Doing market research for various organisations is becoming an increasingly popular way of earning a living in Ireland. By researching specific areas of a market, a business can determine ways in which they can improve their products and performance capabilities. The need to find and process accurate and detailed data is important for any business, as they can then use this data to develop strategies to cope with the constantly changing market landscape.
What is Market Research?
Essentially, market research relates to the gathering, processing and analysis of information in order to understand the market conditions. An online retail company may wish to know about someone's shopping habits regarding where they shop and how much they spend, and also their lifestyle choices and opinions. By understanding the mindset of different demographics, a business can then adapt their products and services to suit their customers' requirements and preferences.
Companies perform market research for many different reasons. Perhaps a product or service isn't meeting projected expectations and they need to know why, or a company may wish to continue their success with a new range of products. Likewise, an individual might need to research whether their new business venture will perform successfully under current market conditions.
In the long run, undertaking market research can help a business make decisions that will allow them to succeed in competitive market conditions. The main objective is to ensure maximum productivity and success in a specific market field through the most efficient and cost effective means necessary.
What Does Being a Market Researcher Involve?
A market researcher helps a company to find and collate large amounts of information in order to understand what consumers want. You would be required to research a variety of different areas and topics depending on the type of business you are researching for. You may need to contact a number of companies to compare the different prices and strategies they might use, or you may be required to ask people on the street, in shops or online a series of questions. Targeting specific demographics of people for their opinions on a particular product or service, and why they prefer certain brands over others, is a common market research task.
Other tasks you may be required to perform as a market researcher could involve testing and comparing a number of products, or analysing data through a spreadsheet. Collecting data in all forms and from all areas is the central concept of market research. Once you have finished a research project, you will be required to collate the results and present them to the client as an overview of the useful information you have found.
The Skills Required for Market Research Positions
Becoming a successful market researcher in Ireland requires dedication, good communication skills and the ability to organise your time effectively. You need to understand the objectives and instructions an employer has set for you. Being able to quickly process data and ask the right questions to obtain useful results that will help the company is essential.
Equally important are good literacy and communication skills which allow you to concisely convey the results you have collected. If your final report isn't well written and can't be easily understood by your client, then this will detract from all the useful information you have worked so hard to collect and analyse.
You will also need to be honest about your results. People will often have strong opinions, and you need to accurately convey this in your reports. The data you collate will often have a mixture of positive and negative reactions, so you will need to provide supporting evidence to back up any opinions you will receive, or if you are asked about the results yourself. This will help a company to make the important decisions it needs in order to adapt or continue their business strategies for future success.
The need to examine data in an objective way is also essential. Even if you're not personally interested in the product or service you are researching, you need to be aware of its commercial viability in the market for other people. If you're researching a particular brand of coffee that you don't like, but a number of coffee shops report that demand from consumers for this brand is increasing, then you will need to reflect this in your report. It's therefore vital to remain impartial.
Another issue is to ensure that the data you collect is accurate, high quality and not based on any speculative opinions from people over the internet. It's important to question people who have actually tried the product so the business can get feedback from real customers.
How Much Money can a Market Researcher Earn?
The amount of money you can earn as a market researcher in Ireland varies depending on which companies you work for, and the amount of time you spend researching for different projects. If you are working as a freelance researcher, there are a number of online companies you can work for, such as MySurvey Ireland and Irish Opinions.
Although it's impossible to determine exactly how much money you will make, many online companies offer freelance work of up to 5 Euros per survey completed, with a minimum of 10 Euros being required to claim your earnings, and the chance for higher earnings with practice and experience.
If you find work with a more regular employer such as Ipsos MORI, you can expect starting salaries from around 20,000 - 25,000 Euros, and up to 45,000 Euros for more experienced positions. As your career progresses, you'll find that working with an established company will allow for higher earnings and more possibilities and benefits within the field of market research.
A Rewarding Career
All this goes to show that there are many opportunities to pursue a career as a market researcher in Ireland. The role offers a number of possibilities, with good earning potential and rewarding work, where research can improve products and services for both businesses and consumers alike.