26 Feb 2018
What is a Product Analyst & how do I become one?
A Product Analyst works as part of the product development team usually to oversee product launches from initial concept to go-live. They use their expertise to help launch successful products as well as providing costings of each product released. They will often have to do some post go-live work with the end users of the product to ensure it is performing as well as it can and that the end users are happy with the product. Product Analysts work with a variety of people including Software Developers, Product Managers / Analysts, end users and key stakeholders in implementing new products, managing existing products as well as utilising the product data and user feedback to suggest improvements.
A Product Analyst will conduct some or all of the following:
- Work with internal and external stakeholders to capture product objectives and requirements
- Capture multiple sources of data and input to specify requirements
- Business scope and value for each proposed requirement
- Creating end-to-end user stories for specific product features including workflow requirements, process mapping & optimization, system integration requirements, reporting metrics, system delivery and design recommendations
- Participate in product meetings with internal and external stakeholders
- Become a product expert in their chosen technology field
- Delivering high-quality agile user stories outlining the value for the business
- Supporting product deliverables
- Product support revenue generation and cost savings
- Testing products both in A/B or MVT
Cores skills you will need to possess as a Product Analyst:
- High level of writing skills in order to prepare detailed reports
- Be data-minded as you will be required to process large amounts of data and turn it into actionable targets for the business
- Ability to conduct market research
- Be personable! You will be required to work with a variety of internal and external departments so you must be adaptable in your approach
- Ability to think strategically and think of new ideas to recommend to internal and external users
- Strong technological skills, usually extensive experience with the Microsoft Office suite, ERP/Internal systems used by the company or extensive Software Application experience relevant to the company recruiting
What can help to increase your salary or day rate?
- Experience as a Product Manager or highly technical Analyst
- Advanced SQL experience or Advanced specific technology experience e.g. GDS in Travel / Hospitality sector
How do I become a Product Analyst?
The most common routes are starting your career off in Marketing, Software Development, Business Analysis then progressing into a more product-focused role. You can also progress into a Product Analyst role via a software sales route but this is less traditional than the other avenues.
How much will I get paid?
Average UK Salary for a Product Analyst is £40,000, with tenure and more experience you can earn as much as £50,000. Select companies will offer a bonus, this is down to the companies discretion.
The average UK Day Rate for a Product Analyst is between £350-400 depending on how technical the role is and how long the contract is. For longer contracts, you can expect £350 per day, for shorter contracts you can expect £375-400 per day.
I will be glad to answer any questions you have - you can contact me at:
Ash Goodwin, Principal Consultant
Tel: +44 (0)1923 470 738