Data Analytics- 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, in this capacity, the Product Analyst is also responsible for measuring and monitoring the product or service’s performance as well as presenting product-related consumer, market, and competitive intelligence.
- Product Strategy: As a member of the Product team, the Product Analyst is responsible for the development and proposal of product strategies.
- Product Management Operations: The Product Analyst also has the obligation to respond in a timely manner to all requests and inquiries for product information or changes. He also performs the 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 about an understanding of the relations between the product and the target market. This information is presented to the Marketing Manager and other stakeholders, when necessary.
- Additionally, the Product Analyst produces reports and makes recommendations to the Product Manager and Product Marketing Manager to be used as guidance in decision-making pertaining to the business’s new as well as existent products.
- Initiative: In this capacity, the Product Analyst ensures that there is a good flow of communication between the Product team and other teams. The Product Analyst ensures this by actively participating in team meetings and keeping everyone up to date.
- 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, the Product Analyst will normally liaise with other departments such as the credit/risk in the business in order to enhance and increase the efficiency of effecting price changes in accordance with 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.
- In the 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.
Shubham Vishwakarma
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