Market Research Manager Salary
Job Description for Market Research Manager
A market research manager works in the field of marketing and advertising to collect data on consumer behavior and help brands and companies understand how to better appeal to customers. Modern businesses need this information to create better products, address problems and issues with existing products, and offer high quality and value to consumers, so it is essential for a market research manager to understand effective communication and to possess excellent interpersonal skills.Read More...
Market research managers usually spend their work days developing strategies to collect and interpret data from consumers, typically through online surveys, in-person focus groups, and other research methods. Once the information has been aggregated, the manager is responsible for implementing a plan of interpretation that provides helpful conclusions for the brand or company.
Market research managers should have a bachelor's degree in communication, marketing, or a similar field. They should also be comfortable with using computers to record, sort, and analyze collected data. Most managers begin their career working as part of market research staff and work their way up to a supervisory position. It is often preferred that individuals have considerable experience in market research prior to taking a management position. In most cases, market research staff work in an office environment, though sometimes research is carried out in the field (i.e., in a large public setting, such as a shopping mall or busy street).
Market Research Manager Tasks
- Manage the selection, training and development of staff.
- Measure, forecast and track marketing and sales trends, analyze collected data.
- Prepare research results and present reports to management to aid in creating a marketing forecast and plan.
- Supervise research staff and give technical direction.
- Analyze and determine potential markets for services and factors affecting product demand.
Common Career Paths for Market Research Manager
Many Market Research Managers move into a Marketing Research Director role, and folks who currently hold that position report a much higher median income of $106K per year. Market Research Managers most often move into positions as Research Directors or Marketing Directors; those groups report median salaries that are $19K higher and $1K higher, respectively.
Market Research Manager Job Listings
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Popular Employer Salaries for Market Research Manager
Although the highest salaries can be found at The Nielsen Company where median pay is $89K, there is little variation in compensation; paychecks are spread only between $70K and $119K.
Popular Skills for Market Research Manager
Survey respondents exploit a significant toolbox of skills in their work. Most notably, facility with Business Analysis, Strategic Marketing, and People Management are correlated to pay that is significantly above average, leading to increases of 22 percent, 16 percent, and 12 percent, respectively. Those listing Powerpoint as a skill should be prepared for drastically lower pay. Online Research and Microsoft Excel also typically command lower compensation. Those educated in Data Analysis tend to be well versed in Project Management and Research Analysis. It is often found that people who know Market Research are also skilled in Research Analysis and Project Management.
Pay by Experience Level for Market Research Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience seems to be a major factor in determining the incomes of Market Research Managers. Respondents with less than five years' experience take home $68K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $83K. Market Research Managers claiming one to two decades of experience make an estimated median of $97K. Professionals who have racked up more than two decades of experience enjoy comfortable salaries; at this stage, median wages are a cushy $118K.
Pay Difference by Location
For Market Research Managers, busy Seattle offers a higher-than-average pay rate, 27 percent above the national average. Market Research Managers will also find cushy salaries in Philadelphia (+24 percent), San Francisco (+17 percent), Boston (+11 percent), and Cincinnati (+11 percent). Location is a huge contributor to overall pay, with Market Research Managers in San Diego earning a whopping 28 percent below the national average. Employers in St. Louis and Orlando also lean toward paying below-median salaries (22 percent lower and 14 percent lower, respectively).
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