Практика Shadowing: What Is a Pricing Analyst? - Responsibilities, Career Path & Skills - Изучайте разговорный английский с YouTube
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Hey everyone, it's Jay here and today we're going to be diving into this little under the radar job called pricing analysts.
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Hey everyone, it's Jay here and today we're going to be diving into this little under the radar job called pricing analysts.
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What do they actually do?
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How do they help businesses make pricing decisions?
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Well, today we'll find out.
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All right, pricing analysts are like the superheroes of the business world, kind of.
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They make sure that businesses just charge the right prices for their products
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and this is a core concept of business if you might imagine because they have to make money.
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And you might be thinking,
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you know, how hard could that actually be?
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Well, it's actually pretty darn tough.
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On a daily basis, pricing analysts have to take in tons of information.
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They have to analyze market trends,
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customer preferences, understand competitor pricing as well,
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all to create the perfect pricing model or dynamic pricing model that can work in any situation or season.
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They also keep a close eye on supply and demand, right?
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Because that affects how much they should price their products as well.
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And of course, they have to integrate with different departments like marketing
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and sales so everyone can be on the same page when it comes to pricing.
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One of the main tasks for an advanced pricing analyst is to create advanced pricing models.
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For example, if you're looking at distribution costs,
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production costs, and market demand of a new product,
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all of that will feature into the actual price that then gets adjusted on a continuous basis.
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So enough talking about this,
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let's just dive into a fun example to make it a little clearer.
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Picture that you're a pricing analyst for an airline, right?
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If you've ever bought an airline ticket,
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which I'm sure most of you have,
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you've seen that the prices for airline tickets changes depending on when you buy it and when you're trying to travel.
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As an airline price analyst,
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you have to make sure that your prices are competitive against every other airline because there's a ton of them.
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And you also need to make sure that the margin actually makes sense so you're not losing money at the end.
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What you do is you create a model by gathering data.
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You get the data on available seats on each plane,
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current flight prices across different airlines and general seasonal demand as well.
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And you use that to develop a pricing strategy and a model
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that allows an airline to remain competitive for any point of time
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and have this dynamic pricing model that changes depending on when you buy it.
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And of course, pricing models for airlines are more discriminatory in terms of the fact
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that if you buy a flight a day before you're actually traveling,
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it's gonna be way more expensive than if you're buying it two weeks or two months beforehand.
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It's also about trying to figure out ways to maximize profits for these companies.
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And that means offering discounts or working with a marketing department to offer sales.
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But in general, it's a delicate balance.
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And so the pricing analytics job is actually very, very important.
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Now, a lot of people get confused with pricing analysts and data analysts.
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And in my opinion, pricing analysts actually fall within the umbrella of data analysts.
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For example, if we take another scenario,
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like let's say you're a pricing analyst at a software company that just sells B2B software.
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So this could be Salesforce,
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this could be Microsoft, et cetera.
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While a data analyst would probably focus more on general kind of longer term goals and user behavior,
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such as looking at customer churn analysis,
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looking at retention, understanding exactly how customers interact with the software at whole.
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Like if I'm using Microsoft Excel,
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how am I using it?
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Or Google Docs, such like that.
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Pricing analysts focus a lot more on the actual price part of it.
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So they could be also looking at user retention,
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let's say, or customer retention on their products,
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but looking at it at different price points or looking at for different size of companies that are also buying their products.
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Right.
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And so we'd have a pricing analyst that might notice that,
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you know, customers churn more based on this specific price than another price.
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All the data analysts would be looking at customer churn based on user behavior on their platform
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and so they may want to introduce new features.
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So the core concept really is that just pricing analysts do all the analytics that just focus on pricing.
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If you're a data analyst at a company,
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you could also be focused on pricing for most of your time.
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As companies grow and the need for specialization develops,
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that's where you get pricing analysts as its own core job.
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Now let's see what it takes to become an actual pricing analyst.
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A lot of the times it's very similar to with data analysts.
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So this means skills in Excel,
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SQL, Tableau, other data visualization tools,
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basically anything that combines that business plus analytics mindset.
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For example, SQL is super popular for pricing analysts
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because you have to understand that pricing analysts dig through a lot of data.
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We're talking about thousands, millions,
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or even billions of rows of different kinds of pricing data points that they need to use for their models.
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Other more intangible skills are things kind of like analytical thinking and critical thinking.
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So this would be effectively what's used for almost any kind
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of analytical position where you have to understand frameworks to create these models and introduce new initiatives for different prices.
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Then we're also talking about communication as being really important because as a pricing analyst,
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you're going to be working with a lot of product stakeholders
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and executives because price is such a big part of the job and of the business.
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So how do you become a pricing analyst?
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Well, if you are already in your career and you're looking to become a pricing analyst,
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then the easiest way would be to start working on data analytics types projects.
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So if you're a data analyst,
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it's pretty easy to transition over to pricing.
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But if you're not already an analyst,
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then it's worth maybe looking at education backgrounds that you could potentially use.
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So if you're starting out,
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let's say you're in college,
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then just studying something like economics,
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math, business, you know, computer science,
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data science would all be helpful towards becoming a pricing analysts.
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And if you're looking to make a career transition then getting a master's degree in data science
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or analytics is also super helpful as well additionally just learning sql
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and coding can also put you on that path
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if you work for example in customer success
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or maybe you're completely in a different field such as you're
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a teacher then just understanding the skills of sql data visualization
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is going to be a huge step forward towards having those qualifications to become a pricing analyst.
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The interview process also depends on what kind of skill level you are as a analyst.
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So if you're transitioning into the field and you're going for a more junior role,
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they might not ask you that many technical questions
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and kind of teach you on the job
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because they might have a lot more custom formulas or implementations
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that you need to know that it's very specific for the industry at large.
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For example, airline pricing is a lot more different than retail pricing at Walmart.
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And a lot of that is going to be industry specific knowledge that you might pick up on the job.
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Now, if you are more advanced and you are kind of looking to transition for a more senior level role,
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it's going to be a lot more technical heavy in terms of understanding
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that you can program in Python potentially or SQL and
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that you've had experience using data visualization tools that they might have used or just data visualization in general, right?
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Because a lot of it is about presenting your insights and communicating with these business stakeholders.
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All right, that wraps up our overview of the pricing analytics field and pricing analysts at a whole.
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I hope that you learned exactly what a pricing analyst does and a couple examples about pricing analytics.
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If you're interested in the field and you don't know where to start,
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I'd highly recommend checking out also interview query to learn a little bit about SQL,
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Python, and practice a different couple questions there.
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Otherwise, you know, there's tons of resources and please,
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you know, comment below if if you have any more additional questions that I can respond to,
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and I'll catch you all later.
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Bye.
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В этом видео Джей делится своими знаниями о профессии аналитика по ценообразованию, которая часто остаётся непомеченной среди других бизнес-ролей. Он объясняет, как аналитики помогают компаниям принимать обоснованные решения о ценах на товары. Каждый день они анализируют огромные объемы информации, включая рыночные тенденции и предпочтения клиентов, чтобы создать оптимальные ценовые модели. Это важная и сложная задача, так как от цен зависит прибыль компании.
Топ 5 Фраз для Повседневного Общения
- “Какая цена на этот продукт?” – важный вопрос для любого покупателя.
- “Каковы последние рыночные тенденции?” – помогает понять основные направления рынка.
- “Что влияет на ценообразование?” – ключевой вопрос для аналитиков.
- “Как мы можем улучшить маржу?” – актуально для повышения прибыли.
- “Когда стоит проводить распродажу?” – важная стратегия для стимулирования продаж.
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