What is Data Analysis in Market Research?
The point of information examination in an investigation is to find valuable information from a lot of data to obtain objective results. Enormous amounts of information must be condensed and exhibited in a manner that imparts the most significant findings in the simplest manner. The aim of data analysis in market research is to enhance the quality of marketing. Any person/professional who deals with this professionally is called a data research analyst (here for the market).
Role of a Data Analyst in Market Research
Data analysts are involved in market research study market conditions and essentially support companies to understand what products would do well in the market, the customer profile, and the pricing that will support the company’s objective.
Primarily, analysts research and gather data to help a company market its products or services. They collect data and information using a variety of methods, such as interviews, surveys, questionnaires, etc. They assemble information on customer demographics, preferences, needs, and purchasing propensities via questionnaires, focus groups, public opinion polls, and literature reviews.
The end objective is to derive a meaningful interpretation for the organization that can help them forecast future trends and plans for the marketing and advertising budgets in an optimum manner.
Data analysts’ Responsibilities
- Data collection through an appropriate mix of methods such as surveys, focus groups, questionnaires, and opinion polls.
- Presentation of trends that emerge from the data statistically through charts, graphs, and other visuals.
- Deriving meaningful conclusions out of the interpretation, that would add value to the organization’s decision making.
- Internal and external trends analysis so as to benchmark the company’s products and services in the marketplace.
- Measure the effectiveness of marketing programs and strategies.
Because the nature of an analyst’s job is technical, having a good hold on the following abilities is a must to succeed in a career in marketing analytics:
- Computer Proficiency: Experience with Microsoft PowerPoint Word and Excel is a must-have. In addition, knowledge of statistical software platforms such as SPSS can help with sorting data, as well as creating visual results and trends.
- Statistical and Analytical skills: These are essential for analyzing research data.
- Driving Results: A data analyst must be able to present his/her findings with conviction, at times, even the same data in different ways so as to convey the point across. In addition, he/she must possess a good convincing ability.
- Multitasking Ability: Often times, there are multiple projects with multiple timelines, and the analyst must be able to meet business objectives and meet deadlines.
- Interpersonal skills: Data scientists need to interact with the management, vendors, and clients to collect data and deliver results.
Further, it would be advisable to opt for a market research and data analytics certification or a market research and data analytics program.
Market Research and Data Analytics Certification
It is ideal that data analysts have a prior background in marketing, market research, statistics, as one needs a sharp ability to crunch numbers and scan through the data. An MBA would be an added advantage as it would equip the analyst with business acumen.
There are a plethora of courses available for anyone desirous to acquire the skills or start a career in the field. Newbies could acquire some valuable skills as entry-level analysts on short term assignments that can equip them for further career progression or sign up for market research and data analytics certification.
The Postgraduate Certificate Program in Market Research and Data Analytics offered by MICA on the Talentedge platform is one of the best market research and data analytics programs available.