Job in market research: everything you need to know about!

What is market research?

If you want a job in market research, you should know what market research is and what you have to do! Market research is the process by which companies gather information to improve their products and services and better understand their customers. This information can be gathered in a variety of ways, such as online surveys, interviews with customers or experts, focus groups or analysis of sales and market data.

The results of market research are used to adapt products and services, develop new products, plan marketing strategies and improve customer satisfaction. Market research is an important part of the business decision-making process and helps companies succeed in the marketplace.

A job in market research is accordingly very responsible, as market researchers have a not inconsiderable share in the success of a company!

Types of jobs in market research

There are various jobs in market research that can be divided into different areas and functions. Here are some examples:

• Market researchers in general: Market researchers are responsible for planning, conducting and evaluating market research projects. They are generalists in their job! Market researchers collect and analyse data to gain information about customer needs, preferences and behaviour patterns and prepare these in reports or presentations.
• Project managers: Project managers are responsible for organising and coordinating market research projects. They work closely with market researchers, clients and service providers and are responsible for meeting time and budget estimates. It is a very responsible job in market research.
• Data analyst: Data analysts are responsible for analysing market data and creating statistics and reports. They often work in market research, but also in other areas where large amounts of data need to be analysed, such as in the financial sector or in e-commerce. For this job in market research, you need a very analytical understanding!
• Client advisor: Client advisors in market research are responsible for advising clients on the planning and implementation of market research projects. They help select methods and instruments and are responsible for communicating with clients and service providers.
• Market Research Manager: Market Research Managers are responsible for the strategic orientation and management of market research departments or teams. They are responsible for planning and implementing projects, evaluating results and developing recommendations for action.
• Panel manager: Panel managers are responsible for the administration and maintenance of online or telephone panels used for market research studies. Panel managers are responsible for recruiting participants, quality control and data management.
• Market research assistant: Market research assistants support market researchers and project managers in the planning, implementation and evaluation of market research projects. They collect and analyse data, prepare presentations and reports and are responsible for communicating with clients and service providers.
• Qualitative market researchers: Qualitative market researchers specialise in conducting qualitative market research methods, such as in-depth interviews, focus groups or observations. They are responsible for planning and conducting qualitative studies and analysing the data collected.
• Quantitative market researchers: Quantitative market researchers specialise in conducting quantitative market research methods, such as online surveys or telephone interviews. They are responsible for planning and conducting quantitative studies and analysing the data collected.
• Market research consultants: Market research consultants work in agencies or as freelance consultants and in their job they support clients in the planning and implementation of market research projects. They offer advice and expertise in different areas of market research and develop tailor-made solutions for their clients’ needs.

These are just a few examples of jobs in market research. Depending on which area of market research you want to work in and what skills and experience you bring with you, there are many more roles and specialisations.

In a market research job, you rarely work alone, so it is important that you have good teamwork skills and enjoy working with people.

What specific skills do I need for a job in market research?

Market research is an important part of companies offering their products and services as it helps to improve the understanding of customer needs and preferences, thus improving marketing and business strategy. To be successful in market research, a range of skills are required, including:

• Analytical thinking skills: market researchers must be able to collect and analyse large amounts of data to gain insights and create recommendations.
• Communication skills: Market researchers must be able to communicate clearly and effectively, both verbally and in writing. This includes writing reports and presentations that are understandable to different audiences.
• Project management skills: Market researchers need to be able to manage and prioritise multiple projects simultaneously.
• Client focus: Market researchers need to understand how clients think and what they want in order to deliver relevant and useful results.
• Flexibility: Market researchers need to be able to adapt quickly to changing conditions and meet new challenges.
• Creativity: Market researchers need to be creative to come up with new ideas and approaches to market research and to solve problems.
• IT skills: A job in market research requires using data analysis software and other technologies to collect and analyse data.
• Teamwork: Market researchers often work in teams and need to be able to work well with others to achieve better results together.
• Time management: Market researchers need to be able to manage their time effectively in order to complete projects on time and meet deadlines.
• Open-mindedness: Researchers must be open to new ideas and approaches and be willing to constantly develop and learn.
• Intercultural competence: Market researchers often work with people from different cultures and need to be able to understand and accommodate these differences.
• Negotiation skills: Market researchers need to be able to negotiate and broker deals with clients or partners to get the best results for their company.
• Language skills: Market researchers working in international markets can benefit from language skills in different languages to improve communication with clients and partners on the job.

What training do I need for a job in market research?

To get a job in market research, there are different educational options. One possibility is to study economics with a focus on marketing or market research or to study social sciences or psychology. There are also special study programmes in the field of market research, such as the Bachelor’s programme “Market Research and Marketing” or the Master’s programme “Market Research and Consumer Insights”.

Another possibility for a job in market research is an apprenticeship as a market researcher, which is usually a three-year dual training programme. This involves gaining practical experience in a company and learning the technical knowledge at a vocational school. The training is recognised by the German Market Research Association (Deutscher Marktforschungsverband e.V.) and offers a solid basis for entry into market research.

In general, it is important that you have an interest in economic contexts and in analysing market data, and that you have good communication skills and a meticulous way of working. Knowledge of statistics and data analysis is also an advantage in market research.

A university degree can increase your chances of getting a job in market research.

What training and further education opportunities are there in the field of market research?

There are various possibilities for further education in the field of market research. The following options might be suitable for you:

University studies: You can complete a Bachelor’s or Master’s degree in a subject such as marketing, economics or social sciences to prepare you for work in market research. There are also specific degree programmes that focus on market research, such as the Master of Science in Market Research.

Specialised training: There are also special specialised training courses that focus on market research, such as the “Fachwirt für Marktforschung”. These trainings provide you with comprehensive knowledge and skills in the field of market research and can be a good complement to a university degree.

Further education: There are also many continuing education programmes that focus on market research, such as seminars, workshops or certificate courses. These trainings can help you to deepen and expand your knowledge and skills in the field of market research.

It is important to consider what type of education or training best suits your goals and needs. Take into account your existing knowledge and experience as well as the requirements of the company you want to work for. Career counselling or a recruitment agency can help you decide.

Can I get a job in market research as a career changer?

It is definitely possible to get a job in market research as a career changer, especially if you have relevant skills and experience. However, the chances of getting a job also depend on the job and the company.

For some jobs in market research, such as data analysis or project management, general skills such as numeracy, organisational skills and communication skills are important. If you already have professional experience in these areas, you could be considered for such a job.

However, other jobs in market research, such as conducting qualitative or quantitative market research studies, require specific expertise and experience in applying market research methods and tools. If you do not have experience in this area, it might be more difficult to find a job in market research as a career changer.

However, there are also opportunities to qualify for a job in market research through further education or certificate courses. These courses offer a supplement to a basic degree or training and provide specific expertise in different areas of market research. If you train in this way, you can improve your chances on the labour market and enter market research as a career changer.

Analytical understanding and a high affinity for numbers are important foundations for a job in market research. In return, market research jobs are better paid on average.

What can I earn if I have a job in market research?

It is difficult to say what you can earn if you have a job in market research, as the income can depend greatly on various factors, such as the size and location of the company, the type of job, the individual’s experience and qualifications, and the general economic and labour market environment.

A market research job often starts with a starting salary that is in the range of about 30,000 to 40,000 euros per year. However, depending on experience and qualifications, the salary can be significantly higher. There is also the possibility of working in senior positions in market research, where the salary can be correspondingly higher.

As a rule, however, the income in market research tends to be higher than the average income in many other professions. According to a study by the American Marketing Association (AMA), the median income for people working in market research in the US in 2020 was around US$70,000 per year. However, this figure can vary depending on the factors mentioned above.

It is important to note that income is not the only factor to consider when choosing a job. There are also other important factors such as the type of work one will be doing, the career development opportunities the company offers, and the overall work culture and environment. It is important to consider these factors when making a career decision.

You want a job in market research? You should know these terms!

It is important to know market research terms if you want to apply for a job in market research, because this knowledge shows that you are familiar with the field and have the necessary expertise to work in this area. For example, if you want to apply for a job as a market researcher, it is important that you are familiar with terms such as ‘sample’, ‘primary research’ and ‘secondary research’ and how they are used in market research. Knowledge of different methods of data collection, such as questionnaires or interviews, is also an advantage. If you prepare well for the interview and can show that you are familiar with technical terminology, you will increase your chances of being hired in market research.

Here are some important terms you should know if you want a job in market research.

• Sample: A sample is a representative selection of individuals or units from a larger population that is studied for market research.
• Primary research: Primary research is the collection of data directly from the individuals or units concerned through interviews, experiments or observations.
• Secondary research: Secondary research refers to the collection of data that has already been collected from other sources, such as government statistics, industry reports or scientific articles.
• Qualitative research: Qualitative research is a type of market research that focuses on the collection of non-numerical data such as people’s opinions, attitudes, assessments and experiences.
• Quantitative research: Quantitative research is a type of market research that focuses on collecting numerical data and analysing it through statistics.
• Survey: A survey is a method of market research in which a sample of people are questioned using questionnaires, interviews or group discussions to gather information.
• Experiment: An experiment is a method of market research in which a sample of people is exposed to different treatments or conditions to study the effects on certain behaviours or attitudes.
• Observation: Observation is a method of market research in which the behaviour of individuals or units is directly observed to gather information.
• Analysis: Analysis refers to the process of interpreting and evaluating data to gain insights and conclusions.
• Report: A report is a document that details the results of a market research study. A report contains analyses and conclusions from a market research study.
• Customer satisfaction: Customer satisfaction refers to the extent to which customers’ expectations and needs are met by a product or service.
• Customer loyalty: Customer loyalty refers to the tendency of customers to remain loyal to a company or product over an extended period of time.
• Market segmentation: Market segmentation refers to the process of dividing a market into smaller, more homogeneous groups of customers who have similar needs and behaviours. You will encounter this term and the activities behind it in your job in market research!
• Market research methods: Market research methods are the various techniques and procedures used to collect and analyse data in market research, such as surveys, experiments, observations and secondary research. Market research methods will be a constant companion in your job!
• Market research instruments: Market research instruments are the tools and aids used to conduct market research, such as questionnaires, interview guides and online surveys.
• Market research budget: The market research budget is the financial framework available for conducting market research.
• Market research objectives: Market research objectives are the specific goals and purposes pursued by conducting market research, such as collecting customer feedback, monitoring market trends or identifying competitive advantages.
• Market research process: The market research process refers to the steps involved in conducting market research, such as defining objectives and hypotheses, selecting methods and instruments, collecting and analysing data and presenting the results.
• Market trends: Market trends refer to the changes and developments taking place in a market, such as changes in demand, competition or technology.
• Market research ethics: Market research ethics refers to the principles and rules that should be followed when conducting market research in order to protect the privacy and rights of participants and to ensure the integrity of the results.
• ESOMAR: Esomar is an international organisation for market research and opinion polling, founded in 1947 and headquartered in Amsterdam. The abbreviation “ESOMAR” stands for “European Society for Opinion and Marketing Research”. ESOMAR represents the interests of market research companies and opinion research institutes all over the world and is committed to promoting quality and ethics in market research.
  → ESOMAR official website
• Now you know a few terms from the field of market research that are very important for your new job! We wish you all the best in your search for your dream job!

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