What is Product Analytics?
Your customers are using your product but it is important for you to analyze how users utilize your product features, predict areas of product friction, and how you can improve the product experience.
Here comes product analytics. Product Analytics is the process of analyzing how users interact with your product or service. Businesses use Product Analytics to improve the user experience by identifying the problems faced by customers and resolving them.
Product analytic tool helps you analyze customer interaction with your product but misses out on many key aspects. This blog talks about How using a CS tool will help you overcome these drawbacks
Where is Product Analytics used?
You can analyze how well your product is going to do before launching with the help of surveys. Once launched, you must be more dependent on hard evidence by analyzing behavioral data of how your customers are using the product.
This must be surprising to know that many companies evolve their product based on internal needs, guesswork, and gut instincts. Which is not the entire process of analyzing.
Though product analytics are needed here, there are some major moments that your Product Analytics tool is missing. Let us see what they are.
Major Moments your Product Analytics tool is missing
A product analytics tool is needed and it allows you to better target the in-app engagements and surveys you send to your customers. Surveys can be targeted, you can make necessary changes in the product after a firm analytics report.
Therefore, your analytics will help you with how many people clicked on the survey, but you won’t be able to get a detailed analysis into how they responded and how well are they actually using your product and liking the features.
Missing out on engagement opportunities
Product Adoption is a crucial phase in the entire journey of the customer. This is where s/he gets acquainted with your product.. It’s a common challenge but the right tools can have an enormous impact.
You cannot go fully automated nor can you only rely on human intervention. But yes, your users expect the process to be as personalized as possible. This also helps them engage with your product in a more efficient way.
Product analytic tools cannot be used for personalization. And a weak tool is also unable to capture specific product behaviors. This will result in your customers churning out.
Bonus Tip: How to conduct Churn Analysis?
Missing out on key product insights
Product insights need to be segmented in a proper way. A robust product analytics tool with powerful segmentation gives you better and useful engagements with your customers.
There’s always a lot happening with and within your product. But if your analytics tool is not strong enough to pick up on them, they will remain unnoticed. For example, this can be a major feature challenge that your customer is facing.
So non-robust product analytics can be missing out on key product insights.
Additional Read: How can Customer Segmentation drive Customer Success
What is Data-Driven Customer Success
And in order to retain them, you need to fully understand what their challenges are and what your product can do to alleviate the challenge and you should work towards delivering it in a way that the customer is able to achieve much more and is happy and satisfied. And this can be better done the data-driven way.
Data-driven organizations can be broken down into three levels:
Data at the Customer level helps you understand how your company is taking care of its customers. It answers valuable questions about the customer’s health and helps you establish any proactive steps that can be taken to ensure your product meets the customer’s expectations
Planning and customer segmentation is what data-driven Customer Success(CS) at the Team level is concerned with. Team Level data also helps you understand whether your company is in a position to expand its CS team.
Now, The Company level data helps you understand your Go-To-Market motion. This data affects your Ideal Customer Profile and ensures you have aligned customer arrangements.
Data gives you a complete idea where you know where you stand, what mistakes have you made, and how far you are from your goal.
Why you need a data driven way
A Customer Success Platform works the data driven way. It analyzes all of the data compiled by the different components of your product and sums them into a usable format.
When you’re being data-driven in your Customer Success approach, CS platforms like CustomerSuccessBox allow you to access important information like:
- Customer health
- 360-degree customer views
- Product usage
- Deeper customer segmentation
- Lifecycle tracking
Customer Success platforms helps you onboard, retain and upsell your accounts.Some of this would be never possible with just your basic product analytics tool.
How can CustomerSuccessBox help
Customer Journey comprises various touchpoints. And at every touchpoint, the user is interacting with your product. And this is a crucial moment. You need to be there to help them through each touchpoint. If you’re not there to help them along, they’re constantly at risk to leave and never come back.
Your product analytics tool will just give you an idea of what customers do in your product. And that is not enough. It’s too big of a risk to settle for anything less than full dedication to your customers.
If you think you know everything your customers are doing, take a look at CustomerSuccessBox to see just how many important moments you’re missing.