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Successful businesses are able to make the link between their products or services and consumer demand. Innovative product development is only half the battle -- Businesses also rely on market researchers to determine what people want and how much they are willing to pay for it.

A look at market research analyst and marketing specialist careers

Marketing specialists and research analysts do the behind-the-scenes work to monitor local markets and forecast sales potential. Using both quantitative and qualitative resources, they assess market demand and determine how best to position a business product or service. Marketing specialists work closely with product development, business strategists, advertisers and sales representatives. Research tools range from large data sets to customers surveys and focus groups. Math and analytical skills are paramount, as is the ability to communicate information and recommendations to business leaders or clients.

Market research analyst salary 2012

Earnings in market research depend on specialty, experience and education. The U.S. Bureau of Labor Statistics reports a 2010 median wage of $60,570 and a 2011 average wage of $67,130 for all market research analysts. The information sector paid slightly more, with a median 2010 wage of $70,970. The top salaries for marketing research analysts were in the manufacturing sector, however; motor vehicle, semiconductor and computer equipment manufacturing marketing specialists earned average salaries in the $92,840 to $99,320 range. Marketing specialists in information technology earned a premium wage of $70,970. Salary.com lists an entry-level median salary of $50,812; with six-to-eight years of experience, market research analysts report a median wage of $89,411. GlassDoor.com confirms these figures, with average salaries ranging from $40,478 to $80,938. The top tier of market research analysts earn six-figure salaries; the BLS lists a $111,440 median salary for the top ten percent.

In addition to personal career factors, your location can influence your earning power as a marketing specialist. The top average salaries in market research may be found in Delaware ($81,070, 2011 average salary) and the West coast of the U.S., from Washington ($78,620) to California ($75,760). Financially, the most advantageous home base for market research analysts combines high earnings with low cost of living. The BLS and ACCRA Cost of Living Index have crunched these numbers for you; some suggested hot spots for marketing analyst careers, based on this data:

• Auburn, Ala.: Average annual wage, 2011: $89,850. Cost of living in Auburn: 97.7 compared to a national average of 100.
• College Station, Texas (home of Texas A&M University): Average 2011 earnings: $84,630. Cost of Living: 89.5 in Houston, the nearest metropolitan area. A third-party source reports a cost of living of 94 for College Station.
• Phoenix, Ariz.: Average 2011 annual wage: $70,38. Cost of living: 98.6.

Market research training online

Marketing research analyst and marketing specialist careers require a minimum of a bachelor's degree in marketing, statistics or a related field. Courses in business administration and economics, social sciences and communications may also be an asset. According to the Bureau of Labor Statistics, jobs with a strong leadership or technical research component often prefer or require either an M.B.A. or a master's degree in statistics or marketing. Bachelor's and graduate degrees in market research and related fields are widely available online, allowing mid-career professionals to hone their credentials while they work.

The road ahead for market research analyst careers

The future looks bright for trained marketing specialists. Market research analysts rank among the top 20 fastest growing occupations in the U.S. for 2010-2020. The BLS forecasts 41 percent job growth during this decade. The increasing emphasis on informed business decision-making through data analysis will drive opportunity for technical specialists. Market research is also gaining traction outside of the business world, as government agencies, schools, research foundations and social organizations rely on market research to optimize their use of program resources.

In today's competitive global economy, efficient resource management and strong customer relationships have never been more important. As you position businesses and clients for opportunity, you'll also position yourself for one of the strongest-performing career paths in today's economy.