Field that lets you be a formidable MARKET force

Usha Albuquerque

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With the increasing focus on data analysis and statistical evaluation, using the growing digital tools available, careers in market research continue to grow.

And it is not just the field of marketing where every marketing decision starts with intensely worked out strategies based on market research, but increasingly in the field of politics and elections. The recent Delhi state elections, saw a plethora of pre election polls and surveys conducted for the major political parties through market research agencies that helped them identify and segment voter categories.

In today’s strongly focused social media world where customers are heavily targeted with all manner of inducements, it is not unusual that the ordinary citizen is being considered as a customer, with constituencies as markets. In such a scenario market research is extremely important to help position poll strategies and better segment and target potential voters – best illustrated in PM Modi’s 2015 election campaign.

A fascinating field

Market research is understandably a fascinating field which attempts to figure out what drives people to buy Hero bikes, use Jio phones and Surf washing powder, or vote for a particular political party.

Market research is a marketing technique that collects information about consumers and their choices, usually through surveys, and then analyses and interprets the information before providing it to clients to help in decision making.

They combine quantitative data with their understanding of how markets work to better promote a product or service. Market researchers use tools such as statistical analysis packages, surveys, mystery shopping, focus groups and new product tests to help achieve success for a product.

Work profile

There are 3 broad areas of work in this field — Research, Fieldwork and Data Analysis.

Research: The research department handles the client, finds out about the various marketing problems, decides how to analyse and collect the data.

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

According to the responses acquired the researcher prepares the questionnaires for conducting the research, and decides upon the location and mode for the survey. The researcher also designs research reports and proposals.

Fieldwork: The Fieldwork department organises and manages the people that 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, visit homes, study markets, visits to other cities, towns or villages. With modern data collection tools such as mobiles, tablet, sensors and other digital devices, fieldwork has become faster and more reliable too.

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

Getting in

One can start a career in this field with a BBA or a bachelor’s degree in marketing, economics, statistics, psychology, sociology, or political science, and work in trainee jobs as coders or tabulators, then become interviewers or research assistants with some experience. However for better career prospects, an MBA with a specialisation in marketing, or for those handling data interpretation post-graduation in sociology, psychology or anthropology, social work and related fields is useful.

Strong maths and analytical skills are essential in this field. 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.

There are only a few institutes that offer special market research courses, as it is normally included in the marketing management programmes.

However, one can take up courses in statistics, research methods and marketing, and also in communication, and social sciences such as economics and consumer beahviour. Most 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, and the Indian Institute of Mass Communication, New Delhi also cover subjects on market research, as do institutes for sales and marketing.

Job prospects

Market research agencies cover almost all segments of industry, from B2B and industrial research, corporate and employee research, to channel and retail, product and packaging and all forms of consumer research.

Most jobs in market research are with market research organisations or with client companies.

There are several Indian as well as international market research companies and agencies such as like

The Nielsen Company, IMRB International, TNS India, IPSOS Indica Research, Synovate India, Hansa Research Group, MDRA, Market-Xcel, Market Pulse, C-Fore, and others.

There are also increasing jobs in Analytics — Fractal Analytics, Mu-Sigma, Capital One and Dunhumby, and in Big Data with the Big 4 as well as different KPOs like Genpact, Evalueserve and also large MNCs.

There are also jobs opportunities with organisations handling support functions such as field operations (data collection) and as well as tele-calling services (CATI services), where part-time employees can also be recruited.

With modern data collection tools such as mobile/tablet devices, sensors etc the opportunities for those adept in modern technologies and computer skills is bright.

Market research is a fascinating and fast developing area and can make for a very interesting and lucrative career, if you are looking for one that combines your analytical and problem solving skills with an interest in people and their socio-economic and cultural environment.

A good way to find out if you have what it takes, is to get yourself a summer job handling fieldwork in a market research organisation.

Skills required in this field

• Practical problem solving and an organised approach to work
• Creativity ability – think out of the box
• Resilience and patience
• Good in Statistics and Quantitative Methods
• Internet & computer skills
• Background in Psychology/ sociology is useful
• Interest in socio-economic trends
• Effective written and verbal communications skills.

Market Research courses

• Post Graduate Certificate Programme in Market Research and Data Analytics offered by Mudra Institute of Communication, Ahmedabad, (MICA), available through e-learning.
• The Northpoint 11 month residential fast track Post Graduate Programme in Market Research at Lonavla, offered in collaboration with market research firm Nielsen. Graduates from all streams with a minimum of 50 per cent are eligible to apply.
• Market Research Certifications offered by the International Institute for Procurement and Market Research (IIPMR) USA are online courses followed by online exams.