An old Irish proverb says, “Never sell a hen on a wet day”. However, if you ask a market researcher, he’ll say that it depends on whether you get paid according to its size or its weight. Today, we live in a consumer-driven world, and the businesses have to face a cut-throat competition to survive and succeed in the market.
What is Market Research?
A company cannot succeed without understanding the consumer’s needs and behavior and hence it relies on intensive backend market research. Market research, not only tells a company what to produce, but it also tells how to present it in front of the consumer. Work doesn’t end here, once the product is out in the market, market researchers inform the company about consumer feedback, so that the company can make all necessary changes to increase its reach.
Market research has become an instrumental part of every business module and plays a crucial role in several major business decisions ranging from product design to packaging and advertisement. India, being the world’s biggest consumer nation, has become a business hub for several companies from around the globe. These companies need constant market research to get established in our country and hence a career in market research is very promising for Indian Students.
As the name suggests, In a market research career you’ll have to do a lot of research, but to get you started, we have researched this career. The following are some important aspects of market research as a career.
A Career in Market Research
Market research is one of the best professions for all the curious minds who like to explore and find out how and why things work. Market research analysts are the backbone of all crucial business strategies. They have to play varied roles to understand and improve the sales of a firm.
Analysts have to study the statistical data of past sales and predict the future sales of the service or product. They have to research the products, prices and marketing strategies used by the competitors. The market research also informs the company about the behavior of the prospective consumers and the feedback of existing customers, which are collected through direct interviews, questionnaires, online surveys or telephonic calls. The analysts also tell the company about the risks and rewards of introducing a new product line or expanding into new territory.
Market research is not only relevant for private sales and service companies, but also helps government institutions and political parties. The following are some major sectors that depend on constant market research for their growth:
- Education and Training
- Finance, Investment, and Insurance
- FMCG including Food, Drink and Household Products
- Government and Local Authority
- Healthcare and Medical
- Leisure and Tourism
- Media and Public Relations
- Property and Housing
- Public Services and Utilities
- Retail and Wholesale Market
- Political Institutions
The minimum eligibility for a career in market research is a Bachelor in Business Administration (BBA) with marketing specialization. To pursue this degree from a reputed college, you need to have a minimum of 50% in 10+2. The undergraduate degree in business administration can fetch you an entry-level job in a market research field like a researcher or junior market analyst.
If you wish to specialize in this area, you can pursue a Masters in Business Administration (MBA) or Masters in Marketing Research (MMR). You can also go ahead and pursue a Doctorate in Marketing or Business Administration. The MBA degree will equip you with a multidisciplinary approach towards market research with an extensive course that will include sociology, psychology, statistics, and mathematics. A master or doctoral level degree will land you in the managerial level jobs like Project Managers, Marketing head, Fieldwork Manager, Operation Director, etc.
Top Colleges and Universities
Market Research is a highly competitive field, and it’s imperative to have an in-depth understanding of the subjects to excel. Most of the leading market research companies in India give high importance to the academic history of the candidates. Pursuing a degree from a reputed college can give your career a boost in the field of marketing research. Following are some leading colleges in India:
Top Colleges for BBA Marketing
- Christ University, Bangalore
- Narsee Monjee Institute of Management Studies, Mumbai
- Shaheed Sukhdev College of Business Studies, New Delhi
- Madras Christian College, Chennai
- ICFAI Business School, Hyderabad
Top Colleges for MBA in Marketing Research or MMR
- Jamnalal Bajaj Institute of Management, Mumbai
- Management Development Institute, Gurgaon
- Indian Institute of Management, Ahmedabad
- Indian Institute of Management, Bangalore
- Indian Institute of Management, Lucknow
Market research jobs are well paid in India. However, as this field calls for experience and specialization, the entry-level jobs can be low paying. The salary offered to fresher graduates can range from INR 15 to 20 thousand per month. There is a significant growth in remuneration, as one gains experience in the field. The jobs offered to candidates with masters or doctoral degrees are handsomely paid, and the monthly joining packages range between INR 50, 000 to 80, 000.
Challenges and Rewards of Career in Marketing Research
- Brutal competition
- Huge pressure on accuracy
- Tremendous paperwork
- The constant need to keep upgrading
- The work can get repetitive and monotonous
- Exciting work format
- Playing a crucial role in the organization
- Working in close collaboration with various departments like IT, Sales and Marketing.
- High scope of innovation
- Fast growth
The market research industry in India has witnessed a vast transformation in the recent past and is predicted to keep transforming as we walk on the path of globalization and digitalization. This is the best career for those who want to make innovations that alter existing perceptions. It is a job for explorers who love numbers and know how to twist them.