The numbers-crunching back-room boys of high-flying marketing strategists of industry — especially of the glamorous FMCG (fast moving consumer goods) industry — are low-profile market researchers who provide the vital demographic, qualitative research and other data, based on which marketing whiz kids and advertising agencies conceptualise and design multi-crore multimedia advertising and sales promotion campaigns.

Market researchers collect information about markets and customers using systematic and scientific research methods. The information gathered through market research helps businesses plan their marketing and business development strategies. Ongoing market research, combined with other sources of business data, enables managers to monitor changing market trends across different regions, understand consumer preferences, and evaluate the effectiveness of marketing, sales, and public relations campaigns.

A bachelor’s degree is the minimum qualification for many entry-level market research positions. Degrees in business, marketing, economics, statistics, psychology, sociology, communications, or related fields are particularly useful. Strong analytical, communication, and data interpretation skills are important. Entry-level professionals typically begin as research analysts, research executives, or market research associates, gaining experience in survey design, data analysis, and report writing before progressing to senior research, consulting, or managerial roles.

STUDY PROGRAMMES. Specialized certifications in market research, consumer insights, business analytics, or data analytics are increasingly valued by employers. Most BBA and MBA programs in India include market research as part of their marketing curriculum, while an MBA or PGDM with a specialization in Marketing is a common postgraduate qualification for aspiring market research professionals. Specialized postgraduate programs in market research, consumer insights, and business analytics are also available at some institutions. Admission to undergraduate programs generally requires completion of class XII (10+2), while postgraduate degree and diploma programs require a recognized bachelor’s degree.

Some of the leading management institutes in India where students can specialize in marketing and study market research include the IIMs (Ahmedabad, Bangalore, Calcutta, Lucknow, and Indore); Jamnalal Bajaj Institute of Management Studies, Mumbai; S.P. Jain Institute of Management and Research, Mumbai; Apeejay School of Management, New Delhi, and R. A. Podar Institute of Management, Jaipur. These institutions generally offer MBA or PGDM programs with marketing specializations and courses in marketing research rather than standalone market research degree programs.

Market research is available as a postgraduate program in India. Northpoint Centre of Learning, in association with NielsenIQ (formerly AC Nielsen), offers an 11-month postgraduate program in Market Research and Data Analytics. The program includes industry training, internships, and employment opportunities subject to successful completion and the institute’s placement terms.

REMUNERATION PROSPECTS. Professionally qualified business management graduates are in demand for careers in market research, consumer insights, and marketing analytics. Entry-level professionals typically begin as Research Associates, Research Analysts, or Research Executives and may progress to Research Manager, Senior Research Manager, Research Director, and leadership positions such as Associate Vice President or Vice President, depending on their performance and experience. Career advancement can be rapid for professionals with strong analytical, technical, and client management skills.

Salaries in market research vary depending on the employer, location, educational qualifications, technical skills, and experience. Entry-level Research Associates, Research Analysts, and Research Executives typically earn between ₹4-8 lakh per annum. Mid-level professionals such as Research Managers generally earn between ₹10-20 lakh per annum, while Senior Research Managers earn around ₹18-35 lakh per annum. Experienced Research Directors, Consumer Insights Directors, and Vice Presidents in leading organizations may earn ₹30-60 lakh or more annually, along with performance bonuses and other benefits.

PROFESSIONAL PROFILE. “There is no lack of opportunities in the fast-track market research industry. The usual entry routes are to sign up with an established market research agency or work on the client’s side as a market research specialist within a corporate, where you could conduct a certain amount of your own research and commission external agencies for larger projects. Another option is to freelance as a consultant after acquiring training and experience,” says Raj Sharma, co-founder and former president of the Mumbai-based Majestic Market Research Support Services (MMRSS).

An alumnus of the Vivekananda Education Society’s College of Engineering, Mumbai with a Masters in marketing from Mumbai University, Sharma acquired market research experience in the Godrej and Tata groups prior to signing in 1997 with Majestic Software Ltd, an IT/ITES company where he was assigned the international business development and customer management portfolios. In 1998, the company promoted Majestic Market Research Support Services, co-founded by Sharma and Sandeep Bhatia.

“The market research industry is on a roll. Companies which believe that the customer is king are increasingly relying on market research for product roll-out, diversification and investment decisions. In the process, market research firms have moved up the value chain from information gatherers to business consultancy organisations. This has stoked demand for experienced market researchers from agencies and client corporates. It’s a highly engaging profession for anyone who enjoys questioning the purpose or reasoning of things,” says Sharma.

Salaries in market research vary depending on the employer, location, educational qualifications, technical skills, and experience. Career advancement can be rapid for professionals with strong analytical, technical, and client management skills

(Excerpted and adapted from 101 Great Careers for the 21st Century by Indra Gidwani)