What does a Pricing Analyst do?
- A pricing analyst is a professional who specializes in the study of pricing, with the goal of determining the best prices for the company he/she works for.
- Pricing analysts look at industry standards, playing close attention to the pricing strategies of their competitors.
- They use mathematical analysis to track pricing trends, and they also study consumer habits to determine how much people are willing to pay for various products, and to look for patterns in consumer spending.
- Analysts are interested in the cost of production of various items, the amount of profit a company wants to make, and associated costs like marketing and packaging.
- Provide accountability for improving pricing performance.
- Provide dedicated resources to business unit leaders and sales teams to help them identify opportunities that will close, offers that will sell and prices that will win.
- A Pricing Analyst works with service contracts, rate requests, tenders and tariff implementation.
- Pricing Analyst carry out presentations, work with spreadsheets and run or participate in meetings.
- A Pricing Analyst also needs to be able to strategically plan and participate in service contract negotiations.
- Regularly report on trade either weekly or monthly. The scrutiny of tender documents and keeping up to date with what’s going on in the markets is essential.
Key skills and qualifications of a Pricing Analyst:
- Strategic and tactical skills, advanced analytical
- Good reporting and analytical skills
- Critical and strategic thinking skills
- Data-driven and detail-oriented
- Strong interpersonal skills
- Strong communicators
- Strong leadership and commitment
- Knowledge of human psychology in addition to a deep understanding of the business world.
- Must be competent in software programs such as Microsoft Office, Excel, etc.
These professionals often hold degrees from business schools, and some of their training is highly specialized, as pricing is a very delicate art.
A degree, especially shipping related, is seen as an advantage by employers, but not always essential.
Ideally, a Pricing Analyst will need a good knowledge of the shipping industry in order to do their job. They will need a good grasp of the terminology and concepts of related equipment and logistics.
This role can be very rewarding and is an excellent starting point for a career within Shipping and Logistics.
Many companies retain full-time pricing analysts, and it is also possible for a company to hire an analyst as a consultant for a particular project or concern.
- Aerospace & Defense
- Business Services
- Gov’t. & Nonprofit
- Energy & Utilities
- Financial Services
- Hospitality & Leisure
- MFG Durable & MFG Nondurable
- Retail & Wholesale
- Software & Networking