When company marketers research and design new products, the word “opportunity” is at the top of their minds. Without ample market opportunities, products fall flat upon launch, resulting in a massive loss for the company.
To ensure the security of their product launches, companies hire product analysts to identify target markets, research marketing strategies, and follow a product through its life cycle. Read on to discover how product analysts use market research to increase opportunities for successful product launches.
Product analysts research target market segments based on age, gender, location, and interest and work with product managers to ensure products offer something for each of those demographics. By analyzing market data, these professionals work to develop marketing strategies for the product.
According to Indeed.com, several locations are experiencing surges in demand, including:
When companies launch a new product, they need a solid understanding of the projected costs of the project. This includes everything from research costs, to development costs, manufacturing costs, and marketing costs. Product analysts create mathematical representations of these risk factors, helping company directors understand how – and when – to introduce a product into the marketplace.
As they track products, product analysts work with a variety of marketing professionals, including:
Product analysts need strong writing skills to create reports about target markets and product opportunities. They should have strong business sense, and have the ability to translate complex market research data into manageable and useful marketing suggestions.
Usually, product analysts earn at least bachelor's degrees in marketing before entering the field. Some product analysts may specialize in more math intensive degrees, such as statistics.
Typically, product managers will earn about $60,000 a year, though this largely depends on experience and the size of the company. Some of the highest paid earners stand to make over $100,000.
Growth in product analyzation field is expected to increase by 41% through 2020.
If you're interested in learning more about a career analyzing market segments and launching successful products, contact schools offering degrees in marketing.