The domestic retail research market is estimated at Rs250 crore and is growing at 20 per cent. The demand for IT-enabled services and high-end analytics is likely to grow at a rapid pace, says Ejaz Hoda
With stiff competition for market share and survival, businesses are increasingly turning to the trusted tool of market research. For instance, there was a lot of buzz around the launch of new versions of iPhones. Along with an upgrade of its iPhone 5 in iPhone 5S, Apple also launched iPhone 5C which is supposed to be a cheaper version of iPhone and to be pushed as a competition to much popular Samsung Galaxy.
If you were looking for an off-beat career option, full of excitement and challenges, retail research is the place to be in.
Career
Retail research is a niche service within the broader domain of marketing research. It involves tracking the performance of brands in different product categories in the retail market. The commonly used metrics are market share, numeric and weighted distribution as well as share among handlers. It involves gathering of information concerning consumers’ opinions, tastes, needs and desires. The data is compiled through a variety of methods and then used by companies to decide what types of products and services fit the demands of the public. Information gathered from market research also helps companies decide how best to package and advertise their products and services and help determine precisely who the companies’ target markets are. Market research analysts perform the day-to-day work of the marketing research industry.
While talking on new trends, a number of exciting things are happening in this domain. Data collection is migrating to hand-held devices. Sophisticated statistical software is being used to provide high end analytics.
Since organised retail has become a significant contributor in many product categories and geographies, marketing research firms like Market Pulse are signing data sharing agreements with the retail chains that are providing data electronically.
Growth
The domestic retail research market is estimated at more than Rs250 crore and is growing at 20 per cent. Demand for IT enabled services as well as high-end analytics is likely to grow at a rapid clip too.
Qualification
People who can combine the knowledge of marketing with analytics expertise will command a premium in this area. Working knowledge of statistics is a prerequisite. A bachelor’s degree is a minimum requirement for most jobs in marketing research. A strong background in English and courses in marketing, economics, statistics, psychology, sociology, and political science are very useful.
Good communication skills are also important. Many graduates start out in trainee jobs as coders or tabulators, then become interviewers or research assistants before moving up to higher-level jobs.
In market research, specialised degrees are becoming increasingly desirable to employers because of the trend toward research in specialised markets. Those who have other combination backgrounds-for instance, a master’s degree in business administration-are often hired to fill management positions in planning and supervision.
Where to study
There are several institutions providing courses on market research for interested students. The undergraduate course for marketing research studies is Bachelor of Business Administration and postgraduate course Master of Business Administration.
For specialised training courses, one can look for the option of Master of Marketing Research. For instance Mudra Institute of Communications offers Market Research Programmes, B-Schools like Indian Institute of Management, Faculty of Management Studies, Delhi University, Jamnalal Bajaj Institute of Management Studies, Xavier School Of Management, Management Development Institute in Gurgaon provide various special courses.
Remuneration
In general, salaries for market researchers are relatively high in the Indian job market. Since this category of job often calls for a master’s degree or even a doctorate, starting pay can be quite good. A qualified fresher can expect starting salaries of Rs4 to Rs6 lakh per annum. With some training and experience, salaries can rise almost threefold in the next three to five years.
(The writer is CEO, Market Pulse)