How To Make A Career In Market Research

Research has always been an integral part of Marketing-it helps companies stay competitive and avoid the high costs of poor decisions based on unsound information.

There are many different roles that you can assume within the field of Market Research. To secure a job, you must have knowledge or experience in the field, and know how to demonstrate that knowledge to employers. As a market researcher, you gather information about the competition or the market and then analyze it to find the best ways to gain an advantage over the competitors.

Remember that a job in Market Research involves a lot of fieldwork. So, be prepared for the run-around. Here are some tips that will help you prepare for a career in Market Research:

1. The main task of a market researcher is to gather and analyse the market so take all the Marketing courses you can.

2. Take courses in Statistics and Quantitative Methods.

3. Acquire internet and computer skills. Knowledge of programming languages is an added asset.

4. Take courses in Psychology and Consumer Behaviour.

5. Acquire effective written and verbal communications skills.

6. Learn to think creatively.

7. You can get a job in Market Research with a Bachelor’s degree, like BBA. You don’t always need an MBA, but many employers prefer it.

8. The most common entry-level position is of an Operational Supervisor or a Junior Research Analyst.

9. There is a lot of scope to learn on-the-job. The field requires a lot of people from a variety of backgrounds.

10. Technical posts like statisticians require a strong background in statistics.

11. Some of the positions available include Vice President of Marketing Research, Research Director, Assistant Director of Research, Project Manager, Statistician, Data Processing Specialist, Analysts, Fieldwork Director, etc.

12. Some research jobs require you to study the effects of a product’s package or advertisements on consumers. Or you may have to analyse market statistics or even asked to develop completely new products.

13. Getting some related skills and experience will help you stand out in interviews. Try and get an internship that helps you learn about the field.

For the best preparation for a career in Marketing Research refer to “Careers in Marketing Research by Naresh K Malhotra and Satyabhushan Dash”: bit.ly/1Cf5QD6.

This book helps to master skills related to Marketing Research, from assessing information needs to providing the company with relevant, accurate, reliable and current information, and assisting marketing decision-making in a very effective way. The research process discussed in the book is not limited to just marketing, but applies to any area of management.

Marketing is a race without a finish line.

Have you ever noticed how there is so much stuff in your house. Strictly speaking, you don’t need it ALL. The question then is why do you have it all? Why did you buy it? In all likelihood you felt that you might need it at some point. The function of marketing is to attach value to products to make them look useful and in a world where factories are churning out so much stuff, marketing has become an essential service.

Unfortunately, good marketing can only come from innovation. There is no room to repeat something that has already been done. Even old campaigns can only be successful with a new twist.

This ultra-competitive environment is the ground from which marketing must grow. To survive, marketing must constantly adapt and evolve to be one step ahead of what has already been done, and innovate, to catch your attention again once yesterday’s innovation has become commonplace today.

This, in a nutshell, is why marketing’s race will never reach a finish line. Kotler hit it bang on with his quote, “Marketing is a race without a finish line.” The existence of a finish line implies that at some point, marketing will cease to grow, change or evolve and simply stop. This idea is not conceivable considering what we have said earlier regarding the state of consumerism today.

Thus, to survive, constant change and improvement is required.

This has led to the rise of many previously unheard of, sometimes unthought of, methods of marketing. The phrase viral marketing was only coined in the ’90s, but now it is one of the most important marketing tools in existence, and hundreds of variations on how to run a successful viral marketing campaign have come into existence with it.

With the advent of the internet, spreading awareness has become much easier. One marketing campaign which goes viral can make all the difference. A perfect example is the Old Spice youtube ad series featuring Terry Crews and Isiah Mustafa, which have millions of views. The downside is that there are many more things competing for your attention, and for every successful Old Spice campaign, there are several others which have been forgotten.

Therefore, in the marketing race, having a headstart isn’t always enough. You have to be on your toes incessantly, always prepared to take that extra leap ahead. So we suppose one could say that there is no finish line, aren’t these only temporary successes?

Read Kotler’s Marketing Management: A South Asian Perspective, 14/e to learn more about the subject. 🙂

Is it time to reassess the Marketing Mix?

The concept of a ‘tried and tested’ model is one of the most detrimental things to marketing psychology. This is not to say that one shouldn’t try and test things before one uses them. Of course you should. It is simply that the words ‘tried and tested’, at least in the marketing world, breeds complacency. Simply following in the footsteps of those who have succeeded in the past is no guarantee for success. Sometimes, things need to be shaken up, especially when it comes to the 4 Ps of marketing.

The 4 Ps of marketing – Product, Pricing, Place and Promotion. We understand that you may have heard this several times but it always pays to refresh your memory. Let us take it from the top.

First we have the product. The product must be infallible, in both design (tangible goods) and execution (with regard to services). Think. Do your research. Is there any use for it? Would it simply be a novelty? Would you want to use it? Does it provide status value (luxury goods)? These might seem like simple questions, but the fact is that many people don’t think it through as far as they should. That is how you end up with products like fish flavoured bottled water for your pet cat. It failed…to say the least.

Another product in that league was the RSSCalendar. It was a calendar publishing service launched at a time when we all had multiple calendars anyway. Moreover, there were very few people who actually knew how to use RSS feeds.

Amazon’s Kindle is doing remarkably well due to its pricing strategy. Establishing a price for your product is vital to its survival in market conditions – hostile or otherwise. Simply factoring in the price of raw materials and the profit margin is no longer a passable pricing strategy. Pricing requires effective research and strategy. After all, products that do not provide status value are largely defined by consumer response. In the case of services, pricing plays a key role. Consumers are less likely to ascribe value to things they cannot touch, taste or see, regardless of whether those services are necessities or not.

Then, we get to place. Location, location, location goes the real estate saying. However, it is just as apt for many products and services. Where you sell is just as important as what you sell or even how you sell it. Hundreds of businesses fail every year simply because of inappropriate location. Services suffer because they cannot deliver and execute in specific locations in a uniform manner. Location pricing is always another important factor to consider. One does not try to market a medicine delivery service in an area that has an abundance of medical stores.

Finally, we get to promotion. Ineffective promotion leads to a decrease in value perception. There is such a thing as over-marketing a product. People don’t appreciate being bombarded by advertisements all day. In fact, the so called decline in perceived intelligence of the youth today has been narrowed to a simple case of over-stimulation. More and more people are turning themselves to promotions. Marketers have to find new ways to establish and differentiate their products, as well as make sure they don’t slip into the background due to untimely promotions.

This is what we know about the state of the 4 Ps. But is it enough? This no longer covers all the bases. For too long we’ve ignored three vital elements of marketing that we have practically relegated to service marketing. They are people, process and physical environment.

People. They are the lifeblood of any business. External Public like your customers, policymakers and the representatives of the law must never be at odds with your product. This we know. But what about the internal public? Workers, product representatives, client servicing agents are all just as important to please. After all, if they aren’t happy it will reflect in the performance of a product or service.

Respect the process. If it works for the art world, it should work here too. Processes must be ordered and followed to the letter unless managers feel it is getting in the way of product or service customisation. This one is more about organisational development. Balance is the only way to move forward in this area. Processes must not be too rigid or too flexible.

And we save the best for last. Physical evidence or environment is another area that business owners and marketers have failed to pay attention to. The aura one creates around a place of business, sale or delivery is part of what empowers you to continue selling your product or service. Bad packaging, an unkempt waiting room or even a rude delivery agent could result in a customer making a snap judgement about your product or service. And, as we all know, the domino effect is not one to be underestimated.

What we’re saying here is that out-with-the-old and in-with-the-new isn’t necessarily the best way to go. Neither is stagnating with the same old beat. But do remember the 3 new Ps in our list. They could end up helping you when and where you’d least expect it.