There are four steps required to become a product analyst: post-secondary training, related work experience, software skills, and completing the job interview process. A product analyst spends the majority of his day working with data analysis software. They are responsible for determining the potential sales and profitability of a product, monitoring its performance, defining strategies to improve performance, and creating reports for management.
People who have an analytical thought process, enjoy working independently, and are comfortable exploring multiple scenarios find the greatest satisfaction in this type of work. Product analysts are expected to have good presentation and communication skills, as well as the ability to interact with people across a wide range of levels. Attention to detail, discipline, and focus are all essential for anyone who wants to become a product analyst.
The first step required to become a product analyst is to complete a post-secondary education program. There is no specific training program to become a product analyst. Instead, candidates often have degrees or diplomas in accounting, business, marketing, or a related field. Additional courses in business communication, computer software and analysis tools may also be helpful.
Related work experience includes product manager, marketing, or product development team member. All of these jobs require working with both consumers and product developers. When applying for your first job, look for internship or junior analyst positions. Although the salary may be less, you have a better chance of qualifying for this type of role and can gain valuable experience.
Analytical software has improved dramatically in the last ten years. As a result, there are several software products designed specifically to analyze a product through the entire life cycle. This process is quite unique, as the time span for a product is totally dependent upon consumer demand.
The software helps the analyst to determine the ideal markets, price points, and inventory levels. In addition, results from consumer focus groups can be incorporated into the data model, calculating the impact of potential changes to the product. Over time, all products are re-branded or changed to keep pace with modern tastes. The product itself may remain static, but the packaging and advertising strategy are changed to keep sales at a premium level.
When applying for a job as a product analyst, be sure to proofread your resume and cover letter, double-checking for any grammar or spelling mistakes. During the job interview process, the interviewer usually has a standard list of questions and is looking for complete, concise responses. Keep in mind that everything you say will be written down and reviewed. Think about your answers, stay calm, and focus on the skills you bring and the jobs requirements.