According to Kantar 2022 Media Trends & Prediction Report, online business models, e.g., platforms for cloud services, data management and advertisement distribution, are ushering in some major changes. Specifically, marketing and product managers will inevitably shift their attitude toward data, as the customer journey gradually veers from simple websites and apps to one laden with more diversity. Products/services provided by companies have to align with customer behaviors and needs in order to come out on top in this “Age of Personalization”.
As such, Mixpanel as a leading product analytics tool that enables businesses to measure what matters and promptly make decisions, its primary feature is to leverage data to build a better path to purchase digital products. Compared with other product analytics tools on the market, Mixpanel offers more flexible and unrestricted reports and analytics features. Meanwhile, Mixpanel can also integrate various third-party tools currently used by the product team and synchronize the processes of product development, management, and optimization by inter-streaming data for the benefits of improved user experience, increased profits, and reduced customer attrition.
Here are Mixpanel’s four key benefits as a product analytics tool for product managers:
Key Benefit ❶: Mixpanel offers more flexible and unrestricted analysis of metrics
Appropriate product metrics will help product managers better manage their products. Depending on the product and service types, the metrics to focus on will also vary. For more details, please refer to A Practical Guide for Product Managers I: How to find the right product metric for product analysis. Simply put, what matters the most about product analytics tools is whether they help product managers create an interactive report in line with their needs.
In Mixpanel, the “Insight report” and “Retention report” help product managers analyze data of user behaviors for more effective optimization.
Mixpanel’s Insight report offers more real-time analysis based on various needs, and PMs can freely compare all metrics following the Insight report. E-commerce operators, through this Insight report, can compare the spending amounts of different commodity groups, the average unit price per user among users of different devices, and the respective performance of different e-commerce activities. They can even analyze and compare the number of searches for different items on the website.
Take KKday, an online travel booking platform, for instance. Mixpanel’s Insight report has greatly raised the visibility of its user behaviors and can rapidly obtain data of user behaviors to deduce ensuing development directions. KKday discovered that city names accounted for about 80% of the keyword search on the KKday website, and the Insight report revealed that a city would have a different search volume on the KKday website and App respectively. Subsequently, KKday added a brand-new feature to the search function for the system to facilitate an automatic display of the top 20 most popular cities when users click on the search function, thus reducing the search time in locating the desired item.
A Retention report informs businesses of the frequency of users revisiting the product and clearly displays each feature’s stickiness to the user. In doing so, the aim is to further identify, through retention rates, answers to such questions as “which cohorts show a higher/highest retention rate” and “root causes of attrition of other users”.
Meanwhile, tackling the revisit probability of different users in different interfaces, Mixpanel provides analysis according to different time frames such as days, weeks, and months. For e-commerce operators in a mercilessly competitive market, this feature allows product managers to insert customer incentives and stimuli in the user path design, e.g., raising discounts, recommending preferred items, and sending push notifications to boost interaction and consumption.
Key benefit ❷: Mixpanel offers a complete analysis of user behaviors with conversion and retention rates
Unequivocally, the ultimate goal of developing a product is to make profits. However, pursuing profits requires conversion enhancement and attrition reduction. To this end, Mixpanel gleans, from various data, insight into the causes of conversion and attrition in each segment of customers so as to propose directions for company optimization and solution.
Regarding the two major metrics that are most valued by e-commerce platforms: Conversion rate and Attrition rate, Mixpanel offers two effective reports respectively, as outlined below.
We can usually rely on marketing tools to analyze the final conversion results, but they do not give us insights on the full user journey from entering and interacting on the website to check-out. On the contrary, product teams can rely on Mixpanel to understand user behaviors from the moment they enter the website till exit, including button clicks and duration of stay. Suppose customer attrition occurs during the stage of payment execution, the product team can check the website or app to see if there is still room for design optimization of payment transactions in order to cut customer attrition rates.
For instance, Japan’s leading Buy Now Pay Later digital financial service provider, Paidy, places great importance on users completing the “Know-Your-Customer (KYC)” identity verification process. This payment method not only affects the subsequent repayment but also leads to customer attrition due to overly complicated procedures and excessively stringent verification.
With Mixpanel’s Funnel report, Paidy noted that about 3% of the users mistakenly marked themselves as “politically risky” and were therefore rejected by the app, and that quite a number of users dropped off during the “Document Submission Stage” of the KYC process. As a result, Paidy learned that some users gave up their applications due to the unavailability of necessary documents. To rectify this problem, Paidy later improved the “Initiation Process” prompting more users to successfully complete the KYC process.
Through the Flow report, the product team will identify the “most ideal path” for users.
In other words, analyzing the existing user flow will help identify the user path with the “highest check-out rates” and lead the product team to orient product optimization towards the most successful path. Likewise, such analysis will give PM and UI/UX designers tangible clues to follow in the process of product optimization.
Oftentimes in the early stage of a product launch, the planned path to purchasing a product should run from A to B to C and then check-out. However, as pointed out by the Flow report, most customers may go from B to C to A to complete the purchase. This goes to show that the end result could veer dramatically from the initial flow designed by the product manager. This indicates that the current path planning process would not be the most ideal.
Key benefit ❸: Mixpanel’s Impact report effectively defines success
Besides the user behavior analysis and flexible applications, Mixpanel offers the Impact report for the product development team to gauge whether a new feature meets the customer needs or causes customers confusion in their user flow.
How important is it to get hold of the Impact report for your product? To put it succinctly, Mixpanel’s Impact report offers a graphic, data-based presentation of your product’s concrete performance from launch, pilot run, to marketing. PMs will see at a glance how well the new product performs on the market based on the rise/fall margin and its corresponding time, to help them make effective future product decisions.
It is paramount for a PM to understand how new features can energize the product’s Key Performance Indicators (KPIs), which is somehow difficult to achieve through other product management and analysis tools. Mixpanel supports the product team in creating an easy-to-track graphic data scale, without the intervention of a technical team. Such a scale allows the product team to analyze multiple variant combinations, compare increments and differences over a timeline, and affirm the result validity to effortlessly identify what product trials are worth continuing and what products are ready for the market.
Key benefit ❹: Mixpanel integrates multiple tools to let data deliver its maximum value
Besides its powerful product analysis capabilities, Mixpanel features a global integration of more than 50 tools to help companies import the correct data and integrate push notifications and product analysis, while using such data to activate targeted, goal-oriented optimization to create the best user experience.
So far, three of the most popular third-party tools among Mixpanel users are as follows:
- Customer Data Platform
- Engagement and Messaging Tool
- Attribution Tool
By integrating Mixpanel features with the above three external tools, PMs collect, clean and integrate all data through the Customer Data Platform (CDP) and import it into Mixpanel for further analysis. Next, connect Mixpanel’s cohorts with a third-party push notification tool to trigger targeted engagement to specific customer groups. Meanwhile, the product team can also import attribution data into Mixpanel to gauge the brand’s performance in driving user registration, purchase, interaction and retention.
Take OneSignal and Mixpanel for instance. Combining the two allows the product team to forward the events that occur on OneSignal into Mixpanel, as well as sendanalysis results and cohorts on Mixpanel back to OneSignal. The advantage is that it will enable the product team to send accurate push notifications to targeted customers and effectively execute the analysis results. In doing so, the product team can better understand customers and improve customer experience through Mixpanel, in addition to enhancing new customer acquisition and retention of existing users through precise push notifications.
Make data-driven decisions and let Mixpanel help you with professional product analysis!
With the advent of personalization, product and marketing teams are forced to cultivate various capabilities to help them understand targeted users better which will determine whether a product will win users over. This is an age when product and marketing teams need to understand their customers deeply. With product analytics tools like Mixpanel, product and marketing teams can simplify the process of data collection and visualization, focus on user behaviors, and analyze the motivation behind user behaviors so as to speed up decision-making to meet user needs.