Assess how a product is doing on the market.
What does a Product Analyst do?
Coming up with a brand-new product or a new line of services is risky. Companies can make a lot of money if their ideas are successful, but they also stand to lose a significant amount of cash if the concept is faulty.
A Product Analyst helps to reduce the risk of failure. As a Product Analyst, you accomplish that by working hard during the concept phase to refine an idea, during the launch phase to promote the product, and during the follow-through to make sure the concept is still a winner with buyers.
During the conceptual stage, your task as a Product Analyst is to define the ideal user of the product. To do this, you conduct surveys of existing clients, teasing out their preferences and their openness to a new idea. You also look at the products and services your competitors are offering. Then, you write a detailed report of your findings, and give that report to the Marketing Director and the development team.
When the product is released, you perform even more studies. Here, you find out who’s buying the product or service, how they’re using it, why they like or dislike it, and how much more they might pay for it.
Sometimes, you find that the price should be adjusted, and other times, you find that you’re targeting the completely wrong group of people with your advertising. Again, you write a report and give it to marketing, but you also give a copy of this document to the President of the company. Shifting the direction of something that’s already on the market requires the approval of senior management.