Market Research is a fascinating and evolving sector. With the advent of new marketing channels over the past few years, consumers have more choices than ever before. It is pivotal to shaping and influencing consumer decisions along with informing future developments and innovation. Consumers have acquired more control due to social media and digital marketing. Brands are trying to make sure their marketing efforts are in line not only with what the customers want but also with how they think. Traditionally in its crudest form consisted of quantitative and qualitative research. Today, due to the increasing sophistication of the marketplace, the options for the scope of marketing research jobs has increased and the opportunity for career development significantly improved.
If you are considering a job in market research, it is best that you know what exactly the job is about and why it makes for a great career choice.
What Is Market Research?
It goes without saying that every product or service that is launched for a particular market will have a defined target audience. Traditionally key attributes of the target audience have included the likes of age, gender, location etc. Today, these attributes may be overlaid against pricing points, emotional points, media consumption, promotions etc. Understanding your market is the key to ensuring the success of your product/service. It is all about acquiring that understanding by gathering information using primary and secondary research and then translating the findings into actionable recommendations. Not only does it offer better insight of the market, it is also crucial in improving the overall decision-making capabilities of an organisation.
Market research is crucial in predicting the success rate of any product/service, and in suggesting improvements that maximize the chances of success.
Why Choose Market Research as a Career?
As mentioned in the beginning, new marketing channels and platforms are putting more control in the consumers’ hand, which means marketing has become a two way street. It is fascinating as it can have such a powerful influence on our lives and is a discipline that is often involved right from the start when a new product of service is being developed.
Trends like globalisation, social media marketing, and better utilisation of Big Data are contributing to the growth of this sector, and it appears that the scope will only improve in the coming years.
Now, unlike many other booms we witnessed in that past few years, this is not a temporary buzz. Your career path depends on the route you choose to take when you enter the field as a market researcher. You can work with a research organisation that solely offers this service to their clients. You can work with a major brand as a key member of their own market research team; most multinational manufacturers have their own teams dedicated to market research.