As per the latest data, the growth of world economy is expected to remain at 3% in the year 2019-20. In India, in the first few months of this year, the average growth rate is 7.5%. India has 3 most challenging factors namely, continuous population growth, deteriorating infrastructure and corruption which hamper the continuous economic growth of India. Although, the key to building a successful business lies in understanding the ever-changing consumer behavior and this is where the field of market research comes into picture. Market Research is the process of collection of data based on consumer’s advice, opinions, views, tastes and preferences. If you are also planning to build your career in market research field, you must know the following aspects about it.
Market Research - Meaning
Market Research is an attempt to understand consumer behavior. Since consumers ‘demands are dynamic in nature, every company needs to change their business strategy in line with it. With more companies looking for qualified and experienced market research, the field has become an ideal career option for youngsters.
The Process of Work in Market research
The key responsibility of a Market Researcher is to help an organization draft a dynamic product / services profiles that captures the preferences of their consumers. This in turn helps the marketing and sales teams meet their objectives. Additionally, market researchers also analyze the past statistical sales data to predict the prospect of future sales. To do so, Market Research Analysts deploy various creative ways such as focus-group interviews, surveys and telephonic interviews to get the desired information from customers. The data collected is compiled and organized in a systematic manner and presented to clients to take business decisions accordingly.
Top Market Research Companies in India
Here is a list of top market research companies in India:
- IMRB International
- RNB Research
- Market Xcel Data Matrix Private Limited
- Majestic MRSS
- TNS India Private Limited
- Hansa Research
- IDC India
- IPSOS Indica Research
- Millward Brown
- The Nielsen
These companies boost your business through their rigorous market research projects. Various companies set their business goels and prepare their business strategies for their goods and services on the basis of market research projects of these companies.
Essential Skills to become a Market Researcher
Market Research Analysts must have strong communication skills in order to deal with clients and document the required business objectives. They should be well-versed with analytical tools for data analysis using traditional and technical methods. In addition, they should know different techniques of data collection and processing, in order to capture the pulse of their customers.
Career Opportunities in Market Research
Market Research professionals can work in the following profiles depending upon their interest, expertise and skill-sets:
Research Director: This is the most senior position in Market Research and takes the entire responsibility for developing and delivering all the market research related projects on time.
Research Manager: Research Managers are responsible for designing, implementing and managing the respective research projects. They make sure that the research project is running flawlessly and for that matter liaises with the operational director. They act as a bridge between the company and its clients.
Research Executive: A Research Executive takes part in the initial development of projects and also works with the operational department of the firm. The executive closely works with the research manager and research analyst to develop the layout of research design and data collection. They are also involved in the preparation of the final research report.
Research Analyst: They look after the work of data analysis and data presentation. In addition, they also play an important role in testing the quality of questionnaire routing.
Operations Director: The position of Operational Director is full of responsibilities and considered the most crucial one in Market Research. They look after a number of departments that includes sampling, data preparation, data entry, questionnaire scripting, tabulations and the telephonic unit. They ensure the research project is delivered flawlessly and on time, meeting all the cost constraints and quality standards.
Fieldwork Manager: The Fieldwork Managers look after all the recruitment, management, training and evaluation of face-to-face and telephonic interviews. Moreover, they have the responsibility of training, quality management and creation of relevant research samples.
Statistician/ Data Processing Professional: They mainly focus on one or many core areas of data processing, which includes scripting of surveys, data processing tabulation, statistical sampling and market modelling.
Salary Package of Market Research Professionals
Depending upon the role, position and experience of a candidate, the salary structure for Research professionals in a marketing research organization can vary from post to post, educational qualifications and work-experience. For instance, the starting salary of a field survey executive will be in the range of Rs.6,000 to Rs.7,000 per month and the salary of a Senior Manager is up to the Rs. 9,00,000 and Rs. 15, 00,000 per annum.
There is no second opinion now that, through the help of proper marketing research projects any business company can know all the details regarding SWOT – Strengths, Weaknesses, Opportunities and Threats regarding its business beforehand and thus, it can take all the necessary and preventive steps in advance for its continuous business growth. Market research solves all kinds of marketing problems very efficiently