Every wonder why soda flavors are what they are? Or why the clothes this year all seem to have blue stripes in them? Or why a lot of the cars on the road tend to be a certain color? It’s all thanks to the efforts of the market research industry. Their job is simple: find out what a targeted base of consumers wants and then give that information to a business looking to convert prospects into customers.
Market Research Industry Trends
This industry contributed $20 billion to the GDP of the United States in the last year.
The market research industry isn’t one of the largest in the existence, directly employing just 133,000 people in the United States, but it is a necessary component of modern business. Surveys, product feedback, and even customer reaction to television shows are all part of what drives the global economy to be more efficient tomorrow than it is today. With all forms of market research considered, including specific social media research, another 300,000 jobs are utilized daily.
Facts You Need to Know Right Now
1. The average market research analyst earns over $60,000 per year in the United States.
2. The market growth for this industry is expected to be 32% over the next decade.
3. On a global scale, market research brought $270 billion in total revenues.
Takeaway: The one drawback that will always affect this industry is that there is a limited pool of resources from which an organization can benefit. Only a certain amount of new products will need to be researched, or customer reactions observed, or surveys about products asked. Because there are going to always be these limits, there will always be limitations to the amount of revenue that someone can make. If you can break into this industry, however, the compensation package is going to be above average!
Other Facts to Consider About This Industry
1. 50% of the total efforts of market research are directed to the American public.
2. It is estimated that more than half of all the companies in India grew their market presence thanks to a direct social media marketing campaign.
3. One of the biggest influences in market research for new products is how to make them compatible with a population that utilizes mobile technology.
4. 40% of consumers are more interested to provide information about a specific market through social media than any other platform.
5. More than 131,000 new jobs are expected to be generated by this industry by 2022.
6. Finance and insurance agencies have the largest share of this industry, employing 10% of all market researchers.
Takeaway: If you want to do business in the world today, you’ve got to be able to monitor sales trends. You’ve also got to anticipate what people are going to want before they want it so that you can make a direct impact on the perceived value that a targeted consumer is looking to find. If you can deliver real value based on the market research of what the perceived value is going to be, then you’re going to find business success. You could do this work on your own… but if you have a market researcher assisting you, there is a good chance that you’ll get more actual information from the data that you’ve collected or mined.