Editor’s note: Lindsey Bartlett is market research practice lead, at staffing and recruitment firm Smith Hanley Associates, Chicago and Southport, Conn.
Salaries grew in 2019 for a number of reasons. Instead of only having backfill positions available, economic growth and low unemployment meant more new opportunities. Budgets are growing and there continues to be an abundance of work. Companies are responsive to being more competitive in the search for the best candidates. And, as candidates pursue multiple positions, companies must speed up the hiring process and be more flexible in matching job definitions and compensation packages to the available candidate pool. In addition, the continuing growth of salary laws by state prohibiting requests for information about a candidate’s past salaries is impacting salary growth. Offers are being made on predetermined ranges set by the company as well as the candidate’s expectations.
In this article I will break down the impact of increasing marketing research wages, providing a look at 2019 base salaries. Keeping these salary variables in mind, I will share tips for those looking to hire the best in marketing research and insight, as well as advice for those looking to step into new positions in 2020.
Industry impact on market research salaries
Growth in market research graduate programs – in addition to strong certificate programs – is improving the number and depth of candidates with experience and foundational strength in qualitative and quantitative research methods. Entry-level salaries have to keep pace with these better prepared candidates.
The highest paying marketing research opportunities are within the pharmaceutical and biotechnology industries. These industries are able to provide the most comprehensive offers to candidates with sign-on bonuses, long-term incentives and flexible work schedules. The technology industry is a close second in rising salaries.
The lowest paying industries in 2019 and 2018 were the financial services industry and the retail industry. Pension plans still exist in the industrial B2B space as well as the pharmaceutical industry but are very rare elsewhere.
Desirable locations for the highest market research salaries
San Francisco and the Pacific Northwest remain the highest cost of living areas in the United States, as well as having the highest salaries for market researchers. Second to San Francisco is a grouping of Los Angeles, Boston and New York City. From what we’ve seen this past year, the third tier includes New Jersey, Metro D.C. and Chicago.
Supplier versus client-side market research salaries
As you evolve within a supplier company, you obtain a heavy business development component to your position. Director positions (and above) tend to have strong commission opportunities, depending on the organization. Some organizations have no cap on commission, giving candidates an opportunity to double their salary.
On the client-side, as you grow internally, you realize a higher bonus structure, better long-term incentives and possibly even stock shares or options. Some companies still offer pension plans or stipends for health and wellness.
2019 BASE SALARY RANGES**
Research Supplier | Client-Side | ||
Title | Salary | Title | Salary |
Analyst | $50-65,000 | Analyst | $55-85,000 |
Senior Analyst | $65-80,000 | Senior Analyst | $65-100,000 |
Project Manager | $75-90,000 | Manager | $90-120,000 |
Account Manager | $80-115,000 | Senior Manager | $115-160,000 |
Director | $110-150,000 | Associate Director | $140-210,000 |
Vice President | $150-180,000 + commission | Director | $160-250,000 |
Senior Vice President | $180-250,000 + commission | Senior Director | $190+ |
Moderator | $90-140,000 | Vice President | $200+ |
**Based on real and estimated salaries for positions we have worked on and seen in the industry during 2019. Some ranges are very broad as they include outliers in high and low cost of living areas within different industries.
Hiring advice for 2020
It’s important to understand that we are living in a candidate’s market. Be open-minded on years of experience and compensation expectations. Focus more on their ability to do the work, not how many years they have been doing it. Provide industry training and continuing education. Candidates are highly interested in organizations that invest in them, not just give them a job. Have a clear path or trajectory for candidates, even if it is open-ended. When a candidate understands how much they can grow and learn they will be more inclined to make a move.
The number one reason for candidate’s leaving their positions in 2019 was for feeling pigeon-holed, underappreciated or they were hitting a ceiling and not learning new things. Provide solutions for these issues.
Remember all candidates are passive candidates. They need to be as impressed by your company just as much as you need to be impressed by them.
Job hunting in 2020
Be prepared and do your research. The number one concern of hiring managers in 2019 was that candidates come to the interview (phone or in person) without having done their research on why they would potentially want to be a part of the team. Make sure you understand the company and come up with questions that show you’ve done your research. Be able to answer the “w” questions:
- Why this company?
- Why are you leaving your current organization?
- Why would you be interested?
- What are your long term goals?
- What are you looking for in your next role?
There will be competition so be prepared and do your best. Hiring managers don’t hire candidates who come off as uninterested in the position.
Be responsive. The second concern of hiring manages has been lack of response from candidates. If it takes you longer than 24 hours to respond to any e-mail, call or text from the client, it comes off as lack of interest. Be quick and accommodating. You can always turn down a job offer you don’t want, but nurture the process until you are sure of what you want or don’t want.
Assess and evaluate
It's an exciting time to be a market researcher. Companies, it is time to assess your needs and re-evaluate your compensation to match the available market. Candidates, even if you are happy in your current position, make sure you are staying competitive in your training and your earnings. Good luck in 2020!