Product Usage Analytics & How It Can Benefit Your Company

Nowadays, you can get pretty much anything online—from groceries to prescriptions to banks. While some may see only negatives surrounding these digital dependencies, there are many benefits for both the product’s creators and their customers.

For digital business owners, one of the most useful pros of the prevalence of digital products is the ability to track customer behavior. Paper trails and in-store credit card purchases from the past have limits on what insights they provide. With digital products, companies can track their users’ entire product experience because it’s all online—from how long they spent researching before purchasing to their flow of clicks throughout the product.

Now, of course, the availability of digital product usage analytics isn’t the big selling point of data tracking. It’s what the data means and what it can do for your business that really matters. The importance of tracking this data allows you to get to know your users on a deeper level both efficiently and cost-effectively.

How to Analyze Product Usage

Let’s be real. No one has time to dump hours into face-to-face meetings or even phone calls to peel back the layers of customers. But you know that understanding your customers is the key to creating a successful business with great products. So, how do you obtain their usage data, so your company benefits?

What you need is product analytics software. This type of software gathers data on a product’s digital users’ journey. Via straight forward numbers or graphs and diagrams, it provides insights on:

  • Clicks,
  • Session Durations,
  • Exit Points,
  • Renewals,
  • Feature Usage,
  • And More.
  • In addition to tracking your users’ entire product experience and interactions, many programs offer surveying features. You can not only see how they’re using your product but also, they can provide feedback on their experience and opinions of your product.

    With this knowledge, comes the ability to improve your product, your users’ experience, and ultimately your revenue. Let’s dive deeper and see how we can use that data to increase your profits.

    What to Do with the Data

    Once you’ve accessed your product’s usage data, it’s a good idea to make it available to your everyone in your company that might benefit from it.

    The product development team should utilize usage data to improve the physical product. This could be something as small as a graphic change because users weren’t responding well to the previous appearance or something more substantial like a feature that users were requesting.

    Marketing teams should have access so they can narrow in on who the target market should be, or advertising messages that actually speak to what matters to the users—no more lost capital in guessing-game marketing campaigns.

    Sales teams can utilize customer feedback regarding your product pricing and analyze market rates of products that are like yours. They can also use customer usage data to upsell on certain additional features or sessions for those who seem like they might be interested.

    Even customer support should also have access to user feedback specifically, so they know how to address common complaints. With programs that go beyond product analytics, for example, product experience software, you can manage each user’s personal information. Administrators and customer representatives can use this user information to build closer bonds with customers.

    How You Can Improve Users’ Product Experience with Product Usage Data

    Since your company’s various departments have access to your users’ product usage data, they can help implement improvements within their departments. The updates mentioned above illustrate ways you can focus on not only your actual product but also your customers’ product experience.

    Customer feedback provides excellent insight but sometimes what your users don’t tell you but rather, show you through their interactions with your product provides more useful insights. Once you know how they use the product, you can make improvements where you see fit. This is imperative because unaddressed issues can create negative product experiences and unsatisfied customers. With the plethora of alternatives in the digital world, an unhappy customer might jump ship from your company.

    For instance, you may find that your users are consistently deserting your product at the same place. This might mean this page is confusing or where they clicked to get to that page is misleading because the page doesn’t show what they’re looking for. With this, you can make the necessary updates to the page, so the users’ experience runs smoothly.

    In Conclusion

    Product usage analytics are vital to a company’s success. How and when your product is used is valuable data that should be tracked over time. It can uncover areas for improvement and opportunity for your product, product experience, and company as a whole. So, with this knowledge, when are you going to make a move with product analytics software?

    FG Editorial Team
    The Founder's Guide Team - Asian Associates with dynamic elements out to make a change.Thank you for visiting our site! If you do have any questions or inquiry, feel free to contact us through our links and please don't forget to follow our social media accounts. It would be our pleasure to help you in any way we can. Always Remember: "Proceed to Succeed". Hoping to hear from you soon!

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