What is a Product Analyst?
When companies are considering designing or releasing a new product or making changes to an existing one, they employ Product Analysts to oversee product launches. These professionals utilize complex market research and their product development acumen to make the launch successful, as well as provide projected costs to release the product on the market. They typically collaborate with the entire product development team, answering to a Senior Product Analyst, working for one company, or for several entities simultaneously.
Most Product Analysts have experience working in marketing or product development before taking on this role. They tend to specialize in one field, studying trends and competition in a given area. There is a growing demand for Product Analysts; the Bureau of Labor and Statistics (BLS) predicts a 2 percent growth, with 2,060 annual jobs becoming available through 2024.
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Product Analyst Duties and Responsibilities
Product Analyst Skills
If you are thinking about becoming a Product Analyst, consider whether you possess the principal skills most employers require:
Core skills These are the most basic skills we found being required in job listings
- The ability to conduct market research
- Excellent writing skills to prepare detailed reports
- Ability to synthesize complex data into actionable goals
- Critical thinking skills to recommend original and productive ideas
- Interpersonal skills to work collaboratively with various stakeholders who may have competing interests
Advanced skills While certainly not all Product Managers possess this advanced skillset, listing at least of few of these on your resume can help you negotiate a better employee package
- Product management experience
- Advanced Standard Query Language (SQL) skills
- Strong statistical foundations
Tools of the trade If you are applying for a position as a Product Analyst, you will need to be familiar with working with these tools
- Microsoft Office Suite applications
- Peoplesoft applications
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Product Analyst Salary
Product Analyst Resources
Do you want to learn more about becoming and working as a Product Analyst? Simply click on the links of the resources below to view relevant organizations, blogs and other information sources.
On the WebMaterials: Product Analysis
A helpful guide to creating a product analysis.Modern Analyst
An online community for business and systems analysts that provides news, articles, career resources and a forum.BA Times
A helpful resource for Analysts that offers blogs, whitepapers and webinars, helping professionals stay at the forefront of relevant content surrounding all developments.
Live content curated by top Product Management influencers.@ModernAnalyst
Online community and resource portal for professionals involved in business analysis.@meisshaily
A visionary expert in Big Data and Advanced Analytics.@MAKEITUSA4U
A company that provides product development help to businesses.@mainstreamcohq
Provides the latest trends, strategies and actionable data suggested by experts in marketing, branding and advertising.
On LinkedInMarketing Analyst
A group with over 18,000 members that deals with topics, such as Marketing ROI, Marketing Information Systems, Product & Pricing Management, CRM, Market Development, Project Management and Marketing Communication.Business Analyst Professional
A place where analysts organize together, share modeling techniques, discuss latest trends and network for job opportunities.The Business Analyst Forum
A group for Business Analyst Professionals to expand their network of contacts.New Product Forecasting| Innovation Planning| Cognitive Analytics| Predictive Visualization|
The aim of this group is to connect planners, managers and interested coworkers in supply chain organization who are interested in new products/services forecasting and planning for innovations.Product Development and Management Association (PDMA)
The premier global advocate for product development and management professionals whose mission it is to improve the effectiveness of individuals and organizations in product development and management.