What makes a shopper choose liquid soap over a bar soap? How effective are deals and discounts in attracting consumers? At which part of the store should you keep your product for maximum visibility? Which cities should you launch a new product in and what should the pricing be? These are just some of the many questions that every marketer would give an arm and a leg to know the answer to. At the heart of this, lies the science of Market Research – the ‘Oracle’ of consumer insights. In an age where information is revenue, it pays to be the one who owns it. Students and young professionals who are interested in studying consumer behaviour, and in understanding what goes into shopper decision-making, should seriously consider a career in market research. Given India’s diversity, getting actionable information is quite a challenge. From deciding a sample size to designing a questionnaire, market research today is almost an art in itself. Furthermore, the market research industry has been reinventing itself over the last couple of years. What used to be a pen and paper recording of the consumer responses, has undergone a sea change with the advent of the internet, mobile and even Neuro Marketing – where researchers use neuroscience to extract hitherto unexplored consumer insights.
What do they do?
The avid market researcher decodes a large amount of numbers and statistics and filters out actionable insights for which companies are ready to pay millions of dollars. The challenges are many and the stakes high, but the thrill of it all is what drives aspirants to choose a career in market research.
- Very good analytical skills
- Good listening skills
- Good storytelling ability
- Good researching skills
- Good communication skills
- Eye for detail
- Mathematical ability
How do I get there?
To pursue a career in marketing research, you need to be concrete about your goals and ambitions so that you can do justice to your course.
The minimum requirement for most jobs in marketing research is a bachelor's degree, which could be an undergraduate course - Bachelor of Business Administration (BBA) and postgraduate course - Master of Business Administration (MBA).
For those interested in doing specialised training courses, one can take up a course in Master of Marketing Research. A large of number of management institutes in India offer special courses in marketing research studies.
Typical day in the life of a Marketing Research
There is no hour to hour schedule for a marketing researcher. He/She would typically be looking at huge numbers on excel sheets, understanding the same, churning out valuable insights for the brand that he/she is working on and advice the course of action that the brand needs to take.
He/She acts a doctor and advisor to multiple brands across product categories.
Presenting the news [good or bad] to the client is in itself an art that he/she masters over a period of time.
Good Marketing Researchers are in great demand in the industry.