The world of market research is constantly evolving, creating new opportunities for talented individuals to enter the industry in search of a promising career. But how do you go about getting a career in market research – is there anything you can do now, whilst you’re still studying, to improve your chances?
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Working as a market researcher means that you’ll spend your time collecting and analysing data, then feeding results back to clients. Obviously it depends which company you work for, for instance a job at Decision Fuel in Hong Kong might have very different role characteristics to one based in London for a different sized firm. You could be employed directly by a company, or work for a marketing agency, and you’ll usually specialise in either quantitative or qualitative research. What does this mean? Quantitative research will see you dealing mostly with statistics and figures, whilst qualitative research can be a longer process, analysing opinions and looking for reasons behind figures. You could find yourself involved in some of these activities when you work as a market researcher:
- Researching
- Client meetings – discussing and negotiating projects
- Monitoring project progress
- Analysing data to identify solutions and patterns
The job is extremely varied and starting salaries in the UK range from around £18,000 – £25,000 depending on your location, experience and of course the size of firm you work for. Experienced market researchers can expect to earn up to £40,000, again depending on where in the UK you’re located.
Getting into Market Research
You’ll usually be expected to hold a degree for most positions, but employers are more concerned about the kind of skills you’ll bring with you, and generally look for candidates with some or all of the following attributes:
- Excellent communication skills
- Ability to work as part of a team
- Knowledge of mathematics and statistics – numerical skills
- Experience working with data
- Interest in or knowledge of psychology
- Awareness of business
Any experience you can gain whilst studying at university or working in another role will be beneficial, whether this means a day of work experience or an unpaid internship.
Finding Jobs
It is a good idea to register with employment agencies specialising in market research positions, or consider applying for research assistant posts to help you gain experience. Networking events in the industry can help you to gain contacts, as could joining relevant groups on social media, and this could be a good way to get your foot in the door. You’ll often find professional organisations such as the Market Research Society (MRS) run workshops and networking events where you could make valuable contacts.
Is it Right for you?
If you’re interested in buying habits, love psychology and finding out about what makes people tick, enjoy spending time analysing data and have a head for numbers, then a career in market research could be perfect for you! Make sure that you spend time thinking about your options whilst you’re still studying – try to gain some industry experience to see whether the role is right for you, as a day spent working with a market research company can often be the best way to make that all important decision!