What does a market research analyst really do? You probably never wondered what an analyst's job is like, but I guess since I have a little time I'll tell you or at least I'll try to. In my current role, as an analyst, I primarily pour over orthopedic industry events, and try to make sense of it all in an attempt to provide meaningful insight to clients. That sounds simple enough, right? The market though, exists without me. Then what's the point? The answer is; I sort the clutter. I flood myself with as much information as is feasible, and make decisions. In a way its part math, part science, part history, and part art. Don't be scared of the art part, as with any job, experience lends itself to creative perspective that betters the end product, but I digress.
On the surface of any industry, trends can seem rather simple to quantify. Photo geeks are gravitating towards mirrorless cameras. My photo geek friend told me that. Food-lovers are appreciating molecular gastronomy more than ever. Ferran Adria is a God send. The Super Bowl saw an uptick in 4K television sales. Those things are amazing. Sure, newer is always better, right? Not so much. Dig a little deeper; it gets confusing. I suppose I should be thankful for that. Without the confusion I wouldn't have a job.
Quite frequently, headlines of seemingly irreconcilable polarity appear directly adjacent to each other. Excerpts might look something like traditionally flat market in one instance and significant growth forecast in another, or massive profits and significant layoffs, or stifled research budgets and first of a kind innovative device launch. All related to the same market! You get the point. Confusing, right With time I've come to accept that consensus between all health care players, whether be it industry, medical professionals, facility managers, reimbursement and regulatory personnel, or whomever, is quite rare. Fortunately, as an analyst I have the benefit of leveraging dedicated professionals including procedure and diagnosis code experts, survey developers, price trackers, and a number of subject matter experts to name a few. These are people that have dedicated their adult lives to understanding the intricacy of market dynamics. Correlating every eventual assertion with as many tangible and traceable sources as possible, that's essentially what I do. Analysts live and breathe this stuff, day in and day out. It's not uncommon to dream about market forecasts. It's borderline ridiculous. Nerd stuff to be sure. In the end, I suppose my point is this though, if you wanted to make sense of it all, why not put your trust in a person who spends the majority of their waking life making sense of the clutter, I know I would. Market research, why not?