A pricing analyst synthesizes data from different departments in your company to come to a decision about what price you should offer your products for. They consider production costs, the competition’s strategy, consumer trends, product quality and marketing. Pricing analysts not only recommend price points, but they also offer advice about when you should introduce a new product to the public.
To ensure quality work, hire an analyst who has a head for numbers and how those numbers translate into real-world scenarios. Your pricing analyst job description should also emphasize communication skills, since the analyst must be able to communicate his or her findings to company management.
A bachelor’s degree in finance or a similar field is usually all an applicant needs, though a master’s degree may be an asset if your market is subject to frequent fluctuations. Use the pricing analyst job description template below to get started.
Pricing Analyst Job Summary
Do you love to play around with numbers and be involved with the finances of a company? As a pricing analyst, your job is to sort carefully through data, analyze market strategies and consumer habits and make decisions about the future of the company. But if you’re imagining sitting at a desk all day looking at graphs and deciding the best price points for products, think again. Interaction with other employees is a vital part of the job. As you communicate your conclusions to the CFO, company management and the marketing team, you have the opportunity to shape the role of the company in the consumer market.
- Analyze market trends, including competitors’ prices, consumer habits, marketing strategies and profitability
- Synthesize external trends with internal data, including material costs, production costs, prices of products currently on the market, advertisement costs, current financial status and budget
- Deliver informed decisions about the appropriate price points for various products based on the analysis of internal and external data
- Communicate pricing decisions verbally and in written form to the CFO, company management and the marketing and sales teams
- Evaluate consumer trends and use them to advise when certain products should be rolled out on the market
- Monitor the results of pricing decisions by evaluating performance in relation to budget and profit margins and communicating with the sales team regularly
- Revise pricing decisions if necessary, and proactively monitor products’ performance to determine whether reevaluation is needed
- Maintain detailed records for individual products that can be used to evaluate future market trends and inform future pricing decisions
Job Skills & Qualifications
- Bachelor’s degree in economics, business, accounting, finance or related field
- At least two years of experience in business analytics
- Communication skills, written and verbal
- Analytical, evaluative and data-driven mindset
- Experience with computing software
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