Why are product analytics important to companies in the digital industry? Product analytics provide insights on digital users’ product experience—where they’ve clicked, how long they spend on the different parts of the product, exit points, and more. With this knowledge, comes the ability to improve your product, your users’ experience, and ultimately your revenue.
Before the digital age, companies would hire telemarketers or mail out surveys to question customer after they’ve completed their product interactions. For some industries, this may still be effective. However, digital companies can now gather product usage data in real-time through different tools. For digital products, product experience software is the best at analyzing usage.
PX software programs not only track your customers’ journeys, but may also feature customizable user onboarding, customer feedback opportunities, or easy customer management.
Now that you know what to look for in a solution let’s dive deeper to find which option would be best for your company.
Gainsight product analysis software is a top choice among many large corporations, like Adobe, GE Digital, and Dell, and it’s easy to understand why. Their technology has helped these large corporations grow retention, reduce at-risk accounts, and revamp customer journeys.
Don’t waste hours clicking back and forth between screens trying to gather and analyze product usage data from a lesser tool. Gainsight PX software provides all the data you may need in an easy-to-use platform so that you can move your business forward with data-driven product decisions.
- Cohort Retention Analysis – Determine the features that drive user retention and growth.
- Journey Analysis & Funnel Analysis – Track each click your user takes to identify unexpected behaviors and drop off points.
- Feature Performance – Uncover the product features that impact revenue and customer lifetime value the most, or spot adoption trends among any user or account group.
- Query Builder – Easily generate queries without learning an additional query language.
- Product Mapper – Create custom events to track user behavior without coding.
Why focus on building a product instead of a lifestyle? Everyone wants to build products, but Pendo helps aids in building incomparable experiences. This proactive business model can push your companies’ profits into substantial profit margins. With actual customer feedback data, your team can create the product experience your customers crave.
- User Segmentation – Identify valuable insights with side-by-side comparisons of different user groups to uncover hidden opportunities.
- Multi-app Analytics – Measure the performance of all your products, not just one.
- Account and User Level Visibility – Visualize account and individual interaction to gauge customer health and historical trends.
- Key Feature Identification – Pinpoint the particular the features that drive engagement, should be retired, or are under-utilized.
By gathering all customer interactions from emails to clicks, Heap has made it possible for you to find your ideal customer and boost your sales as a result.
Their self-serve analytics remove the engineering of obtaining data so you can spend your time making data-driven improvements, not getting lost in the set-up. Automation to businesses is the future’s way to free up the workload for some of your departments. This way, they can focus on more significant matters, not sorting through stacks of data.
- Retroactive Analytics – Track any interaction within your website or product to measure its impact so you can increase business agility.
- Complete Customer Dataset – Empower your team to make data-driven decisions with instant access to user information.
- Segmentation of Users – Monitor retention to understand feature engagement.
- Conversion Rate Optimization – Compare funnels across user segments or device types to prioritize product improvements.
To Sum It Up
Understanding data is critical for many aspects of business—from accounting to product experience to operations. Companies that can sort through the data quickly and accurately, win. Product experience software is a great method to help your business get to the top. Because, in the end, consumers want to do business with companies they trust. Wouldn’t you like that company to be you? You can get there by fully understanding them and their behaviors with your product. You just have to choose the tool best fit for you.