What does a Product Analyst do?
Product analysts utilize market data to help companies develop marketing strategies for a product by comparing a company's product and industry trends and ensuring that a product is most suitable and profitable.
Product analysts evaluate company products to understand the product and see if it will meet the company’s current and future needs. They also assist with product ratings and reviews. They analyze metrics to continually improve products while developing and overseeing small-to-medium-scale projects. They work with other departments to enhance the analysis and presentation of a product. They contribute to operations including costing, inventory control, planning, and budgeting. They work with data analysis software to determine a product's potential sales and profitability and monitor its performance to define strategies that improve the products’ performance. A product analyst needs a minimum bachelor's degree in business, economics, mathematics, or related fields.
- Improve product features and measure the impact of product features and experiments.
- Utilize various data to identify new profit and growth opportunities in the assigned state(s).
- Help develop commercially successful assessment solutions (including software, digital, print and professional development offerings) which deliver real value for identified market segments.
- Work closely with sales and marketing teams to develop and/or refine customer value propositions and competitive positioning for key assessment product solutions.
- Analysis, preparation, and management of product enhancements that affect their modules.
- Collaborate with cross-functional teams across disciplines such as product, engineering, design, success, and support.
- Create and update product documentation (both for internal and external use).
- Provide project management and business analysis support in an agile development environment.
- Automate risk processes, where possible, with the relevant tools to ensure scalability of all risk operations.
- Ensure project controls are in place throughout the life cycle of the project on individually assigned tasks.
- Analyze trends and pore through our data to answer critical business and product questions.
- Represent organization as prime contact for projects and other necessary communications.
- Complete department specific training plan to gain exposure, knowledge and build relationships.
- Work with QA team to define and manage testing suite.
- Assist with communication and launch plan of developed and/or enhanced products.
- Support other teams to help drive adoption and use of products.
- Manage and own the product life cycle from strategic planning to tactical execution and beyond.
- Establish the product's goals.
- Evaluate top and bottom line impacts of action plans.
- Participate in development, execution and implementation of local underwriting and line management strategies as directed.
- Provide design direction, to development personnel, and reviewing the design and specifications for changes that affect their respective modules.
- Bachelor's or Graduate's Degree in business, computer science, engineering, or information systems, or equivalent experience.
- Experience with SQL, Python, Jira, SAS, and object oriented programming.
- Fluent in business process analysis and statistics.
- Demonstrated attention to detail and decision making capabilities.
- Prior experience as a consultant.
- A collaborator, critical thinker, and problem solver.
- Able to use leadership skills in decision making.
- Can participate in Agile ceremonies including daily scrums.
How much does a Product Analyst make near United States?
Base Pay
Additional Pay
$77,561
/ yrProduct Analyst Career Path
Learn how to become a Product Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Product Analyst Insights
Finastra“Opportunities for career advancement within the organization do not see fair and awarded on merit.”
Spinny“One of the best startup to work for with great work culture and work life balance.”
Optum“Sodexo benefit range should be increased to good amount currently I feel it is the lowest in industry”
Hanesbrands“Which only really can get you anywhere if you have a good manager like mine.”
RedSail Technologies“Salary was not on par with current job taken with a lower position in the same field.”
Enable Data“WFH and good pay”
Paylocity“It's good to get career progression but once you hit a career position it's better to apply elsewhere for a better job with realistic expectations.”
Bloomberg L.P.“Bloomberg is a great place to start your career in which you would get a lot of exposure to a broad spectrum of asset classes.”
Frequently asked questions about the roles and responsibilities of a Product Analyst
When working as a Product Analyst, the most common skills you will need to perform your job and for career success are LEAN Agile, Agile Scrum, Agile Software Development, Interpersonal and Communication, and Writing.
- Process Analyst
- Operations Analyst
- Business Systems Analyst
- Business Analyst
The most common qualifications to become a Product Analyst include a minimum of a Bachelor's Degree and an average of 0 - 1 years of experience not including years spent in education and/or training.