If you’re looking for a career in the tech world, ‘product analyst’ is one position you should consider
The product analyst job is a critical role in any product team. This person is responsible for understanding customers’ needs and translating them into actionable requirements for the development team.
As the demand for product analysts continues to increase, it’s essential to understand what this job entails and what skills you need to succeed.
This blog post will discuss everything you need to know about the product analyst job!
What is a product analyst?
A product analyst is a person who analyzes and understands the needs of customers to create actionable requirements for the development team.
The product analyst role requires strong analytical skills and an understanding of software development and how to communicate with developers.
Product analysts assist product teams in making important decisions about their products by providing quantitative data to guide the following stages.
For example, product analysts may help on what new features to develop, what kind of product-specific marketing strategy may be the best, and how to retain customers.
Product analyst skills
To be a successful product analyst, you will need strong analytical skills. You must be able to understand customer needs and requirements and how to communicate with developers.
Talking about product management, the primary app that product managers rely on is Chisel. It comes with a package filled with features such as building team alignment, creating product roadmaps, and collecting customer feedback.
Product analyst skills also include communicating effectively with different departments in an organization.
They also need to manage their time well, as they will often have multiple projects going on at the same time. A product analyst’s salary is typically based on experience and skill set.
What does a product analyst do?
The duties of a product analyst vary depending on the company and product.
However, there are some common duties that all product analysts perform.
Understanding customer needs and requirements
A product analyst must be thorough with the product analysis process and capture the needs and requirements of the customers. You can do this through user interviews, surveys, focus groups, etc.
Conducting user research
A product analyst needs to conduct detailed user research to help with product development or improvement. They run usability tests, interview users, and analyze data.
You may collect, manage, and organize customer feedback using a seamless product management system like Chisel, which offers a variety of tools for user research. This feedback will ultimately help you enhance your product.
The pre-built survey templates from Chisel’s library can be customized to suit your needs. You can survey an audience you already have or survey a precise customer segment of your choosing via our audience panel.
Creating actionable items for the development team
Communicating with stakeholders
Testing and refining the product
The product analyst also plays a role in testing and refining the product. They must be able to identify bugs and usability issues and communicate them to the development team.
Managing product development cycles
While this sounds similar to what a product manager does, it’s important to note that the product analyst is more focused on requirements and not necessarily strategy. They provide insight into what the product should do, not how to make it happen.
This is what a product analyst essentially does. Understanding what a product analyst does helps you narrow down their role in the company.
Here’s a wrap-up of the role of a product analyst.
Product analyst careers
(Classic) Product Analyst
This is the most common type of product analyst. They are responsible for understanding customer needs and requirements and translating them into actionable items for the development team.
The product analyst ensures that the product delivers what it claims.
A systems analyst specializes in analyzing and designing information systems within an organization. They work with the business users to understand their needs and design a system that meets those needs.
A product analyst can become a systems analyst if they have the necessary skillset and want to specialize in information system design.
A business analyst helps a company improve its business operations by identifying problems and recommending solutions. They work with stakeholders to understand their needs and develop requirements for the product.
A product analyst can become a business analyst if they have the necessary skillset and want to specialize in business analysis.
A marketing analyst analyzes data to understand a company’s marketing effectiveness. They use their findings to recommend changes to the marketing strategy.
A product analyst can become a marketing analyst if they want to specialize in marketing analysis.
A product manager is responsible for the strategy, roadmap, and execution of a product. They work with stakeholders to understand their needs and develop requirements for the product. They also work with the development team to ensure that the product is delivered on time and within budget.
A product analyst can become a product manager if they have worked long enough in product analysis and have an expansive knowledge of the development process as well.
Product analyst careers are not limited to these positions. Many other roles fall under the title of product analyst. It all depends on what you’re interested in and your skills.
One of the most attractive parts of a product analyst job is the salary. Product analysts not only do the work but also make the bucks!
So, if the product analyst job description has caught your eye, you should probably read ahead to know about the product analyst’s salary.
Product analyst salary
According to Indeed.com, the average salary for a product analyst is $70,000 per year. However, salaries can range from $75,000 to $150,000 per year, depending on experience and location.
Let’s see the product analyst salary in some of the top companies for a product analyst.
The average product analyst salary at Fannie Mae is around $151,000 per year.
The Zuckerberg universe is another great company offering a handsome product analyst salary. Product analysts earn around $138,000 on average annually.
The average product analyst salary at Citadel is approximately $128,000 per year. Woah, that’s a lot of numbers too!
These handsome product analyst salaries make you want to work towards a career in this field. So, let’s get into how to become a product analyst now.
How to become a product analyst
Education and Experience
Educational requirements for a product analyst include having at least a bachelor’s degree in business, engineering, information systems, or a related field. However, many companies are willing to hire candidates who have no formal education but have worked in the same role for at least three years.
You can become a product analyst by starting with an entry-level position and working your way up. Alternatively, you can also get a master’s degree in business administration or management information systems.
The best way to become a product analyst is to have experience. Most companies want their product analysts to have at least three years of experience.
However, some companies will hire you with less experience if you have the required skill set.
If you don’t have any experience, your best bet is to get a degree in information systems, business analysis, marketing analytics, or product management. These degrees will give you the necessary skills to work as a product analyst.
Once you have your degree, start networking! Meet people in the industry and learn about what they do. Shadow someone who is working in a role that you’re interested in.
There are many ways to gain experience, so get creative!
Product analysts need to have strong analytical and problem-solving skills.
They should understand complex data sets and draw conclusions from them. Communicating their findings to stakeholders clearly and concisely is another important skill to master.
In addition to these technical skills, product analysts also need to have soft skills such as teamwork, communication, and time management.
These skills are essential to work effectively with other members of the product team.
Product analyst job outlook
The job outlook for product analysts is positive. The demand for product analysts is expected to grow by 21% from 2020 to 2028, much faster than the average for all occupations.
This growth is due to the increase in big data and the need for businesses to make better data-driven decisions.
Well, here’s everything you needed to know about the product analyst job. But, we want to go one step further and help you clarify the difference between a product analyst and other roles people commonly confuse them with.
Let’s break down the difference between a product analyst vs. a product manager and a product analyst vs. a business analyst.
Product analyst vs. product manager
The main difference between a product analyst and a product manager is that a product analyst focuses on the data, while a product manager focuses on the product.
A product analyst’s job is to understand the customer, market, and business to help the product team make data-driven decisions.
On the other hand, a product manager’s job is to develop a product strategy, create a roadmap and execute the product vision. They work with the product team to ensure that the product meets the customer’s needs.
Product analyst vs. business analyst
The main difference between a product analyst and a business analyst is that a product analyst focuses on a specific product while a business analyst focuses on the entire business.
A product analyst’s job is to understand the customer, market, and business for a specific product.
A business analyst’s job is to understand a company’s financials, assess risk, and make recommendations to improve the business.
While somebody who’s worked in either of these roles can switch to the other, provided they have the skills for it. The conventional titles still differ in terms of their responsibilities.
To clarify this further (and if you’re keen on the role of a product analyst), let’s check out some product analyst tools.
Product analyst tools
Now that we know what a product analyst does let’s look at the tools they use to get the job done.
Product analysts use various software programs and data analysis tools to help them understand complex data sets.
These tools allow product analysts to visualize and analyze data in order to conclude it. This information is then used to make recommendations for the product team.
Additionally, product analyst tools may also include project management tools such as Jira and so on.
These tools help product analysts to track the progress of product development and ensure that you meet the deadlines.
So, there you have it! Everything you need to know about the product analyst job. We hope this article has helped you understand what a product analyst does and what the job entails.
If you’re interested in pursuing a career in product analysis, then be sure to check out our blog for more information about the industry. It’s the perfect way to start your journey into this exciting field!