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

MARKET RESEARCH

Ultimate guide on how to become a market research specilaist

Introduction

If you’re wondering how to become a market research specilaist, you should know that the role of a Market Research Specialist, which is sometimes interchanged with the job role of a Market Research Analyst, covers the strategic and operational management of activities related to the design, analysis, implementation, and purchase of market research and strategy. They work to achieve strategic and operational management of activities related to the conception, development, creation, editing, production, implementation, and purchase of promotional communications, educational communications, or scholarly publications. They help determine an organization’s position in the marketplace in order to effectively promote its products and services.

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

Do You Want to be a Market Research Specialist? To build a career as a Market Research Specialist, you need first to understand the Job profile and responsibility of the job. This blog gives you a detailed idea of how to become a market research specilaist, specifically a Market Research Specialist, in the Marketing Industry of India.

Skills Abilities

1.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 Specialist 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 Specialist.

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 Specialist 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 Specialist is a person well versed in organizational and research skills who require to design, analyse and implement a broad array of primary and secondary market research protocols and develop and executes accurate and actionable marketing strategies for better business profitability and survivability in the market. The Market research specialist provides marketing research consultation and services to the Managers in order to make sure that marketing and business decision-making are supported by timely, accurate, and cost-effective data and analyses and similarly supports the development and implementation of strategies targeted at the acquisition of prospects.

The daily tasks of a Market Research Specialist include assisting in the design and evaluation of a marketing campaign in collaboration with other marketing staff, researching and developing strategies for customer retention, investigating market conditions, defining and measuring key performance indicators on customer satisfaction etc.

Job Roles and Responsibilities

Provide Data for Accurate development of key competition graphs
Maintain a Database to obtain and compile information on competitive activities and sales statistics efficiently
Follow the company rules and regulations and provide quality service
Provide support to the marketing department throughout a range of initiatives
Evaluate and interpret research results and on that basis formulate conclusions and suggestions
They Plan, execute and supervise marketing research projects
Conduct research and identify prospective target consumer sections and find out the revenue, profit potential and market size
identify marketing strategies to maintain competitive market benefits and also recommend solutions
Research and analyze market trends to determine market needs
Consult and develop relations with marketing, product development and sales team

Eligibility

The Market Research Specialist 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 be a Succesful Market Research Specialist having appropriate knowledge and Experience is also very important.

Key Result Areas

Develop efficient and intuitive marketing strategies:

The Marketing Manager 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 Specialist’s work is considered.
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.
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
Referenceable Clients: –The Marketing Manager needs to be so good at their job that their existing clients refer the organisation to their friends and family

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 Managers, managers and directors.

However, it is not unheard of that the Market Research Specialist 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 Specialist in India can range somewhere between 2 Lakh to 20 lakh INR per annum.

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

Conclusion

The Job of a Market Research Specialist is very much similar to that of a market research manager albeit with fewer responsibilities. The Marketing and market research sector provides high pay, respectable positions and an outlet for your creativity. The Jobs in this sector are said to grow in the coming years and if you have knowledge of marketing and business, a career as a Marketing Research Specialist can be promising for you.

FAQs

Q1: What is a Market Research Specialist?

A1: A Market Research Specialist is a professional who manages activities related to market research and strategy.

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

A2: They can work in various industries as marketing is being adapted by a number of businesses.

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

A3: Their main responsibility is to determine an organization’s position in the marketplace to effectively promote its products and services.

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

A4: The career scope is immense and is expected to grow as more businesses adapt to marketing.

Q5: How can one become a Market Research Specialist?

A5: One needs to have a strong understanding of market research and strategy, and a background in marketing or a related field.

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

MARKET RESEARCH

Ultimate guide on how to become a market research specilaist

Introduction