Market research is the gathering and analyzing of information about consumer behavior to help a company market its products or services. Market researchers use customer analytics such as past browsing and purchasing patterns to help predict future buying behaviors, thereby making it easier to lower business risks and maximize opportunities.

Market research is important because this data analysis helps provide guidance to companies on which products to improve and which to discontinue, where and how much to spend on advertising, and what future product development goals and investments they should pursue. This field relies on both qualitative and quantitative research methods to gather customer and market data for interpretation.

Qualitative research is gathered by reaching out to potential customers through focus groups, interviews, and questionnaires. With these qualitative methods, market researchers can delve into the thoughts and feelings people have towards a product or service. This information can be valuable in informing product design as well as creative marketing and branding strategies.

In contrast, quantitative research analyzes statistical data to generate insights. With the advent of digital commerce and social media, there are vast new datasets available for researchers to parse to discern patterns of online behavior and purchasing decisions, as well as tools to conduct A/B testing of different marketing content and advertising strategies at scale.

In today’s data-driven world, market research is more powerful than ever and used in virtually all industries. Market researchers with the analytical skills needed to conduct methodical research and interpret the resulting data, as well as the communication skills needed to present results to clients effectively, are thus in high demand.

According to the Bureau of Labor Statistics, market research analysts make a median annual salary of $63,790 per year and typically have a bachelor’s degree to start, though higher salaries often come with a master’s degree. These jobs are expected to grow 20% between 2018 and 2028, which is much faster than the national average across the economy.

Yes. As with other areas of business and marketing, Coursera offers a wide range of online courses and Specializations on topics related to market research, including business analytics, quantitative research, and more. These courses and Specializations are offered through top-ranked institutions like the University of California, Davis, the University of Pennsylvania, and Emory University, so you don’t have to sacrifice the quality of your education to learn online.

Best of all, taking classes remotely lets you learn on a flexible schedule that can fit into your existing work or family life. And, because you’ll be taking the same courses as on-campus students at a significantly lower cost, you can rest assured that you’ll get a great return on this investment in your education.