What Does A Product Analyst Do?
By conveying the product’s impact to the appropriate departments and making suggestions for future product improvement, they help to close the gap between the business and its customers. In order to ensure consistency between projects, they go into detail about every component of the product with the relevant teams. In addition to providing anticipated costs for releasing the product in the market, product analysts use extensive market analysis using database software to pick up on market trends. They also ensure that the product launch is a success while keeping an eye on the product’s performance throughout its lifecycle. Additionally, product analysts design a strategy for product expansion and assess the potential of new products.
Product Analyst Skills And Qualifications
Logical, problem-solving, and imaginative thinkers make for successful product analysts. Product analysts illustrate complex analysis to help product development teams and management better understand the impact of the product. Among the top abilities and credentials for product analysts are:
- Exceptional statistical and analytical abilities
- Ability to think creatively while paying attention to detail
- Ability to collaborate with a number of teams
- A good understanding of databases and analytics programmes
- Strong communication skills, both verbal and written
- The capacity to manage time under pressure
Product Analyst Experience Requirements
Product analysts often have at least one or two years of experience working in the same industry. However, certain positions can require five or more years of experience in product analysis. Candidates who are familiar with database and analytics tools like Jira, SQL, etc. can also be prioritised. Programming knowledge in an object-oriented fashion is also preferred for the role. Furthermore, a track record of successfully launching products in prior roles can indicate a solid product analyst background.
Product Analyst Education And Training Requirements
For most product analyst positions, a bachelor’s degree in computer science, business, information systems, mathematics, or a closely related field is required. Candidates might need to take further courses, such as a Master’s Degree in a relevant field or specialised certifications, in order to advance their careers as product analysts. Typically, additional training is provided on the job.
Product Analyst Salary Expectations
According to Indeed Salaries, the average salary for a product analyst is ₹7,15,764 per year. However, this is the average base salary, and individual pay levels may vary depending on educational qualifications, skill levels, experiences, companies and locations.
Job Description Samples For Similar Positions
If your organisation is not exactly looking for a product analyst, some similar job description samples include:
Product Analyst Job Description FAQs
What Makes A Good Product Analyst?
Examining market trends and comprehending consumer behaviour to form actionable steps for products make for a qualified product analyst. Additionally, they must possess a strong awareness of the products already in the marketplace and those in high demand and have a good profit value. To accomplish the desired revenue through products, a product analyst must also be innovative and creative in their ideas.
What Is The Difference Between A Product Analyst And A Data Analyst?
Despite the fact that these two roles are frequently used interchangeably, data analysts and product analysts differ in their operations. Data analysts use a variety of sources and techniques to acquire and evaluate different types of data. On the other hand, product analysts take it a step further by using the analytical findings to update current products in light of market trends and develop brand-new product concepts.
Does A Product Analyst Need To Know How To Code?
Product analysts do not necessarily require coding knowledge. Product analysts can be exceptionally skilled in analytics, presentation, etc. and have little to no coding experience. However, the ability to code may assist certain product analysts to communicate about their ideas better with the product engineers.