What Is Product Analytics and Why Do You Need It?
Today the term Product Analytics is not a well known word in the industry. When I talk about Rakam, a product analytics tool, I can see the confused faces in front of me. Let me enlighten you in this subject and also to save myself from seeing the confused faces. Also,I will try to give you a better insight on product analytics.
Product Analytics
In simple words, analytics that allow you to understand how your users behave while using your product is Product Analytics. This works best with the digital products as it is easier to track and analyze customer event data with digital footprints. Analyzing your customers behaviour can lead to finding why your customers are churning, converting or coming back to your product.
What Industries Benefit Most From Product Analytics?
In my previous article I mentioned the industries that benefits most from the analytics. Companies which has a mobile or web application can benefit the most from utilising product analytics. Data driven companies are dependent on consumer behaviour. For better understanding of user behaviour, conducting analysis such as funnel, retention and segmentation is a must. Insights gathered by these analysis could be used to provide better experience for your users. Having data on user level can help companies to have an advantage in today’s competitive business environment. From our customers we’ve learnt that they’ve achieved increased return on their profits by user event tracking to see these returns, one need to have an understanding of product analytics and use it efficiently.
What Can You Get From Product Analytics?
Product analytics is often confused with marketing analytics. But unlike marketing analytics, product analytics is focused on a product. It allows you to track and analyse your user events to make your product better. As the names suggests, the focus is on your product. Data gathered from using product analytics features is used by product managers, growth managers and UX designers to make improvements on their products.
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