Pricing Analyst Job Description: Top Duties and Qualifications

A Pricing Analyst, or Cost Pricing Analyst, is responsible for determining the appropriate pricing for company products based on a variety of factors. Their duties include conducting market research to learn more about competitor pricing for similar items, reviewing previous sales data and company revenue needs and deciding a market price for a range of products based on their findings.

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Pricing Analyst Duties and Responsibilities

Pricing Analysts use mathematics and statistics to understand pricing. They typically have the following responsibilities:

  • Analyze pricing data from industry standards, previous sales trends and competitors and report data to decision-makers
  • Identify marketing strategies to increase profits
  • Develop measurement tools to identify changing market trends
  • Identify appropriate sales and clearance prices to increase customer traffic
  • Compare sales trends to previous periods and determine the cause for decrease or increase
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What Does a Pricing Analyst Do?

Pricing Analysts typically work for corporations across industries to establish market prices for products that allow corporations to profit while also staying competitive. They work closely with the sales, marketing, finance and product engineering teams to determine how to price company products effectively. Their job is to evaluate product quality, competitor pricing and customer reviews to create appropriate market prices for products or services. They may also be responsible for establishing sales prices and working with the sales and marketing teams to develop ideas for seasonal sales opportunities.

Pricing Analyst Skills and Qualifications

Successful Pricing Analyst possess several skills and qualifications, including:

  • Analytical: Strong analytical skills are necessary to compare sales trends and determine market data.
  • Communication: Excellent written and verbal communication skills are important, as pricing analysts work with team members at all levels, including store associates, office staff and executive team members.
  • Detail-oriented: The ability to pay close attention to detail while remaining accurate is crucial in the analysis of large collections of data. 
  • Problem-solving: Pricing analysts use problem-solving skills to identify declining sales trends and devise strategies to improve them.

Pricing Analyst Salary Expectations

The average yearly salary for a Pricing Analyst is $60,984 per year. Pricing Analyst salaries may range depending on geographical location, the size of the organization and the experience of the analyst. A Pricing Analyst that works for a large organization making recommendations on pricing for large ticket items will typically earn more than one who works for a smaller company and is one of many analysts. The industry in which the analyst works will further affect salary expectations. Analysts who work in an industry with specialized business-to-business experience can expect to earn a higher salary.

Pricing Analyst Education and Training Requirements

A minimum of a bachelor’s degree is often a requirement to become a Pricing Analyst. Some hiring managers prefer that candidates have a master’s degree, especially if they will be in charge of the pricing for higher-priced items. Students interested in pricing analysis can expect to major in market research, business administration or finance. They can expect to take classes in statistics, mathematics, market research and marketing. Many students will receive industry training while completing an internship in their bachelor’s or master’s degree program.

Pricing Analyst Experience Requirements

Hiring managers will often expect candidates to have some previous experience as a pricing analyst. Previous experience working in a similar industry might also be a requirement. Some candidates will come from related industries like data research or finance. Entry-level Pricing Analyst might work on a team with other analysts as they develop important field skills and experience, and they may later take on additional responsibilities. They might also pursue a career as a Pricing Analyst in a different industry.

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Frequently asked questions about Pricing Analysts

 

What is the difference between a Pricing Analyst and a Marketing Analyst?

The difference between a Pricing Analyst and a Marketing Analyst is their job focus and the types of environments they work in. For example, Marketing Analysts typically work as members of the marketing department. Their job duties include conducting market research to learn more about a company’s target audience and demographics. They also review marketing campaign data and compile reports regarding future marketing initiatives. 

In contrast, Pricing Analysts typically work in collaboration with the marketing team and other departments. Their main focus is to conduct market research to determine the correct market price for company products.

 

What are the daily duties of a Pricing Analyst?

On a typical day, a Pricing Analyst starts by checking their email and voicemail to see if they have missed messages from members of the finance, sales or marketing departments. Throughout the day, they participate in meetings with customer service, sales, marketing and product engineering professionals to discuss revenue needs and changes to product pricing. 

During downtime in their office, Pricing Analysts look at competitor pricing, consumer trends and customer feedback. They use this information to compile reports and confirm market prices for company products. They also take the time to review product materials and features to determine their market value.

 

What qualities make a good Pricing Analyst?

A good Pricing Analyst is someone who has an investigative nature. This quality inspires them to conduct market research and ask important questions to develop accurate pricing for products. They have excellent interpersonal communication, allowing them to work with different employees from a variety of departments including marketing, sales, finance and product engineering. Further, a good Pricing Analyst stays up-to-date on trends and competitors within their employer’s industry to aid their pricing decisions. 

A good Pricing Analyst also follows an ethical code that motivates them to set price ranges for products that align with product quality and consumer needs.

 

Who does a Pricing Analyst report to?

Pricing Analysts report to different people depending on the organizational structure of their employer. For example, Pricing Analysts can report to the Sales Department Manager, Marketing Manager or Finance Manager. Pricing Analysts performing freelance work may report directly to the Sales or Marketing Director within a corporation.

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