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Pricing Analyst Duties and Responsibilities
While the day-to-day responsibilities of a pricing analyst depend on the type of business they work for, many of the core duties carry over:
Analyze Pricing Data The primary duty of a pricing analyst is assessing data from a variety of sources and using it to derive insights into pricing strategies and market trends. The pricing analyst uses a number of quantitative and qualitative methods to analyze competitor pricing, assess market share and margins, and track customer engagement in order to gain a complete picture of effective pricing strategies for their company's offerings.
Develop Forecasts and Models Pricing analysts play an important role in helping companies forecast revenue and market share information. They use a variety of statistical modeling methods to prepare reports that show the potential impact of various pricing strategies, including their effect on margins and costs and how they will impact profitability and sales volume. These forecasts may also include information related to the market as a whole.
Determine Pricing and Marketing Strategies In this role, pricing analysts work closely with sales and marketing personnel to develop and enact competitive pricing strategies. They may analyze data related to return on investment (ROI) for existing marketing and promotional programs, analyze customer response to marketing efforts, and determine more effective ways to reach customers and gain market share.
Monitor Industry Trends Pricing analysts stay abreast of market trends within their industry as a whole. If the pricing analyst discovers a trend that they believe has potential to improve sales volume or profitability, they may recommend pricing strategies that align closely with these trends. By actively monitoring industry trends, pricing analysts may also develop strategies that take advantage of untapped market segments and help the company gain market share in new avenues.
Develop Pricing Tools Many pricing analysts develop pricing tools that are used throughout the company to more quickly respond to changing market needs or trends. These tools can include dynamic pricing that allows the company to quickly adjust prices to enhance sales volume and conversion rates, as well as tools that streamline the analysis process and provide more immediate information about competitor prices and promotions.
Present Findings to Key Decision-Makers Pricing analysts present their findings to executives, marketing teams, and sales personnel through weekly or monthly meetings. This aspect of the role requires pricing analysts to translate complex data into actionable strategies and techniques to drive sales and enhance marketing efforts. Pricing analysts may prepare both written reports and visual presentations to share their findings.
Pricing Analyst Skills and QualificationsPricing analysts work with sales teams to set and adjust prices based on statistical models and customer psychology. Most pricing analysts have at least a bachelor's degree and the following skills:
- Analytical thinking - pricing analysts successfully examine and assess data from a variety of sources, ranging from competitor pricing data to customer segment profiles and cost data
- Mathematics - this role requires excellent mathematical skills to derive insights from multiple data sources and utilize them to develop models and provide pricing advice to decision-makers
- Team collaboration - pricing analysts work closely with sales, marketing, and operations teams to determine and set prices, so they should be strong collaborators and coordinators
- Financial forecasting - pricing analysts develop a range of forecasts and models to assist decision-makers with setting and modifying prices, including margin forecasts that reflect seasonal and promotional pricing strategies
- Problem-solving skills - effective problem-solving skills are vital in this role, as pricing analysts need to devise solutions to drive profitability and support revenue and market share goals
- Communication skills - pricing analysts should also be strong written and verbal communicators, since they need to present their findings through reports and presentations
Pricing Analyst Education and TrainingPricing analysts typically have at least a bachelor's degree in a field such as mathematics, statistics, or economics. A background in marketing, finance, or business administration can also be helpful. Increasingly, companies prefer to hire candidates with a master's degree in business administration. There are relatively few opportunities for on-the-job training in this role, since pricing analysts are expected to have some experience with financial management or forecasting.
Salary and OutlookAlthough the Bureau of Labor Statistics (BLS) does not provide salary estimates for pricing analysts, its data for market research analysts is a helpful reference, since the two roles do overlap. The BLS found that market research analysts earn a median annual salary of $63,230. The highest-paid 10 percent of market research analysts earn over $122,770 per year, while the lowest paid earn less than $34,510. The BLS expects employment for market research analysts to grow at a very rapid pace of 23 percent through 2026 as companies increasingly rely on data to make key decisions.
We found several resources on the web if you're interested in starting a career as a pricing analyst and want to learn more:
Professional Pricing Society - PPS is a professional organization for pricing analysts and specialists offering industry news, educational resources, and opportunities to connect through events and conferences
Segmentation, Revenue Management and Pricing Analytics - authors Tudor Bodea and Mark Ferguson cover pricing analytics across industries, focusing on optimizing prices through revenue management and effective quantitative methods and customer segments
PricingBrew Journal - pricing analysts can subscribe to this journal to access up-to-date articles on trends within the field, view webinars and training materials to expand their knowledge base, and read expert advice
Pricing Analytics: Models and Advanced Quantitative Techniques for Product Pricing - read this book to learn more about statistical modeling processes and how they can be used to dynamically set prices and build revenue
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