The role of the Product Analyst is, generally, to research the target market segments and liaise with product managers for the purpose of ensuring that the products of the business offers something to each demographic. Through the Product Analyst’s efforts to analyze market data, marketing strategies are developed and these are used to enhance the reception of those products in the market.
When a business launches a new product, there needs to be a concrete comprehension of the projected costs of that product. This is inclusive of everything from development costs, research costs, development costs, manufacturing, and marketing costs. Product Analysts create mathematical representations of all these factors, which aids the business’s directors in understanding how and when to introduce the product into the market.
Objectives and Responsibilities of Product Analyst
Product Analytics: This is the first and most obvious role of the Product Analyst. At this capacity the Product Analyst is responsible for the development and delivery of tangible consumer benefits through the product or service of the business.
In addition, at this capacity the Product Analyst is also responsible for measuring and monitoring the product or service’sperformance as well as presenting product related consumer, market, and competitive intelligence to the Senior Product Analyst.
Product Administration: As a member of the Marketing and Strategy teams, the Product Analyst is responsible for the development and proposal of overall product strategies, innovation, presentation of marketplace outcome projections, as well as product culture development.
Initiative: The Product Analyst also has an obligation to contribute to the work environment of the Product Management team, which drives the product’s performance. The Product Analyst positively energizes and challenges the team members regardless of having a low rank.
In addition, at this capacity the Product Analyst ensures that there is a good flow of communication between the Product Management and Product Marketing teams, as well as a clear communication of the overall strategy to these teams. The Product Analyst ensures this by actively participating in team meetings and keeping everyone up to date.
Product Simplification: The Product Analyst is also responsible for formulating ways in which to package and market products in such a way that they become differentiated, compelling, easy to sell, and easy to buy.
Product Rationalization: The product Analyst identifies and manages the on-going rationalization of the business’s products in order to ensure that there is an efficiency and effectiveness in product management.
Product Management Operations: The Product Analyst also has the obligation to respond in a timely manner to all requests and enquiries for product information or changes. He also performsthe initial product analysis in order to assess the need for any requested changes as well as their potential impact.
At this capacity the Product Analyst also undertakes financial modeling on the products or services of the business as well as of the target markets in order to bring aboutan understanding of the relations between the product and the target market. This information is presented to the Product Marketing Manager and other stakeholders, when necessary.
Additionally, the Product Analyst produces reports and makes recommendations to theProduct Manager and Product Marketing Managerto be used as guidance in decision makingpertinent to the business’s new as well as existent products.
Pricing and Development: The Product Analyst has the responsibility to monitor the market, competitor activities, as well as any price movements and make recommendations that will be used in key decision making. In this function theProduct Analyst will normally liaise withother departments such as the IT department in the business in order to enhance and increase the efficiency of effecting price changes in accordance to market shifts.
Customer/Market Intelligence: The Product Analyst has the obligation to 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 in an effort toenable fact-based decisions that direct the business’s product marketing management endeavors.
In 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.
Risk Management: 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 are in compliance and familiarity with all business processes and policies.
Other Roles Designated by Employer: The product analyst also performs such roles as designated by the business’s General Manager, Marketing Manager, seniors in the Analytics Department, or any other representative of the Employer as warranted in the scope of their duties.
Required Qualifications of Product Analyst
Education: The Product Analyst must have a have degree in Business or Finance or the equivalent in functional experience.
Experience: The work experience required for competency in this role is inclusive of: experience in Product Analytics/Financial Analytics and experience in Product/Financial Performance Management.
Ms Office: The Product Analyst has to be extremely proficient in Microsoft Word, PowerPoint, and Excel.
Creativity and Vision: The Product Analyst must also have greatcreative, visionary, and critical thinking skills. In addition to these, he must also possess excellent problem solving skills.
Organizational Skills: The Product Analyst has to have exceptional organizational skills, have great time management skills, be able to prioritize, be detail oriented, and be able to handle multiple tasks simultaneously.
People Skills: It is also extremely important for the Product Analyst to possess great people skills and be able to work independently as well as collaboratively with cross-functional teams.
Due to the role’s demand for constant interaction with other people, whether during presentations to stakeholders and Product Managers, or during normal cross-functional collaborations; the Product Analyst must possess excellent skills in written and verbal communication.
Self-Motivated: The Product Analyst must be motivated and proactive, constantly taking initiative to learn emerging market research skills and tools that will increase his efficiency in the performance of his duties.