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.
They have the ability to reliably deliver across all stages of projects, whether validating product-market-fit from the ground-up, or scaling growth and unlock new levers.
The ikaros team have been instrumental in supporting Prezzee on our data and insights journey.
From strategic advice through to best-in-class implementation support of our analytics tools, ikaros has been a true extension of our team. Their strategic, data-driven marketing lens and a real focus on business growth truly sets them apart.
From day 1 ikaros have filled us with confidence that we made the right choice with them. They couple deep growth expertise and strategic advice with the ability to get things off the ground and running super quickly.
Their collaborative attitude has also made them a pleasure to work with. Big thanks to Ikaros for helping us setup the experimentation culture that every start-up needs.
Ikaros has been the true description of a partner. Providing valuable advice at all times, educating our team where necessary and providing the level of engagement that truly feels like they are one of the family.
Joining us at the outset of a large acquisition, the ikaros team worked on setting up the infrastructure, monitoring and reporting and providing the recommendations that will keep giving us the digital competitive edge.
The team at ikaros have supported us in transforming a 20 year-old family business into a growth-machine, helping deliver close to 100% new customer growth.
They helped establish a data-driven growth culture, pulling together teams across functions and bridging the gaps between our technical and business challenges.
Daniel and his team at ikaros are world-class digital and growth professionals.
They are experts in the space of SEO, PPC, analytics and customer lifecycle marketing and were able to align our marketing and engineering team’s direction with their deep understanding of both business and technical requirements.
The ikaros team have been instrumental to CareerTeam's growth, defining and implementing a successful growth strategy for our business.
ikaros quickly delivered results across each stage of our customer journey and continues to do so as part of our ongoing collaboration. We couldn't be happier with them!