Ok so you have a business and you sell a product (or two). You think everything’s going pretty well but you’re savvy and know that business is a dog-eat-dog world - you have to always be one step ahead of the competition or get left behind. What do you do? Ask your loyal customers for feedback, of course! Great move.
But most of the feedback is positive and not very helpful. How are you supposed to know where to focus more effort? Are the improvements they’ve suggested really the most important for you right now?
This is the difference between asking for feedback via surveys and receiving data-based feedback using product analytics. Product analytics allows businesses to get a quantitative understanding of how their customers are actually using their product - not just how they say they are. Without product analytics, customer information can be difficult to interpret and is often improperly or inconsistently formatted. Product analytics turns all of this unstructured data into useful information by integrating all data sources into a convenient single view so businesses can actually tell what’s working and what’s not. This is especially useful for online products as digital product analytics can reveal users’ every step to see exactly how they respond to specific features.
To make life easier, product analytics platforms generally do two main things: tracking data, and analysing data. This then allows product analytics tools to be used beyond just understanding how user reactions - yes, it gets better. Product analytics is also extremely valuable for testing new features and hypotheses. By properly utilising product analytics, businesses are able to effectively test new ideas and improve them until they work. With all of its functionality, McKinsey & Company have stated that “companies that use customer analytics comprehensively report outripping their competition in terms of profit almost twice as often as companies that do not”.
Sounds great, right? But how do you use product analytics? And how do you go from just tracking customers to product analytics development? Well, you can consult experts like us. We love data and using product analytics to help grow businesses is just one of the things that gets us out of bed each day.
Data & analytics is our secret sauce. Most agencies are super-specialised, whether in data-science, performance-marketing or a specific function (e.g. SEO, SEM). We're able to combine it all, we know what is required across analytics, marketing, product and broad strategy to achieve successful business growth.
Ikaros has been a great help in driving growth for one of our portfolio businesses, thanks to their deep understanding of growth strategy, analytics & experimentation.
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