Product Analyst

Product analysts are an individual kind of business analyst who is involved in the company's strategic review and planning process, which includes analyzing the current products as well as potential new products that the company may want to launch. The analyst for product usually is employed by a single company however, they can be employed as contractors or independent consultants for companies that want to gain the perspective from an outsider. They are employed across a variety of industries, which means various skills and levels of expertise are needed based on the job. Additionally an analyst in the field of product may be employed at an upper level, providing advice to the upper management or might be involved in the specific evaluation of a product's capabilities and functions. For instance, a product analyst working for a software company could be involved in the evaluation of user interfaces for products in order to enhance the user experience. Likewise, an analyst at the top of the line for a toy maker could be involved in market research or focus groups to determine areas of opportunity in the educational toy market.

The vast majority of product analysts work most of their time in a workplace and are in close contact with different departments within the company like marketing as well as product development and finance. However, some sectors (for example, those that provide construction tools for commercial use) might spend time out in the field conducting interviews and watching the majority of users of the products of their companies.

A bachelor's degree in a related area is usually the minimum education requirement for this job. But, there are some analysts who are promoted from within their own organization, usually due to their understanding of the company's products as well as their ability to think strategically and laterally.

As a Product Analyst with 3-6 years of experience in India, here are some main responsibilities:

• Conducting market research and competitive analysis to gather insights on customer preferences and market trends.
• Collaborating with cross-functional teams to define product requirements and develop strategies for product improvements.
• Analyzing user data and feedback to identify areas for product optimization and recommend enhancements.
• Conducting product performance analysis to measure the effectiveness of product features and make data-driven recommendations for future enhancements.

Major educational qualifications required for Product Analyst are:

• Bachelor's degree in economics, business maths, or any other related area.
• Prior experience in product analysis.
• Expertise in Microsoft Office Suite (Outlook, Excel, Word, Powerpoint) is highly recommended.
• Proficient in database software.
• Strong communication skills.
• Ability to perform under pressure and adjust to changes.
• Ability to balance demands of the customer with the vision of the company.
• Excellent time management skills.

Some Alternative job roles available for Product Analyst are:

• Senior Product Analyst: Analyzes product data, identifies market trends, and provides insights to drive product strategy and decision-making.
• Lead Product Analyst: Guides a team of analysts in conducting market research, evaluating competitive landscape, and recommending product improvements.
• Head Product Analyst: Oversees the entire product analysis process, collaborates with cross-functional teams, and develops long-term product roadmap.
• Vice President of Product: Sets strategic direction for product development, leads a team of product managers, and drives business growth through innovative product offerings.

The role of a Product Analyst in India is projected to experience significant growth in the market. According to a 10-year analysis, this job role has seen a consistent increase in demand and is expected to continue growing in the future. With the rapid expansion of technology and digital products, the need for competent Product Analysts is on the rise. Google data suggests that the employment opportunities for this role will continue to multiply, offering a promising career path for individuals pursuing this field.