Product Analytics for Dummies

Data Management Is the Foundation of Product Analytics

“The purpose of good data management is to make sure the right data is available, in the right places, to the right people.”

Data management is the first step toward making product analytics a part of your company.

Most companies know they need a strong knowledge base to inform their product decisions, but don’t have the infrastructure in place to use data effectively.

An accurate, accessible, and secure data management and governance process makes surfacing customer insights easier and provides maximum visibility into data throughout your organization.

When so much of the customer experience depends on your product, the easier it is to gain actionable insights from data, the more value you can provide with each release.

Behavioral Insights Help You Understand the Customer

“Behavioral insights go beyond metrics such as monthly active users, page views, and clicks. You can use behavioral insights to understand complex customer behavior, even across multichannel and multisession experiences.”

• The digital product experience is more complex than ever. Teams that use product analytics have a competitive advantage because they can easily track their complete customer journey cross-channel and device.
• Behavioral insights help identify meaningful patterns in the data. Being able to track and manage behavioral data increases visibility into key business metrics and highlights the highest value opportunities.
• Gain a clear understanding of the product experience. Behavioral insights help you connect with customers at the right time, showcase product value, and deliver continual value with each release.

Product Analytics Is the Key to Product-Led Growth

“Product-led growth is a cross-functional growth strategy that focuses on a product’s measurable growth outcomes, including acquisition, engagement, revenue, retention, and expansion.”

A product-led growth strategy positions your product as a revenue engine and your company’s unique competitive advantage.

Product-led organizations know each stage of the customer lifecycle is an opportunity to provide value, boost loyalty, and build long-lasting relationships.

Teams use education, optimization, experimentation, behavioral targeting, and recommendations to build customer empathy and build product experiences that drive growth.

Behavioral Targeting Builds Personalized Experiences

“Build experiences for groups of customers, called cohorts, based on what they do, not just on what they say. This means creating personalized experiences and marketing campaigns based on past, present, and predictable behaviors.”

Move away from a one-size-fits-all mentality—innovative product teams use behavioral targeting to personalize experiences.

With product analytics tools like Amplitude, you’re able to make personalized recommendations at scale and you show customers you’re invested in their success.

Modern consumers have a clear sense of what they expect from the product experience. Meeting those expectations helps you turn the product experience into a revenue-generating machine.

Collaboration Is Crucial for Your Team’s Success

“Using a collaborative learning framework, your organization can maximize the flows of learning between teams, tools, and products achieve better outcomes.”

Product analytics is a team sport. When everyone comes together to share insights, it improves solutions, boosts engagement, and achieves goals across your org.

To build a collaborative learning framework, your team needs to:

• Ask questions about the product experience.
• Act on those questions through experimentation and behavioral targeting.
• Measure the results using product analytics.
• Share insights throughout the organization.

With tools like Amplitude, it’s easy to gather the insights gained through your experiments and build data-driven stories for the team to show how their efforts come together to create a winning product experience for the customer.