As a Product Analyst, your primary goal is to understand how people use our product, so we can improve their experience and drive positive business outcomes.
Definition
A way to tell story about how people are using your product so that you can understand how to improve their experience and positively impact your business metrics.
on a pirate funnel (AAARRR aka Awareness, Acquisition, Activation, Retention, Revenue, Referral) Product analytics will help you develop a detailed understanding of how users behave when they first access your product.
Key Points:
- User Focus: We closely examine how specific users utilize the product.
- Granularity: We analyze each step of the user journey within the product.
- Lower Funnel Focus: Our main emphasis lies on the lower part of the AAARRR funnel (Activation, Retention, Revenue, Referral).
- Goal: The ultimate aim is to improve product performance, enhance retention, increase revenue, and encourage more referrals.
How Product Analytics Can Help You
Product Analytics provides several valuable benefits that contribute to product improvement and business success.
- Finding Bottlenecks: We identify areas where the user journey gets hindered, helping us enhance the overall flow of the product.
- Understanding User Behavior: By closely monitoring user actions, we gain insights into how they engage with our product.
- Analyzing A/B Tests: Product Analysts assess the performance of A/B tests, guiding us in making data-driven decisions.
- Identifying Ideal Customers: We determine the characteristics of our best customers.
How can you get the answer?
- Use Dashboard: Product report, Event Reports, User Flows, Retention Analysis
- Implement Tracking to help you tell a story about your users
How to Gather Insights
To obtain meaningful answers and valuable insights, we use the following methods:
- Dashboards: Utilize product reports, event reports, user flows, and retention analysis to visualize data effectively.
- Implement Tracking: By setting up comprehensive tracking mechanisms, we can create a compelling narrative about our users.
What to Track?
To collect actionable insights, Product Analysts should focus on tracking relevant properties related to both users and events.
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Events: Events must strike a balance between being too specific and too vague. For instance, avoid overly specific event names like “55-inch Samsung TV Viewed” or overly vague ones like “Page Viewed.” Instead, use clear and descriptive event names like “Product Page Viewed.”
- Example Properties: Product Name, Product Category, Product Price
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Users: Understanding users requires tracking various properties that provide insights into their identity, interactions, and customer type.
- Properties to Track:
- Who They Are: Name, Email Address, Age
- How They Interact: Operating System, App Version
- Customer Type: Number of Purchases, Average Order Value, Sign-up Date, Acquisition Channel
- Properties to Track: