Feel the pulse of market

Usha Albuquerque

As the election fervour hots up, opinion polls and pollsters are in over-drive. Almost every day we hear about surveys that ‘reveal’ new poll trends. Data to identify and segment voter categories, data on voter responses to poll-promises, feed-back on election issues, voter profiles, voting patterns, and so much more is being collected, dissected and analysed, for the benefit of the general public as well as the political parties. Such data is important as the information can impact electoral results, and so practically all national political parties are utilising the services of some research organisation to carry out the surveys for them to guage what is playing in the minds of the voters.

Market research is a fascinating field that attempts to figure out not only which way people would vote, and why, but also who these people (read consumers) are, what drives them to buy a particular brand of mobile, washing soap or clothes or watch a particular TV channel or show.

Our buying choices whether it be the type of cars we drive, the mobiles we use, or the clothes we wear, are largely influenced by marketing and advertising. But it is market research, with its mathematical or statistical modelling, sampling techniques and psychographics, that provides the advertisers a scientific and measurable basis to sharp-focus their strategy. 

Market research analysts’ research helps a company  to market its products or services. Moreover, as India is a huge country with social and cultural diversity, market research plays an important role, taking into account local conditions and preferences or needs, to help identify a new product or service which would cut across these diversities. Hence, the need is to have sociologists, economists as well as statistical and mathematical specialists to understand, analyse and strike a balance between statistical and research data, and individual judgment.

Work profile

The work of a market researcher is to plan what kind of information is required to be gathered, the most systematic and effective way to collect data, the actual collection of the data and the analysis and interpretation of this data. They gather data on consumer demographics, preferences, needs, and buying habits. They are involved with collection of data — information about the consumer, the market, existing competition and so on. They use a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.

Market Researchers usually work in teams with statisticians, motivational research specialists who design survey questions, pollsters, interviewers, IT specialists and a variety of others. The data is then submitted to the client with a list of suggestions, based on which the client can take a decision, or chalk out a marketing plan. Market research, particularly today, with the help of computers, can build up a consumer database in great detail.

The research conducted through this process helps determine a company’s position in the marketplace by researching their competitors and analysing their prices, sales, and marketing methods. The research studies provide basic information and act as decision support system for future planning of any sort depending on the needs of the client. 

There are three broad areas of work in Market Research: Research, Fieldwork and Data Analysis. 

1. The research department handles the clients; finds out about the various marketing problems; and decides how the data will be analysed and collected.  

This data is categorised as quantitative and qualitative. Quantitative research has to do with numbers, or percentage of people to use a product or service, or have an opinion about a certain subject, while qualitative research is more in-depth and deals with motivations and reasons behind people buying or not buying a product or service. 

2.The fieldwork department organises and manages the people who conduct the surveys, training them, if necessary, and briefing them in techniques that will elicit the right information. Surveys can be carried out through door-to-door interviews, by phone or mail. Sometimes students with spare time and an interest in this work are called to carry out  the field work. With modern data collection tools such as mobiles, tablet, sensors and other digital devices, fieldwork has become faster and more reliable too.

3.The data analysis department feeds the raw data collected by the fieldwork team into the computer, developing the software for each specific problem, and analyses it through statistical and other methodsbefore handing it over to the researcher. It is the researchers who interpret the data and based on this information, advise clients. Today this area of work has assumed a huge potential with Analytics and Big Data opportunities in great demand, particularly with e-commerce companies. 

Job prospects

Today market information is required in practically every kind of organisation. Even government departments and political parties are using market research to conduct opinion polls and find out polling patterns. MNCs and social and economic research organisations use market research companies to collect data. Television channels use market research to find out the popularity of programmes shown on television through television rating points (TRPs). Many MNCs and FMCG companies outsource their research work to market research agencies, while international companies outsource their analysis work and data mining to Indian market research (MR ) agencies before venturing into the Indian market. 

While most multi-national and marketing organisations, government departments and research institutes handle some in-house market research operations, there are market research agencies that specialise in providing this service. Most agencies have specialised in the kind of research services they handle, with a huge data bank of information. Some advertising agencies have also set up their own special departments in market research, so work options can be varied.

There are several Indian as well as international market research companies  in this field that offer job options to those interested in this field. These include agencies like Nielsen, IMRB International, TNS India, IPSOS Indica Research, Synovate India, Hansa Research Group, C-Fore etc.

On a growth path

In India, the role and importance of marketing research has been growing steadily in the post-liberalisation era. Today with the help of computers, marketing organisations can build up a consumer database in great detail. This can help segmentation of the market or pinpointing target areas in terms of location and people, on the basis of demographic, psychographics and response-based information. This helps in direct marketing, with a door-to-door approach of properly identified potential consumers or through mailing advertising material, tele marketing or the various tools of social media. Market research companies have also strengthened their in-house marketing research capability with new methodologies and computerised tools which ensure accuracy and representative surveying.

Jobs in marketing research are increasingly global and call for both a grasp of culture, of markets, and quantitative methods. 

But this is a field not widely selected by many students, so a wise approach could be to start doing your own research on this career, explore the different areas of work in market research, take up a summer job with a market research agency and test the waters. Your ‘research’ may not only surprise you, but also help you find yourself a challenging new career.

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Getting in

Market research jobs are normally for MBAs with a specialisation in marketing, while those handling data interpretation or qualitative research, could be post-graduates in sociology, psychology, anthropology or social work and related fields. Those going into fieldwork would need a general degree, although economics, psychology, statistics, geography or the social sciences is preferred along with strong communication skills. With a maths, statistics or computer background you could enter the data analysis area. 

However, one can start a career in this field with a any degree, or BBA, and a pre-disposition towards data collection, analysis and research and take up trainee jobs as coders or tabulators, then become interviewers or research assistants with some experience. There are only a few institutes that offer special market research courses, as it is normally included in the marketing management programmes at the PG level. 

Broadly, MBA programmes in sales and marketing include training in the different aspects of market research. Some courses in advertising and communications, such as those offered by the Mudra Institute of Communications, Ahmedabad (MICA), and the Indian Institute of Mass Communication, New Delhi, also cover subjects on market research, as do institutes for sales and marketing.  

Trainee executives are usually picked up from business schools through an aptitude test. This test  comprises mathematical, logical and statistical reasoning questions. 

As a trainee you are put through a training programme of around four to six months where you will work in all departments like research, analysis, data collection etc. You could also assist in current projects handled by the organisation. After this you join in as a research executive and grow into your specialty as time goes by.

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Institute watch

Prominent institutions providing training in marketing and communications management include:

• Mudra Institute of Communications, Ahmedabad (MICA)
• Indian Institute of Mass Communications (IIMC), JNU campus, New Delhi
• The Northpoint Post Graduate Program in Market Research at Lonavla, offered in collaboration with market research firm Nielsen 
• Narsee Monjee Institute of Management Studies, Vile Parle (West), Mumbai
• Apeejay School of Marketing, New Delhi.
• Times School of Marketing, New Delhi

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Skill set

• Market research analysts need to be strong listeners, speakers, and writers. 
• They must be detail oriented. 
• Excellent analytical, problem solving, and critical thinking skills are imperative.

Key skills for market research analysts:

• Ability to cope with fast-paced and pressured work.
• Attention to detail and a strong analytical mind.
• Ability to notice patterns within statistics.
• An interest in psychology and behaviour.
• Good organisational skills.
• Excellent (spoken and written) communication skills.
• Commercial awareness.
• A methodical approach to work.
• Good in statistics and quantitative methods.
• Good IT skills and a knowledge of or ability to learn statistical software packages.
• Ability to be flexible and work as part of a team.

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Role and responsibilities

Broadly the work responsibilities include:

• Devising and evaluateing methods for collecting data, such as surveys, questionnaires, and opinion polls.
• Gathering  data on consumers, competitors, and market conditions and assimilating statistics, using statistical software.
• Collating information and interpreting data for clients.
• Making  recommendations based on the data collected
• Monitoring and forecasting marketing and sales trends.
• Measuring the effectiveness of marketing programmes and strategies.