JOB DESCRIPTION AND RESPONSIBILITY
KEY RESULT AREA(KRA) & KEY PERFORMANCE INDICATOR(KPI)

MARKET RESEARCH

Your guide on how to Become a Market Research Coordinator in 2024

Introduction

If you’re wondering how to become a Market Research Coordinator, you should know that a Market Research Coordinator is a person who works under and helps the Market Research Analysts and Marketing Specialists in their work of finding data, analysing it and brainstorming ideas to find good and viable marketing strategies. Their work mostly includes collecting data from multiple sources and using it to forecast trends to try and predict where the market will go in the future. Brands, businesses, and companies use this information to compare with future expectations of the market to make strategic decisions about where resources should go next.

As the future is uncertain and the data provided by the Market Research Coordinators are the only way businesses can find out about the possible upcoming trends so that they can capitalise on the opportunity, the work of a Market Research coordinator is well respected. It can be said that the career scope of a person working as a Market Research Coordinator is immense and this is only going to get broader as marketing is been adapted by a number of businesses and at a large scale.

Do You Want to be a Market Research Coordinator?

To build a career as a Market Research Coordinator, you need first to understand the Job profile and responsibility of the job. This blog gives you a detailed idea of what it is like to become a Market Research Coordinator in the Marketing Industry of India.

Skills Abilities

IT and Computer Skills:

Computer skills are very necessary for today’s day and age for any job. It is especially true for a Market Research Coordinator as most of the task in marketing is done digitally may that be finding out data and information, processing it, analysing it or managing the said data. Digital marketing is a big part of today’s world and one of the requirements for any Market Research Coordinator.

2. Excellent communication and people skills:

They also need to have excellent communication and people skills in order to liaise with the clients about their requirements and inform the marketing managers and director about marketing plans, their effectiveness and the budget for the campaign. They also need to bring in new clients if necessary and also they need to convey their plans and ideas to the Managers and CEOs or any other superior Managers.

3. Strong organizational and time-management abilities:

Strong organizational and time-management abilities are a must as they need to be considerate of everyone’s time in the office that they are working for and manage different tasks given at the same time and finish them by the given deadline.

4. Familiarity with social media and web analytics:

One of the biggest sectors in marketing is digital marketing which revolves around social media such as Instagram, Facebook, Twitter, snap chat etc. and Search Engine Optimisation to rank the website higher. To be good in both of these the Market Research Coordinator needs to be familiar with social media and web analytics. These would help them be more reputed in their career.

Job Description

The Market Research Coordinator is required to survey customer preferences and statistical data in order to support Marketing Directors during their decision making process regarding product designs, prices and promotions. A Good Market Research Coordinator must also be able to analyze autonomously qualitative data, trends, strategies and competition aiming at increasing competitiveness in the market and by extension increasing the market share of the Company, they are working for.

Market Research Coordinators are required to perform tasks such as Research conditions in local, regional, national, or online markets, Gather information to determine potential sales of a product or service, or plan a marketing or advertising campaign, they might also gather information on competitors’ prices, sales, and methods of marketing and distribution methods.

Other than these other duties, Their work also includes searching for marketing tactics, analysing web metrics, and developing recommendations to increase search engine ranking and visibility to target markets.

Job Roles and Responsibilities

Take Charge of trained survey interviewers
Perform a valid and reliable SWOT market analysis
Manage Sales & Marketing budgets
They collect and analyze data through modern and traditional methods on consumers, competitors and the market as a whole
They create custom market research projects that are qualitative and quantitative
Perform market analyses to identify opportunities for product expansion
Use statistical techniques to interpret data and produce results and substantiated recommendations
Their other task include Prepare reports of findings, illustrating data graphically and translating complex findings into written text and presenting results
Understand business objectives and design surveys to discover customers’ preferences
Find new ways to meet the needs of a changing marketplace
Develop strong partnerships with important and relevant businesses
Forecast and track marketing and sales trends

Eligibility

The Market Research Coordinator requires to have a Three year college degree with majoring in business, Marketing or finance preferred, such as a Bachelor of Commerce (B Com), Bachelor of Business Administration in Marketing (BBA), Bachelor of Management Studies (BMS) etc.

If you want to have a good chance of working in a reputed organisation, A master’s degree is recommendable, such as a Master of Commerce (M. Com) or MBA in Marketing or Finance. To become successful and get to the top in the marketing industry you need experience and This position gives the opportunity to learn about the sector in a starting position.

Key Result Areas

Develop efficient and intuitive marketing strategies:

The Marketing Coordinator needs to create marketing strategies that work and bring in new customers for the clients and organisations that they work for.

Organize and oversee advertising campaigns:

A big part of the job is to create ad campaigns that funnel in leads and in turn increase sales.

Maintain relationships with media vendors and publishers:

Good relations are everything in a business so Maintaining relationships with media vendors and publishers is very important.

Key Performance Indicators

Customer Count:

The more customers a business attracts through its marketing process the better, a Market Research assistant’s work is considered.

2. Return Percentage:

This marketing KPI depicts the number of customers that use your product for an extended period of time and purchase it again. You can see how engaged your consumers are by keeping track of their retention rate.

3. Customer Lifetime Value:

CLV is the measure of how much value the customer can bring to the Organisation for as long as that person, business or organisation remains a client

4. Referenceable Clients:

The Marketing Assistant needs to be so good at their job that their existing clients refer the organisation to their friends and family

5. Customer Satisfaction:

One of the Performance Indicators is that the customers the Marketing Coordinator serves should be satisfied with the services that they get.

Work Environment

It is most likely to be a desk job where you sit behind a computer screen trying to make sense of the data to forecast trends and brainstorm marketing ideas with the Marketing Coordinators, managers and directors.

However, it is not unheard of that the Market research coordinator has to travel and spend time on the road collecting data and doing analysis.

The Work schedule is mostly 9 to 5 but the timings can vary due to various reasons.

Salary Package

The Average Salary for a Market Research Coordinator in India can range somewhere between 3 Lakh to 6 lakh INR per annum.

The Amount may vary through different Organisations, and cities depending on workflow and workload

Conclusion

You can work as a Market Research Coordinator without much experience in the field and gradually work your way up. Even as a fresher the Pay is generally high and the work is mostly a brainstorming and analytical job without much physical demand. If you have knowledge of marketing and business, a career as a Marketing Research associate can be promising for you.

FAQs

Q1: What is a Market Research Coordinator?

A1: A Market Research Coordinator is a professional who works under and helps the Market Research Analysts and Marketing Specialists in their work of finding data, analysing it and brainstorming ideas to find good and viable marketing strategies.

Q2: What industries can a Market Research Coordinator work in?

A2: They can work in various settings such as research laboratories, factories, construction sites, nuclear power plants, offshore oil rigs, etc.

Q3: What is the main responsibility of a Market Research Coordinator?

A3: Their main responsibility is to collect data from multiple sources and use it to forecast trends to try and predict where the market will go in the future.

Q4: What is the career scope for a Market Research Coordinator?

A4: The career scope is immense and is expected to grow as marketing is been adapted by a number of businesses and at a large scale.

Q5: How can one become a Market Research Coordinator?

A5: One needs to have a three-year college degree majoring in any of the relevant courses and at least two years of experience in the Marketing industry in a starting position.

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JOB DESCRIPTION AND RESPONSIBILITY
KEY RESULT AREA(KRA) & KEY PERFORMANCE INDICATOR(KPI)

MARKET RESEARCH

Your guide on how to Become a Market Research Coordinator in 2024

Introduction