What does a Product Analyst do and its roles and responsibilities?

daksh-sehgal-87518a15 · 3 February 2022 22:41

Users’ advocates are product analysts. They ensure that users appreciate and derive value from a product. They use data to figure out how to make the product even better, how to please people, and how to make it useful and helpful to them. Data aids in understanding the needs of all users, not just those that are vocal and send long emails or are more likely to respond to CSAT surveys.

Them’ pain points, ah-ah moments, what they like and what elements of the product don’t make sense, what makes users remain and what makes them go, and how those things change by nation, genre, age, and so on are all things that product analysts look at.

Roles and Responsibilities of Product Analyst

Product Analytics: The Product Analyst’s first and most visible duty is product analytics. In this role, the Product Analyst is in charge of developing and delivering concrete consumer advantages through the company’s product or service.
In addition, the Product Analyst is in charge of measuring and monitoring the performance of the product or service, as well as presenting consumer, market, and competitor data to the Senior Product Analyst.
Administration of the Product: The Product Analyst is responsible for the development and proposal of overall product strategy, innovation, presentation of marketplace outcome projections, and product culture development as a member of the Marketing and Strategy teams.
Initiative: The Product Analyst has a responsibility to contribute to the Product Management team’s work environment, which drives the product’s performance. Regardless of his or her low status, the Product Analyst energises and challenges the team members.
In addition, the Product Analyst ensures that there is effective communication between the Product Management and Product Marketing teams, as well as clear communication of the overarching strategy to these teams, in this capacity. This is ensured by the Product Analyst actively participating in team meetings and keeping everyone informed.
Product Simplification: The Product Analyst is also in charge of figuring out how to package and advertise items in a way that makes them stand out, be appealing, and be easy to sell and buy.
Product Rationalization: A product analyst finds and oversees the ongoing rationalization of the company’s products to guarantee that product management is efficient and successful.
Product Management Operations: The Product Analyst is also responsible for responding to all requests and inquiries for product information or updates in a timely manner. He also does an initial product study to determine the need for any suggested adjustments as well as the impact they may have.
In this role, the Product Analyst also performs financial modeling on the company’s products and services, as well as the target markets, in order to have a better knowledge of the product-market relationship. When necessary, this information is shared to the Product Marketing Manager and other stakeholders.
Furthermore, the Product Analyst creates reports and gives recommendations to the Product Manager and Product Marketing Manager for use in making decisions about the company’s new and existing products.
Pricing and Development: The Product Analyst’s job is to keep an eye on the market, competitors’ activity, and price changes, and to make recommendations that will be utilized to make crucial decisions. In this role, the Product Analyst would typically collaborate with other departments in the company, such as the IT department, to improve and increase the efficiency of implementing price changes in response to market developments.
Customer/Market Intelligence: The Product Analyst is responsible for driving consumer intelligence by creating external and internal data sources that improve the company’s understanding of the product’s market, competitor actions, and customer behaviors. This is done in order to allow fact-based decisions to guide the company’s product marketing management efforts.
The Product Analyst develops or implements research tools, sources, and procedures to support and contribute to the company’s product marketing management intelligence in this function.
Risk Management: The Product Analyst assures compliance with relevant legislation, rules, and ethics with the help of both internal and external stakeholders. Furthermore, the Product Analyst verifies that all third parties are in compliance with all business processes and rules.