Conducting an analysis of a product provides the necessary data to understand how the product is used by the customers and what are its strengths and weaknesses. It helps identify the areas of improvement so the brand can make appropriate strategies for growth.
How to succeed at Product Analytics
Here are six ways brands can succeed at product analytics.
Prioritizing and automating the collection of user feedback
User feedback is the key to making a successful product. As an analyst, collecting user feedback must be a priority for you. You can find many tools that help set up automated flows to gather valuable insights. It is also a great idea to ask the user for feedback as part of the onboarding email flow. The feedback section or link can be at the end of the email series.
Using filters and period cohorts to remove noise
Early-stage companies have extremely noisy data. Regardless of your history, whether the product started out as an MVP or if you were targeting a specific location, you can still check out the data in slices. If you include period cohorts in your dashboards and reports, you should also use filters. Filters help remove noise in line graphs, bubble charts and cohort tables with multiple rows.
Focusing on the outliers
Outliers can be valuable for all departments and different departments have different reasons for focusing on outliers. Bubble charts help identify outliers easily. With bubble charts, you can easily highlight and focus on outliers.
Mapping it easy to analyze the behavior of individuals
After making outliers easy to identify, the next thing to do is make it easy for customers to view their behavior. You can display the historical behavior of a specific user to your consumers by setting up event tracking.
Focusing on infrastructure and processes in case of high variance
A company with a huge variance in the product data is either at an early stage of struggling to make the product fit for the market. High variance can also be caused by the marketing department if there are major changes in spending or scaling of campaigns. Useful insights cannot be derived from data trends that change radically from period to period. It is important to get the variance under control. As an analyst, you should focus on the quality of the business processes and BI infrastructure.
Getting your core funnels right
Successful tech companies have very basic high-level funnels. These companies prioritize getting their core funnels right and constantly work to optimize them. The head of product is responsible for mapping the core funnels of a company and the analyst needs to ensure that these funnels are measurable. They can be represented as a cohort in a dashboard which makes monitoring easy.
Product analytics comes with its own set of challenges and it is the job of a product analyst to work in the best way and add to the success of the company.