An Introduction to Product Analytics

The speaker, Sharu Gazali, introduces the concept of product analytics, explaining its purpose and benefits for businesses. She shares her professional background and emphasizes the importance of product analytics in her role as a growth marketing manager. The session aims to provide a basic understanding of product analytics, its function, and its potential to enhance business growth. Sharu outlines the agenda, which includes defining product analytics, discussing its role in the customer funnel, differentiating it from marketing analytics, and exploring tools and implementation strategies.

This paragraph delves into how product analytics tools offer various analyses such as product funnels, event reports, user flows, and retention analysis. The speaker uses an analogy of hosting a party to illustrate the concept of tracking user behavior and gaining insights. The building blocks of product analytics—events, users, and their properties—are explained. The importance of defining events and properties accurately for meaningful tracking is highlighted, along with the need to balance specificity and generality in event tracking.

The speaker discusses how product analytics can be utilized to increase revenue by focusing on conversion rates. She explains the concept of a user funnel and identifies key steps leading to a checkout in an e-commerce app. By analyzing drop-off points in the funnel, hypotheses can be formed to address issues. The speaker then describes how A/B testing can be implemented to test these hypotheses and improve conversion rates, using the example of altering the home screen to display popular products and measuring the impact on user behavior and conversion.

This section focuses on the process of identifying potential issues affecting conversion rates and testing hypotheses. The speaker suggests analyzing user behavior and segmenting users based on their actions and traits to understand differences between high-performing and low-performing users. By comparing these segments, insights can be gained to inform strategies that encourage desired user actions, such as viewing more products or improving SEO efforts to attract higher-quality users.

The speaker discusses various product analytics tools, including Google Analytics, Mixpanel, Amplitude, and Heap, highlighting their features and suitability for different needs. She emphasizes the importance of aligning the choice of tool with business objectives and the nature of the product. The implementation process is outlined, starting with defining business goals, developing a tracking plan, choosing the right tool, and establishing a consistent process for tracking and analyzing data. The speaker also addresses questions about the applicability of these tools to mobile apps and websites.

In the final paragraph, the speaker addresses additional critical areas for growing product-based businesses beyond product analytics. She highlights the importance of a CRM tool for customer-focused apps, the use of attribution tools for understanding the ROI of digital channels, and the integration of these tools with website analytics. The speaker also shares her personal recommendations for CRM tools and discusses strategies for managing customer segments and deciding which to focus on or discard.