Pricing Analyst Job Description Template
Pricing analysts inform their businesses with analytics around the profitability of their products and services, in addition to building strategies on how to correctly price them.
Ever wondered why:
- Products are priced with a 0.99 denomination instead of rounded up?
- Supermarkets stock their own-brand goods on the bottom shelf?
- An incredibly expensive item will be shown at the top of a menu, followed by more “reasonably” priced ones?
That will have been a decision made by a pricing analyst, a role in a company that manages the delicate art of balancing economics and psychology. They will have a complete understanding of all the inputs needed to cost and mark up a product and how to marry them with the company’s desired margins and consumers’ willingness to pay. Within B2B and/or service-selling positions, the pricing analyst may also be deployed dynamically within the negotiation of contracts. As such, they can often be a direct member of the sales team.
In competitive and segmented markets, there are many demographics and psychographics of customers that exist. As a result, uniform and static pricing can be both uncompetitive and unprofitable. There will exist opportunities for price discrimination and seasonal flux to boost margins. The pricing analyst must monitor all facets of this market and understand the implication of pricing on both the customers and competition.
Pricing Analyst - Job Description and Ad Template
Copy this template, and modify it as your own:
Company Introduction
{{Write a short and catchy paragraph about your company. Provide information about the company’s culture, perks, and benefits. Mention office hours, remote working possibilities, and anything else that makes your company interesting.}}
Job Description
The pricing analyst is a key resource to provide pricing solutions to {{company name’s}} customers through the sales and account management channels. The pricing analyst uses information resources regarding customer needs, historical data, market conditions, and internal margin/revenue targets to {{prepare pricing quotes and/or internal proposals regarding pricing strategies for future campaigns/seasons/segments}}.
Responsibilities
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Develop and maintain pricing tools {{for example: elasticity of demand calculators}} and profitability models
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Grow total gross margin dollars by identifying pricing actions that encourage higher sale values, conversion rates, inelasticity, margin rates, and customer satisfaction
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Forecast margins to help the business understand the impact of promotional and seasonal pricing
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Monitor input costing changes and develop sensitivity analysis thresholds to provide reporting on potential changes to finished {{product/service}} prices
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Present pricing analysis at a monthly strategy meeting, with insights, trends, and suggestions
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Communicate and help implement pricing changes bi-directionally through the command chain
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Lead pricing-related projects including establishing timelines, defining deliverables, and drafting communications or presentations
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Maintain knowledge and stay abreast of developments in the industry via information obtained from financial publications and services, government agencies, company sources, and personal interviews
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Assist R&D efforts with market views and feedback
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{{Add other relevant responsibilities here}}
Skills and Requirements
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Bachelor’s degree in finance, operations, research, statistics, math, economics, or related analytical discipline preferred
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Financial management experience with planning, forecasting, and business analysis
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Experience within {{preferred industry}}
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Work cross-functionally throughout the organization to drive analysis-driven change
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Demonstrates complex problem resolution proficiency and the ability to identify/implement process and system enhancements
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Proficiency with analytical and presentation tools {{(Excel pivot tables, SQL queries, graphing, PowerPoint)}}
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In-depth knowledge of BI tools {{(Tableau, Cognos, Business Objects or SPSS)}} and practical experience analyzing data, program metrics, and performance
Recent Pricing Articles by Toptal Management Consultants
How to Hire Pricing Consultants
Pricing consultants can help companies find the right pricing strategy for their products and services to maximize profitability and share price. This guide to hiring a pricing consultant outlines the attributes of an ideal candidate and the questions to ask in the interview process.
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