Product Analyst Job Description, Skills, and Salary
Are you searching for a product analyst job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a product analyst. Feel free to use our product analyst job description template to produce your own product analyst job description. We also provide you with information about the salary you can earn as a product analyst.
Who is a Product Analyst?
Product analysts are business professionals who help companies decide on which products and launch strategies are likely to result in long-term financial gain. They engage in market research, and customer polling and help choose new products that fill a need and demand in the market. A product analyst analyzes the market and identifies trends to predict the popularity of a product. They collect data via customer polls and market research to make recommendations about products, marketing plans and launch strategies. Companies can involve a product analyst in decisions about a product’s design, marketing and pricing. A product analyst considers a company’s budget and mission to help them create a profitable product plan. If you enjoy creative problem solving, engaging in new trends and interacting with the marketplace, a career as a product analyst could be entertaining and gratifying. As a bonus, the salary is solid enough to help you plan for a positive financial future. The typical product analyst job description describes someone skilled in market research and strong in skills like writing, problem-solving, presenting, speaking, communication and interpersonal skills. Substantial computer skills are essential and help you navigate product research, and interact with customers and colleagues. Some product analysts lead teams of other professionals, so project management experience is a bonus.
As a product analyst, expect to spend your days engaged in a balance between solitary and communal work. Product analysts use computers to conduct research and design consumer surveys, but they also attend meetings, talk on the phone and help facilitate focus groups to research market needs. Regular company meetings will help you learn more about a company’s budget, vision and mission so that you can match the direction of product development with the needs of consumers to create a climate for healthy profit and financial growth. The Product Analyst must drive consumer intelligence through the development of external and internal data sources that improve the business’s understanding of the product’s market, competitor activities, and consumer activities. This is to enable fact-based decisions that direct the business’s product marketing management endeavours. In the performance of this role, the Product Analyst develops or adopts research tools, sources, and methods that further support and contribute to the business’s product marketing management intelligence. With the support of both the internal and external stakeholders, the Product Analyst ensures that there is compliance with relevant legislation, regulations, and ethics. In addition to this, the Product Analyst ensures that third parties comply and are familiar with all business processes and policies.
A product analyst career path can be a great way to start your career in tech. As a product analyst, you’ll work with teams from different departments to understand customer needs and create solutions that meet those needs. This role requires strong communication skills, as well as an understanding of the full product development process. To become a product analyst, it’s important to have a solid foundation in math and statistics. You should also be able to think critically about problems and come up with creative solutions. Additionally, it’s helpful to have experience working with software products or web applications. Product analysts typically advance by taking on more responsibility and complexity in their projects. As they become more experienced, they may move into management roles, overseeing a team of analysts. Some product analysts eventually move into other business roles, such as marketing, product management, or consulting. To advance their careers, product analysts should consider pursuing advanced degrees in business, economics, or statistics. They should also stay up-to-date on the latest analytical methods and tools. Product analysts who can effectively communicate their findings to non-technical audiences will be in high demand and will have the best opportunities for advancement.
Product Analyst Job Description
What is a product analyst job description? A product analyst job description is simply a list of duties and responsibilities of a product analyst in an organization. Below are the product analyst job description examples you can use to develop your resume or write a product analyst job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a product analyst include the following:
- Coordinate with Product Managers to create business and pricing plans that contribute to profit and growth.
- Perform strategic and ad-hoc data roles.
- Perform design, development and management of new, existing or acquisition products.
- Work with business team and key stakeholders to define scope, costs and timelines for updating existing products and implementing new products.
- Implement existing product updates to meet the customer’s needs.
- Assist in the deployment of new products.
- Work with the product design team to understand product feasibility and limitations.
- Work with the quality assurance team to ensure that the delivered system is properly tested and meets the product requirements.
- Collect and analyze data regarding potential target markets, such as consumer age range, gender, socio-economic levels and geographic location.
- Work with the product design team to analyze and clarify product requirements.
- Work collaboratively with other product team members such as product managers, engineering, and design, as well as with core data team members such as analytics engineers and data engineers
- Prepare and distribute product performance reports to customers.
- Work with distribution partners to identify sales opportunities and position products on key platforms.
- Ensure that third parties comply and are familiar with all business processes and policies.
- Work with Product Managers in promoting products to improve sales and revenue.
- Drive consumer intelligence through the development of external and internal data sources that improve the business’s understanding of the product’s market, competitor activities, and consumer activities.
- Create metrics, or use existing ones, and monitor them to evaluate if the product direction is making users happy.
- Undertake exploratory data analysis by understanding what data exists, importing it, cleaning it, and asking tons of questions.
- Develop or adopt research tools, sources, and methods that further support and contribute to the business’s product marketing management intelligence.
- Identify product marketing ideas and opportunities based on industry trends, current market environment and competitive trends.
- Monitor market results and communicate findings to management constantly so they can take action to avoid the loss or enhance gains
- Monitor product through introductory, growth, mature and decline stages to anticipate market factors which would create a loss of profitability.
- Share responsibility for company growth and profitability through product development.
- Facilitate changes to product portfolio to improve competitive position and optimal product performance.
- Bachelor’s degree in product management, business, marketing, or a related field.
- Experience with project and product management, product development, and market trend forecasting.
- Previous product analysis experience.
- A close understanding of software development cycles, e-commerce best practices, and digital product design and lifecycles.
- Extensive knowledge of Microsoft Office Suite (Outlook, Excel, Word, Powerpoint) is preferred.
- Excellent organizational and communication skills.
- The ability to work under pressure and adapt to change.
- The ability to balance customer needs against the company’s vision.
- Excellent time management skills.
- A Product Analyst must be motivated and proactive.
- Technical skills: Technical skills are the ability to understand and use technology. Product analysts need to be familiar with the latest technology and how it can be applied to the products they review. This includes understanding the technology’s purpose, how it works and how it can be improved.
- Project Management: Project management skills are important for product analysts because they help them to manage the various tasks and processes involved in creating a new product. Product analysts often work with teams of other professionals, such as engineers or designers, who each have their responsibilities when it comes to developing a new product. Project management skills allow product analysts to oversee these different roles and make sure that everyone is working together effectively toward the same goal.
- Communication skills: As a product analyst, you should be able to communicate effectively with a variety of people. You may be required to present your research and findings to a team of engineers or marketing professionals. You should be able to clearly explain your ideas and answer any questions they may have. A good product analyst knows how to intuitively communicate information in a way that makes sense to everyone involved. They are great communicators because they spend most, if not all, of their day doing just that, communicating: emails, phone calls, conversations, instant messages. That means constantly listening, translating, and re-communicating information to team members and clients.
- Business knowledge: Business knowledge can help product analysts understand the goals of the company and how their work can help the company achieve its goals. Business knowledge can also help product analysts understand the financial aspects of the products they review. This can help them make suggestions that can help the company save money while still satisfying customers.
- Organizational skills: Organization is the ability to keep track of files, documents and other information. As a product analyst, you may work with several different departments within an organization and need to be able to find the information you need quickly. You also may have multiple projects at one time, so organizational skills are important for keeping track of your tasks and deadlines.
- Problem-solving skills: Problem-solving is the ability to identify and resolve issues. Problem-solving skills are necessary for product analysts because they often work with engineers and other stakeholders to improve products. They must be able to identify problems and find solutions to improve the product. For example, if a product is too expensive to produce, the product analyst might suggest ways to reduce production costs.
- Research skills: Research skills are the ability to find and interpret information. Product analysts need to be able to research their company’s products and the products of their competitors. This can include reading through company documents, interviewing employees and researching the company’s website. Although product analysts have many responsibilities, research skills are one of the greatest. When a client presents a project, researching the project is what happens next. It is the PA’s job to understand the whole scope of that project, including the product, the market and end users. Performing user studies, digging through usage data and finding ways to create the perfect UX for an audience early in the process is essential for a successful build. This also includes being the face of the company and serving as the all-knowing rock for a client to lean on. Quantitative research methods can be learned through classes. Gathering data and presenting it is incredibly important for product analysts.
How to Become a Product Analyst
Step 1. Education
Most employers require product analysts to have a bachelor’s degree in a related field, such as marketing, statistics or computer science. Some employers may hire candidates who have an associate’s degree or who have relevant work experience instead of a bachelor’s degree. Many candidates major in market research or a related field, like business, computer science, statistics or the social sciences. To gain experience and an edge in the field, focus your studies on courses in statistics, marketing and research. Some product analysts choose to pursue a master’s degree in marketing research, statistics or business administration to gain access to higher-paid positions or leadership opportunities.
Step 2. Training and Experience
Most product analysts will receive on-the-job training when they start a new position. This training will familiarize the product analyst with the company’s products and processes. It will also help the product analyst understand the role’s responsibilities and how to complete them. Product analysts can also receive training through internships. During an internship, students can learn more about the product analysis industry and the responsibilities of a product analyst. They can also gain practical experience by working with a product analyst.
Step 3. Certifications and Licensure
Though not required, product analysts can earn a variety of certifications that demonstrate their expertise in different aspects of the role. Optional product analyst certification is available through The Marketing Research Association and involves gaining work experience in the field, participating in continuing education courses and passing an exam.
Step 4. Advance in Your Product Analyst Career
Following entry-level, there are several Product Analyst career path levels to advance into. It can take 2 years for an entry-level Product Analyst to progress to the senior product analyst position. Each advanced Product Analyst position requires approximately 2 years of experience at each level to advance in your Product Analyst career path. It may be necessary to receive additional education, an advanced degree such as a Master’s Degree in a related field, or special certifications to advance your Product Analyst career path.
Where to Work as a Product Analyst
Product analysts work in a variety of places, including corporate office settings, often in finance, insurance, publishing, wholesale trade or consulting firms. They work for manufacturing plants and retail stores. They may work for large corporations or small businesses. They may work full-time or part-time. Some product analysts are self-employed. Many product analysts work more than 40 hours per week. They may work evenings and weekends to meet deadlines or to attend meetings or training sessions. Some product analysts travel to attend conferences, visit manufacturing plants, or meet with clients. Demand for product analysts will stem from the need to improve efficiency and productivity in manufacturing industries. Productivity improvements can be achieved by reducing the number of prototypes needed to test new products or by streamlining production processes. While work is likely to be local, long-distance clients and projects might necessitate short or long-term travel.
Product Analyst Salary Scale
Product analysts’ salaries vary depending on their level of education, years of experience, and the size and industry of the company. They may also earn additional compensation in the form of bonuses. According to indeed.com, a product analyst has an average salary of $69,740 per year in the United States. A person working as a Product Analyst in Nigeria typically earns around 450,000 NGN per month. Salaries range from 230,000 NGN to 755,000 NGN.