations are given below.
| Name of Organisation | Average Annual Salary |
|---|---|
| Public | INR 4,00,000 |
| Private | INR 3,50,000 – 5,50,000 |
Specialisation Wise
There are a few specializations in Market Research Analyst such as Media Analyst, Media Planner etc. . The salary range for all these are pretty close and do not vary drastically.
| Job Profile | Average Annual Salary |
|---|---|
| Media Planner | INR 4,00,000 |
| Market Research Analyst | INR 4,50,000 |
Gender Wise Salary
Even though there is no biased choice when it comes to recruiting a Market Research analyst for a company, yet there is a slight salary difference amongst the genders. Male Market Research analysts are always paid more than an Female Market Research analyst just like any other industry.
| Gender | Salary |
|---|---|
| Male | INR 1,45,000 – 6,00,000 |
| Female | INR 1,50,000 – 5,00,000 |
Experience Wise
The salary of any experienced or senior level officer or employee is obviously more than that of a starter or a junior. This is because of the level of expertise and knowledge an experienced person brings into the job.
| Experience | Salary |
|---|---|
| Fresher | 1,50,000 – 2,89,000 |
| Experienced | 5,44,000 – 6,00,000 |
After Marketing Research Analyst
Higher Education
After completing BBA in Marketing one can always pursue MBA or PGDBm or any other PG course for Marketing. But after the completion of MBA there are not many Higher education possibilities.
Start Job
The aspirants can start their career by doing Job but it has to be noted that you can’t become a Marketing Research Analyst right after passing out of college, however one can increase their chances by doing internships, being competent etc.
