The Indian startup ecosystem has matured over time, and businesses in this space have started to figure out the nitty-gritty of customer acquisition. Understanding how to bring customers to the business platform is crucial as it drives growth and profitability. But for startups unable to implement the best practices in-house, there are plenty of business tools and third-party service providers that can help with the marketing and brand awareness to build and widen the customer acquisition funnel.
However, the one area that still eludes many businesses is how users interact with a product and what behavioural patterns usually emerge when they are using it. This is where product analytics comes into the picture. Simply put, product analytics is a set of tools that enables product teams to measure the performance of the digital experience they have built. Understandably, product analytics helps businesses understand how to improve user experience to drive retention and boost growth.
Product analytics is still an emerging sector but growing at a fast clip, given the impact it is creating. According to Market Data Forecast, a market research firm, the global product analytics market clocked $6.9 Bn in 2020. The industry is estimated to grow at a CAGR of 15.1% to reach $13.9 Bn by 2025
This is where companies like Amplitude come in. As businesses struggle with revenue-per-user metric, Amplitude offers an in-house product analytics platform to help their clients tap into key user behaviour inside its app to drive monetisation based on those insights. The California-based company offers a range of services, including Analytics, Experiment and Recommend. Amplitude’s digital optimisation platform collects user behaviour data inside the app and creates cohorts where particular traits such as usage time and duration, action sequencing and more are grouped as actionable insights.
In this interview with Inc42, Julio Bermudez, vice-president of APAC and LATAM at Amplitude, sheds light on how product analytics can enable businesses to scale through customer retention and better user experience.
- Understanding product analytics and how it can help modern business building
- How Indian businesses can use product analytics and create an impact on growth
- Learn about Amplitude’s offerings and how it can help companies grow by improving user experience
- What Indian brands need to compete at a global level