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
Market Research Managers often transition into Marketing Research Director positions, for which compensation tends to be much higher. On average, Marketing Research Directors earn $106K per year. It is quite typical for Market Research Managers to transition into roles as Research Directors or Marketing Directors, where reported median earnings are $18K and $1K higher per year.
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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 results imply that Market Research Managers deploy a deep pool of skills on the job. 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 and Microsoft Excel as skills, on the other hand, should be prepared for drastically lower pay. The majority of those who know Data Analysis also know Project Management and Research Analysis. A tool kit that includes Market Research also typically contains 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.
For many Market Research Managers, experience and pay levels seem to be correlated; more years in the business generally lead to more money. 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. People with 10 to 20 years of experience make an average of about $96K in this role. Professionals with deep experience (more than 20 years) report prosperous salaries in six-figure territory; the median for this crowd is approximately $116K.
Pay Difference by Location
With a pay rate for Market Research Managers that is 27 percent greater than the national average, Seattle offers a comfortable salary for those in this profession. Market Research Managers can also look forward to large paychecks in cities like Philadelphia (+23 percent), San Francisco (+17 percent), Cincinnati (+14 percent), and Boston (+11 percent). Compared to the national average, San Diego Market Research Managers have considerably lower salaries, 28 percent below the national average to be exact. Location appears to be a major driving force in pay for those in this profession. St. Louis and Orlando are a couple other places where companies are known to pay below the median — salaries are 22 percent lower and 14 percent lower, respectively.
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