You’ll understand the statistical side of data analytics, be able to make projections and infer causation and correlations from data. Be able to produce detailed reports by summarising and presenting your findings in an easily understood manner. Your success will depend on how well you tell the story of the analysed data. If you can engage the interest of stakeholders with the impact of your insights, you’ll be able to affect change.

What is the average annual salary of a product analyst?

Subsequently, you’ll monitor sales numbers and gather customer feedback data to gauge performance. A product analyst’s job is to understand the customer, market, and business to help the product team make data-driven decisions. 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. 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. The average Product Analyst salary in the United Kingdom is £35,827 as of March 03, 2021, but the range typically falls between £28,568 and £42,455.

How Experience Affects a Product Analyst’s Salary

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. In addition, it is helpful to have experience in product management, user research, and software development. Supports action plans and strategic direction for functional areas and maintain alignment with other product managers to ensure successful development of entire product line. The average additional cash compensation for a Product Analyst in US is $7,597.

Highest paying industries for product analysts

You’ll also help decide when a product has come to the end of its life. This allows you to determine what product features are widely adopted and which need improvement. This person is responsible for understanding customers’ needs and translating them into actionable requirements for the development team. Read on to learn more about product analysts’ work duties, pay prospects, and industry trends for product analyst salary figures. Work experience and seniority are important factors in determining the salary of product analysts.

• Still, employers usually look for candidates with at least a bachelor’s degree in business management, economics, finance, or another relevant field.
• A product analyst’s findings often impact the work of other employees.
• The highest-paying states for product analysts are Washington, California, and Alaska.
• 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.
• As a product analyst, you must be able to share your findings with others, both verbally and in written reports.
• Open more doors for your career by securing online product management certifications with Udacity.

best-paying cities for Product Analyst

Mastering key skills can significantly increase your earning potential as a Product Analyst. According to Salary.com’s Real-time Job Posting Data, expertise in coding jobs Collaboration can lead to a 8% salary raise, while strong Product Development skills boost pay by a 2%. As a market research analyst, your work would entail analyzing market trends and data to support marketing and product initiatives.

Career paths product analysts move on to

The full compensation package for a product analyst depends on a variety of factors, including but not limited to the candidate’s experience and geographic location. See below for detailed information on the average product analyst https://wizardsdev.com/en/vacancy/middle-project-manager/ salary. Additional compensation from tips, profit sharing, and commissions will be around £3,415 1. As a product analyst, you’ll monitor products’ performance over their lifecycle. It’s essential to look for patterns and trends that indicate how well a product performs on the market.

Ready to get started on a product analyst career?

A product analyst can become a business analyst if they have BI Developer/Analyst job the necessary skillset and want to specialize in business analysis. The product analyst is responsible for communicating with stakeholders (customers, executives, marketing, etc.) to ensure everyone is aligned on the product vision and goals. 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.