Hiring a Market Research Analyst Online

Market research analysis involves getting information from and about customers in order to make business decisions. It assesses the preferences and needs of customers as well as potential competitors and the market. It makes use of both qualitative and quantitative research methods to provide businesses with actionable insights strategic for decision-making. According to a survey done by Hanover Research in 2022, 91% of businesses said that using market research data increased their sales. Alternatively, businesses can hire a market research expert to handle the market research analysis process for them.

A market research analyst is someone who does research and finds data-evident information to help businesses gain a competitive edge through market and consumer evaluation. Expert market research analysts monitor market trends, consumer preferences, and effectiveness of advertisements using different techniques. So, what does a market research analyst do?

• Conduct research to determine the target market of potential products.
• Conduct research to know the effectiveness of different advertising methods, for example, is social media more effective than traditional media?
• Research on the competitors and gauge the effectiveness of their strategies.
• Do research to identify the ideal distribution channels of products to consumers.
• They also advise on how to market products to consumers based on their preferences.

How to Hire a Market Research Analyst Online

Do you want to hire a market research expert but don’t know where to start? A market research analyst can help your business grow by giving evidence-based strategies crucial for decision making. Below is a comprehensive guide to how to hire the correct market research expert.

How Market Research Analysts Plan for Market Research

Step 1: Identify the research problem

The better the analyst understands the research problem, the greater the probability of the results making an impact to the organization so the researcher first understands the research problem, for example, sales are down.

Step 2: Identify the information gap

After identifying the research problem, the researcher proceeds to address the information gap and give solutions to the research problem. For example, in the case of sales being down, the researcher can identify products to introduce to the market in order to improve sales.

Step 3: Decide on the research methodology

The market research analyst decides on which research methods to use for collection and analysis.

Step 4: Design the research study

Step 5: The last step of market research preparation is designing the research study that guides the whole research. The analyst evaluates the participants, research objectives, estimated budget, and designated time frame.

Type of Research a Market Research Analyst Conducts

A market research analyst uses both qualitative and quantitative research methods to come up with decision making insights. They start with qualitative research methods such as interviews to gain information about customer behavior then use quantitative methods like surveys to reveal patterns. Their research areas are such as:

1. Distribution

Market analysts research the best distribution channels for businesses to their consumers. They answer questions such as; should the company use multi-channel distribution? Who are the best dealers for the company’s products?

2. Promotion

A lot is spent by companies on promotion so they’ll want to know the effectiveness of spending on advertisement and offers. A market research analyst determines whether the advertisement is effective and also the best channel of advertisement to the consumers.

3. Consumers

Market research is mostly done to learn more about their customers and what products they prefer. Market research analysts also research the size of the market to which a certain product is to be sold.

4. Products

Market research analysts also research on whether a newly released product will sell. They also gain insights on potential products that consumers may want.

5. Pricing

Expert market research analysts determine the value in which consumers perceive a new product in the market. They also use market research to determine how consumers react to pricing tactics such as “buy two get one free” or “buy this product half off”

Requirements for a Market Research Expert

Conducting a market research analysis for your business is crucial for business growth so choosing an exceptional market research analysis expert is really important. The ideal market analyst should have previous experience, technical, and soft skills to conduct the analysis. Below is a guide on the educational, technical and soft skills to look for when choosing a market research analyst:

• A bachelor’s degree in any marketing field is the minimum requirement by most employees.
• The ideal market analyst should be familiar with statistical packages for interpretation, for example SPSS.
• The market research analyst should have exceptional communication skills.
• The researcher should also have outstanding research and interview skills in order to be comfortable with the research participants.
• The ideal analyst should have experience with data modeling and data mining.
• The researcher should be familiar with data collection methods.
• The market research analyst should have experience with Customer Relationship Management [CRM] programs and the ability to use web analytics.
• The ideal researcher should have time management skills.

Why Choose Our Market Research Company for your Analysis

Our market research analysis services have the best experts who have extensive experience in conducting analysis for multiple businesses. They are familiar with all the technicalities associated with market research.

Our services have a proven track record of exceptional results ideal for decision making from our previous clients. Our clients' positive feedback and testimonials are proof of the effectiveness of our services.

Our market research analysis services offer customized solutions depending on our client’s request. Whether you need research on your target consumer market, advertising channels, our services have you sorted.

Our services guide you throughout every step of the market research analysis process ensuring that you understand the whole procedure for strategic decision making.

Our services go beyond the analysis process, we advise on actionable recommendations on how to improve your business and increase sales.

Summary

Hiring a market research analyst online can be a strategic idea for your business as it uses evidence-based answers to come up with tips for business development. Use of qualitative and quantitative methods together with statistical software predicts the success of a new product in the market and the effectiveness of advertising methods.

This ensures that actions taken in the business have a high success chance. Discover the true potential of your business by hiring our market research experts. Reach out to us now to get started! Visit our website to learn more.