As a product leader or manager, you’re pouring loads of time, energy, and resources into every project. Unfortunately, if you don’t have clear data backing your decisions, you could be wasting valuable time and effort marching in the wrong direction. Enter your hero: product analytics. Product analytics provide insights that inform and back your decisions, so you can lead your Product team with confidence. These product reports reveal how well your time and energy investments are paying off. And when it’s done right, product analytics will help you build a world-class product experience for your customers. If you aspire to be a data-driven product manager or leader, read on. Here are the five essential product analyses you need in your product analytics toolbox.
1. Adoption Analysis
Whether you want to examine new launches or existing features, adoption analysis points out how those areas of your product are paying off in revenue. Since higher adoption rates lead to higher retention, it’s important to examine how well your adoption efforts are paying off. And since nearly 60% of SaaS leaders say customer renewals are a high priority, understanding adoption is essential.
Adoption analysis shows you which users are embracing and adopting your product’s features. What’s more, it reveals which features are being adopted and which aren’t. It also makes it easy to see what customer segments or user groups are not adopting your product—and you can use that info to create a plan to drive higher adoption.
With Gainsight PX, you can dig into several adoption analysis reports.
Here are a few:
- Examine feature usage trends to measure success and improve launches.
- See the top features within a given cohort and increase upsells.
- Track adoption success rates to predict and cut down churn.
- Spot sticky features and get more out of the features users love.
- Identify top accounts as well as leading locations and devices.
Nearly 60% of SaaS leaders say customer renewals are a high priority.
2. Retention Analysis
Retention is critical because recurring revenue models rely on long-term customers to survive and thrive. Many users will walk away from a product after using it just once. For example, 1 in 4 mobile apps is abandoned after one use. Retention analysis can change that.
With retention analysis, you can see which features are reducing churn and increasing long-term growth.
1 in 4 mobile apps is abandoned after one use. Retention analysis can change that.
Within Gainsight PX, you can use retention analysis to boost retention in a few key ways:
Track retention. By setting up a baseline and monitoring your product’s features over time, it’s easy to identify how your product—and the moves you make—are turning into long-term growth.
Accelerate TTV. First, you can map out time frames that express when users need to realize product value. From there, you’ll have the foundation to back and measure those decisions that speed up time to value (TTV).
Prove your hypothesis. You can root all of your retention roadmap plans in data. That means you’ll see how features or enhancements are turning into long-term product-led growth. And you can use that proof to secure even more support from stakeholders.
3.Path & Funnel Analysis
With path and funnel analysis, you can spot and eliminate any friction points that are keeping users from taking the actions you want. Path and funnel analysis visually map how users and product qualified leads are moving through your product.
At the same time, you can use funnel analysis to see where users are getting lost. For instance, if users are reaching a purchase page and dropping off in significant numbers, you may want to dig into the reasons they’re getting spooked. Once you adjust your product to solve the problem, you can then use funnel analysis to see how well your decisions are working.
4. Targeted User
The most successful Product teams nudge their users to take the actions within their platform that they know will limit frustration and lead to success. They do this by predicting pitfalls and dropping user engagements into the user’s experience at strategic points.
User engagements are clear-cut tools that can smooth out friction in your user’s experience. For instance, if you see users are dropping off before engaging with a new feature, you may be able to encourage interaction by inserting an in-app guide at a strategic point. Targeted user engagement analysis lets you track how often users are viewing, interacting with, and completing engagements.
User engagements are clear-cut tools that can smooth out friction in your user’s experience.
In Gainsight PX, that means you can examine several key analytics performance reports:
Ultimately, that means you can see how well your engagements are performing and tweak messaging or your strategy to drive more interaction.
5. User Sentiment & Feedback Analysis
Before you analyze sentiment and feedback, you have to collect it. Gainsight PX allows you to gather feedback and understand your users. The more you understand your users, the easier it is to craft a product experience that they love. That’s the power of user sentiment and feedback analysis.
User sentiment and feedback analysis looks at the valuable feedback and feelings your users hold about your product and packages it in a way that you can use to drive better outcomes. In addition to keeping your product decisions laser-focused on the user’s needs, this type of analysis shows users you care about their opinions. It’s also a clear way to identify your user’s biggest challenges, so you know how to deliver a better experience through your product.
In Gainsight PX, you can collect and analyze feedback in a few important ways:
- Examine real-time actions and feature completion.
- Target reports to identify usage rates, stage, entitlement, and account.
- Break down reports by frequency segments, such as first-time usage versus mature usage.
Within Gainsight’s PX user feedback API, you can analyze feedback results that go beyond quantitative data. It also allows you to examine qualitative data that you can rely on to develop products in a way that inspires better user experiences—and sparks product-led growth.
The more you understand your users, the easier it is to craft a product experience that they love.
See How You Can Use In-Depth Analysis To Grow Your Product
With the right product analysis lighting your path, you’ll have what it takes to buff out the friction points in your user’s experience, enhance your product, and boost product-led growth. Ready to start using your product’s analytics to power your plans? Try out a free PX trial now to see how Gainsight PX works for your team.