Making the difference between guesswork and facts: product analytics today
Many of the technologies that organizations use today to analyze the impact of digital products are over twenty years old and have not kept up with the fast-evolving demands of digital transformation. While traditional analytics can track basic data such as website visitors, demographics, and NPS scores, these offer an overly simplified view into the customer journey. To build digital products that create lasting value, product teams need the real-time insight and data-driven agility that goes beyond the traditional measurement systems. Relying on data analytics technology from the last decade puts companies at a significant disadvantage.
The key to product success comes from maximum visibility into data gathered from across the full range of interactions with every customer, and sharing this information across all parts of your organization in a collaborative manner.
The two-way flow
In many ways, the relationship between customers and the companies that offer their services digitally is more dynamic than ever. End-users come to a digital platform with high expectations of hyper-personalized, engaging experiences—that’s table stakes in today’s competitive digital environment. Conversely, companies have access to a highly granular flow of user behavior data to be able to quickly iterate and refine their platform.
This quid pro quo between the customer and the company is predicated on real-time insights gained from data. However, capturing the data and unearthing the necessary trends and insights is complicated, especially when multi-channel and multi-session experiences need to be captured and assembled coherently.
Product Analytics produce insights that drive best outcomes
Despite the significant business benefits of leveraging data for product-led growth, its ubiquity and quantity make discerning meaningful insights difficult. Discovering the “underlying story” is a task that could (arguably) be done by humans, poring over information that has been dumped out of databases in raw formats. But in reality, organizations turn to cutting-edge technology to provide them with the information they need to produce cross-functional, product-led growth strategies.
At Tech Wire Asia we are focusing on several key players in this developing field of product analytics that can deliver market advantage. Amplitude is both a product and thought leader in this space. Aspiring to become an operating system for digital business, its platform helps companies use their customer data to build great product experiences for digital growth. This in turn provides better value for their customers, ensuring the two-way flow is actually flowing in both directions.
Using Amplitude’s software as a central hub for all functions in today’s digital businesses (across product, marketing, R&D, operations, finance, PR, and governance), the whole organization helps build customer empathy and highly-personalized experiences for customers at any scale. It turns loyal customers into true brand advocates.
Turning journeys into insights
Throughout multiple sessions interacting with a product, customers’ behaviors begin to fall into loosely defined patterns. By segmenting these patterns, companies develop what Amplitude terms “cohorts”: cross-sections of end-users defined not by what might be immediately apparent, but rather by real-world behaviors assembled over multiple channels and over many occasions.
Instead of developing business strategies based on superficial or oversimplified dashboards, Amplitude lets teams from across the company see and consult on the underlying patterns that show true possibilities for delighting each customer on a personal level—but do so at scale.
By going above and beyond the already high expectations of today’s digitally-native customers, brands can easily and quickly pick up on the areas that yield value, wherever and whenever in the customer journey those opportunities present.
A critical differentiator between Amplitude and other solutions is the tool’s ability to model and test proposed changes that reflect the company’s real-world interactions. As a result, teams can iterate on updates, features, and new products with much greater confidence.
By letting the whole organization work together to build customer success stories, products become sources that actively increase engagement levels with every customer, creating significant opportunities to further every relationship and drive sales and quality of end-user experiences.
Product analytics and behavioral insights come together on one platform for companies looking to get ahead of their competitors. With Amplitude, teams can produce better outcomes that are fully-focused on the product.
*Some of the companies featured on this article are commercial partners of Tech Wire Asia
- Newton’s Third Law and how it guides enterprise security
- Is 2021 still the ‘Year of 5G’ for Australia?
- A Company’s Most Valuable Untapped Resource: Employee Developers and their Ideas for Change
- China’s digital yuan is not a benchmark for the US
- How Indonesian neighborhood retailers can accelerate into the digital economy