Who is a Product Analyst
A Product Analyst is a marketing professional, who researches and investigates market trends. He or she advises their companies on how and when to launch their products and to curb them from running into a massive loss.
A Product Analyst, on the other hand, enables the company to secure a long-term financial gain.
They make research on the most wanted demands of customers or consumers in the market and help their company select a product that will best meet the demand of customers.
Their market research is always based on age, location, gender, and interest of the market population.
This is however imperative so that the company can develop an effectual strategy that would help to break through market competition.
Education and Skills Required of a Product Analyst
To work as a product analyst, you must have a bachelor’s degree as a minimum qualification. Courses like statistics, marketing, and research would give you a tangible advantage over equals.
Many Product Analysts are graduates of related fields like computer science, social science, and business administration,
Product Analysts who wish to further their studies can pursue a Master’s Degree in Business administration, Statistics, Marketing, and research, to enable them to have an edge in higher-paid positions and leadership chances.
You must possess certain skills to be able to work with companies. Some of these skills include;
- Good communication skills
- Effective problem-solving skills
- Brilliant interpretation skills. In other words, a Product Analyst should be able to interpret complex reports emanating from market surveys.
- Also, they are meant to simplify and communicate these complex market reports into manageable and intelligible marketing opinions.
- Must be able to work cooperatively with a team.
Duties and Responsibilities of a Product Analyst
As a Product Analyst, you must have the ability to give details on how, why and where certain products must be made available.
Product Analysts must work to monitor the utility level of any launched product in the market.
Security of Products:
Companies hire Product Analyst to identify target markets, make market research and follow a product through its cycle. This is done so that when the product is launched, it can make a long-lasting gain for the company.
Analysis of Market Data:
Through effective analysis of market data, Product analyst can develop market strategies for a particular product.
Provision of Mathematical Representations for Risks:
Product Analysts give figures, pictorial and diagrammatic presentations of risk factors so that the company can know when, where and how to launch or introduce a product into the market.
Pricing and Development:
Product Analysts should be able to perform the duty of monitoring price systems, competitors’ activities and the market flow. They enable them to make brilliant recommendations to whatever company they are working for.
Rationalization of Product:
Product Analyst should be able to rationalize the company’s product to make sure that there is the appropriate management of the company’s product.
Administration of Products:
Product Analysts are also responsible for the proposal and development of the overall product strategies, innovation, presentation of market place outcome projections, as well as product culture development.
Business Skills and Management:
Product analysts should be able to translate complex market research data into manageable and useful marketing suggestions.
Salary Structure of a Product Analyst
The earning of a Product Analyst depends on certain vital factors. This includes; experience, financial competency of the company one offers services to, qualification, level, etc.
Product Analysts with very good pay collects as much as $100, 000 per annum or year.
The median or average paying wage for Product Analyst is $84, 278. This implies that more than half of the population of Product Analysts earn more than $84, 278. Also, more than half of the number of Product Analysts earn less than $84, 278.
Importantly, there is a good prospect for Product Analysts in their careers. This is because there is an expected growth rate for their demands.