The COVID Era Forges Hyperlinks Between Startup Nation and Product Analytics – Sponsored Content

The COVID-19 pandemic has energized the digital economy around the world.

IDC predicts “65% of global GDP [will be] digitized by 2022 and will drive over $6.8 trillion in direct DX investment from 2020-2023,” and by 2023, “75% of organizations will have complete transformation implementation roadmaps (DX), up from 27% today, driving true transformation across all facets of business and society.

These predictions may seem like a stretch to some, but for people who have moved their “In Real Life” (IRL) activities online due to pandemic lockdowns and travel constraints – which is most of us – they don’t. are not overstated.

Additionally, the new digital economy has opened up a whole new opportunity for companies able and willing to analyze how people use their products.

Consumers’ online activities provide a treasure trove of valuable data about user behavior and preferences if companies know what questions to ask and what to look for.

What is Product Analysis?

To find out the answer to that question, we spoke to Natalie Kouzeleas, EMEA Sales Director at Pioneer and Innovator of Product Analytics Software Mixed panel. The company is based in San Francisco, with additional offices in Austin, New York, Seattle, Barcelona, ​​London and Singapore.

“Analytics automates data collection and management,” Kouzeleas explained. “Product managers, growth marketers, data analysts, and designers use product analytics to make data-driven decisions about how to build better products. In short, product analytics allow businesses to fully understand their user behavior to engage, convert, and retain more customers. »

Product analytics platforms are built around two main functions: tracking users’ digital footprints step-by-step and analyzing what users like or dislike and what leads them to engage with a product. product, to come back for more or to unsubscribe.

“Analytics is an essential part of modern product management because most apps and websites aren’t designed to run detailed reports on themselves,” she said. “Product analytics makes user engagement data useful for businesses by integrating all data sources into one organized view. With data that has been tracked and organized into dashboards and reports, businesses are free to research user demographics, the flow of typical behavior users engage in on a site or app, and opportunities to reduce churn.

The goal is to create and improve digital products and services that consumers will enjoy and therefore buy again and again.

Why don’t tech companies just ask their users?

If only it were that simple, says Kouzeleas.

“Product analytics show companies what their users actually do, not just what they say they do,” she explained. “These behaviors are known as revealed behaviors and they are very revealing. Product analytics allows product teams to go beyond user surveys and interviews prone to human error. »

Kouzeleas said it’s very easy to make objective decisions using data, and that’s why all businesses should use marketing analytics and product analytics. Quantitative data is accurate and tells the story, and it can be supplemented with qualitative data; they are not mutually exclusive.

“The fact is, hyper-detailed data leads companies to more profitable decisions,” she said. “According to McKinsey, companies that use product analytics comprehensively report outperforming their competitors in terms of profits almost twice as often as companies that don’t.”

The connection with Israel

Israel represents a key market for product analysis, as it is a technology hub and home to some of the world’s largest startups and scale-ups.

Using savvy product management tools to inform profitable business decisions is especially important for startups and scale-ups, which aim to build customer loyalty, gain brand recognition and achieve startup status. full-fledged business.

“Israel already has an advanced knowledge of product analysis,” Kouzeleas said, citing the company’s list of Israeli clients, which includes CWT, eToro, Fiverr, Gett and Israel-based insurance broker Lemonade (now based in New York).

The insurtech pioneer exemplifies the win-win synergy that occurs when a startup uses product analytics to evolve into a profitable, growth-oriented business.

According to a 2018 San Francisco Business Times article, “Lemonade saw a 500% increase in new policyholders in the first 15 months after the company began using Mixpanel information. Today, Lemonade has over a million policyholders and has expanded to France, Germany and the Netherlands.

About Mixpanel

Silicon Valley success story Mixpanel began in 2009 when Suhail Doshi (then 20 years old) partnered with US tech startup accelerator Y Combinator to address the online business world’s need for software fast, reliable and nuanced product analysis.

In the era of intuition-based digital design inspired by Steve Jobs, Doshi’s breakthrough idea was to offer businesses a data-driven approach based on user behavior.

Mixpanel helps clients dig deeper into how people interact with their digital products. The company calls its analytics model “event-based tracking,” which is based on three key concepts: events, users, and properties.

For example, a customer (i.e., “user”) takes an action (i.e., “event”) by purchasing a coffee through an app. In Mixpanel terminology, the type of coffee and its price are the “event properties”, and the user’s name or age or even their most frequently ordered items are the “user properties”. . The Mixpanel software tracks all the details of the interaction in real time.

Mixpanel’s exploration features include user profiling and segmentation into cohorts; communicate with users via notifications and send alerts to the product team; visualize marketing funnels (a customer’s journey on the path to purchase); test user response to variations in messaging or functionality; visualize data with report templates or custom reports; and measure user engagement by feature.

In the words of CEO Amir Movafaghi, “We are the only company resolutely focused on enabling the world’s most innovative companies to integrate data into their daily workflows and provide immediate feedback loops to know whether their product modifications are successful.”

The proof is in the data. Mixpanel’s customer list includes over 6,000 paying customers, from the world’s largest startups to the most innovative startups. Over the past 18 months, Mixpanel’s main metrics – registrations and active users – have charted peaks that have directly translated into revenue growth. Registrations have increased by 57% per month, NPS (an indicator that measures customer loyalty and satisfaction) has tripled, customer retention has improved by 150%, and weekly active users have increased by 72% since the beginning of 2020.

In November 2021, the company raised $200 million in Series C investments from Bain Capital. In his remarks announcing the investment, Movafaghi pledged to stay true to Mixpanel’s real-time, self-service design model and outlined his vision for the future: “The majority of the market is on track to leverage cloud data warehouses to centralize, join, cleanse and operationalize data, and we build Mixpanel’s rapid interactive analytics with this inevitable future in mind.

Israel as a hub of digital transformation

According to AI Magazine, citing data presented by Stock Apps, “The global big data and business analytics (BDA) market was valued at $215.7 billion in 2021. This figure is expected to increase by 27% to reach over of $274 billion by the end of [2022].” These predictions suggest that our long-awaited post-pandemic world promises a jazz age for designers of digital products and for in-depth product analysis services that help designers know and better serve their customers.

Startup Nation entrepreneurs are ready. Their shrewd strategy of applying product analysis to business decisions will not only benefit Israel, but also our trading partners.

Israel’s location at the geographic and commercial crossroads of Europe, Asia and Africa perfectly positions its digital business for international growth.

This advantage has become even more promising since the signing of the Abraham Accords in September 2020. At the time, the American Chamber of Commerce said that the agreement “would unlock enormous potential between these economies and create new trade opportunities and investment across the Middle East”. East.”

Figures recently released by Israel’s Central Bureau of Statistics (CBS) confirm this prediction, reporting about $610 million in trade between Israel and the UAE for the period January to July 2021.

The era of digital transformation has arrived, as has the era of Israel-based companies using product analytics. A win-win indeed.

To learn more about Mixpanel click here to visit their site.

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