A Career in Market Research:Is it for you?

Sally WeissWeiss Marketing Insights

SAS Career Day - February 20 , 2009

Market Research: A Definition

The gathering and analysis of information about what

people want or like

What do market researchers do?

Market research professionals are typically concerned with the potential sales of, or satisfaction with, a product or service.

Devise methods for obtaining the data they need--often designing telephone, mail, in-person or online surveys-- to understand consumer preferences

Market Intelligence: Also collect data on competitors (e.g. prices, sales, and methods of marketing and distribution) to help in product development and understand future sales potential

Once the data is collected, researchers interpret the results and make recommendations based upon their findings.

Typically, researchers provide a company’s management with information needed to make decisions on the promotion, distribution, design, and pricing of products or services.

Source: http://www.marketresearchcareers.com

There’s a place for different kinds of thinkers…

Left Brain Logical Sequential Rational Analytical Objective Looks at parts

Right Brain Random Intuitive Holistic Synthesizing Subjective Looks at wholes

Two Areas of Market Reasearch: Quantitative vs Qualitative

Quantitative Research Explains “WHAT” is happening Data is communicated in

percentages/graphs: 98% of SAS seniors are excited to

graduate Data is collected through surveys,

either mail, phone, email, online, or personal interviews

Requires strong math and analytical skills

Some generate the data using statistical packages, while others are users of the data and analyze it to make recommendations

Tends to be fast-paced with most clients expecting speedy delivery of the results.

Two Areas of Market Reasearch: Quantitative vs Qualitative

Quantitative Research Explains “WHAT” is happening Data is communicated in

percentages/graphs: 98% of SAS seniors are excited to

graduate Data is collected through surveys,

either mail, phone, email, online, or personal interviews

Requires strong math and analytical skills

Some generate the data using statistical packages, while others are users of the data and analyze it to make recommendations

Tends to be fast-paced with most clients expecting speedy delivery of the results.

Qualitative Research Explains “WHY” something is happening Information is communicated in summaries:

SAS seniors are excited about graduating because they are looking forward to a new chapter in their lives…

Information is collected through personal contact with respondents: one-on-one interviews, focus groups, online communities, etc.

Requires strong communication and listening skills

Much more subjectivity than quantitative – must remain focused and unbiased

They may also deal with highly-sensitive topics, such as criminal behaviour or health issues, and it is necessary for researchers to apply particular tact in these situations.

Where would you work?

Agency Side There are countless agencies

around the world, from small shops (one or two people) to huge global operations with thousands of employees

As a researcher in an agency, you will oversee a number of client accounts, working on a variety of projects in, quite possibly, a range of different industries.

You may have the opportunity to move between different research sectors, giving you a broad experience of research techniques.

Where would you work?

Agency Side There are agencies around the

world, from small shops (one or two people) to huge global operations with thousands of employees

As a researcher in an agency, you will oversee a number of client accounts, working on a variety of projects in, quite possibly, a range of different industries.

You may have the opportunity to move between different research sectors, giving you a broad experience of research techniques.

Client Side Many companies have their own in-

house MR department Here you are likely to be one of a

small number of in-house specialist, responsible for conducting a certain amount of your own research and for commissioning external agencies to conduct larger projects

You will gain a close knowledge of your company’s overall way of working and play a key role in shaping its future development

Personal experience: Good overview of MR, in-depth

knowledge of one industry, worked with many other areas of the business (e.g. engineers, designers, etc), got early management experience

When would you work?

Some areas of market research often require odd hours because customers are often contacted in the evenings or on weekends

Travel is also often required

The Internet is Changing the Industry

Fast, cost-effective way of collecting large amounts of information Respondent databases are used to reach pre-qualified

respondents Online focus groups/chats

Sometimes conducted with cameras so moderator can see respondents’ reactions

Online research communities are an emerging and developing area in market research Allow qualitative research to be conducted efficiently

and deeply online Often allows a more flexible schedule for researcher

Education

Market researchers can have a wide range of degrees:

Business (marketing), Communications Psychology, Sociology, Anthropology Statistics, Mathematics Liberal Arts (English, History, etc)

May be beneficial to get an Advanced Degree/ Masters’ Degree

Personal Attributes

There are some key qualities that the industry requires:

strong interpersonal skills – market research is a people-focused industry and it is essential for you to be able to communicate well with others

commercial awareness interest in people and their behavior… natural curiosity analytical ability good organisational skills and the ability to meet deadlines problem solving skills ability to work as part of a team

Source: http://www.mrs.org.uk/careers/starting_out.htm

Resources

www.mrs.org.uk/Good career overview

www.marketresearchcareers.comCareer paths and salary ranges 2009 Industry Survey

www.quirks.comGood overall industry site