The Product Research Analyst's ultimate goal is to approve a product for mass sale that serves core public needs, generating profits for the business. These analysts must be well-versed in the product's use, design and implementation, along with applying it to possible vendors and customers. This career requires an applicant that can think like an engineer, customer and salesperson at the same time. They analyze market trends pertaining to the potential product, draw up statistical analyses on sales plans and work beside engineers to bring the item to life. Without these liaisons to the public and product, businesses would have many product failures, struggling to survive financially.
Product Research Analyst Education Requirements
A bachelor's degree is the minimum education requirement for this crucial position. Four-year degrees show commitment to a subject and the ability to complete projects. Thousands or millions of dollars could be on the line for a company's new product. A solid education ensures that employees have the intelligence to complete the work. Some top degrees could be in psychology, statistics or math. All three concepts are used daily for Product Research Analysts. Even an internship is an advantage over other applicants, showing that a potential employee already has some experience analyzing data and marketing trends.
Product Research Analyst Job Market
With the competitive product market becoming more crowded every day, statistics show that Product Research Analyst jobs will increase by 32 percent between 2012 and 2022. All industries analyze their prototypes, along with competitors' products, to release viable and profitable items into the marketplace. There are several careers similar to the Product Research Analyst, including Marketing Analysts and Product Development Analysts. With storefronts and online shopping making purchases easier than ever, all research analysts are critically needed for business success.
Product Research Analyst Salary
Recent statistics show salaries that range from $38,000 to $120,000 per year for product research analysts. However, the median range is often around $60,000. Each industry has a slightly different pay scale, based on their products and marketing needs.