Product analytics vs. marketing analytics (and why you need both)

https://www.youtube.com/watch?v=Yf8AnxDGan4 

Marketing Analytics

1. What the last 7 years sounds like

 

"Can you track this event in our (marketing) analytics platform so IT knows if the feature is being used or not?"

- Some marketer

 

-> Spoiler : No one ever checked the results.

 

2. A shifting Market - Customer Experience is everything

3. The majority of companies do not have a dedicated product analytics function

 

4. The results? Mad Max Analytics

 

Tools are being (ab)used beasue - "They can. They kind of did they job. But not really"

 

5. Marketing Analytics is primarily media oriented

a. Collection of data frfom all marketing channels and presentation on a single platform

b. Holistic overview of all marketing activities and their efficiency

c. Allows marketers to measure the success of their marketing activities.

 

d. Acquisition 

    i. here do your users come from?

    ii. Which of your users are converting?

 

6. Why you need marketing Analytics

a. Simple and fast monitoring and aggregate tread analysis of important marketing KPIs such as length of stay, number of page views, transactions, etc.

b. Necessary to determine ROI

c. Used by traffic managers, marketers, ecommerce managers, etc, to make data-driven decisions.

d. Atttribution is a cornerstone in order to optimizing traffic streams and aligning marketing campaigns with actions that deliver maximum results.

 

-> Budgets are used effectively

 

7. The limits of marketing analytics

a. The focus is on the early phases of the customer journey, such as customer acqusition and conversion 

    -> Mainly phases before visitors become customers - lack of focus on customer loyalty

b. Data focuses on traffic source and acqusition and the behavioral information relates the generic metrics such as bounce rate, number of sessions and average session duration

    -> No good understanding of user behavior / the entire customer journey

 

Product Analytics

 

1. The primary goal to be achieved with Product Analytics is Retention

a. What is the primary goal that you want to achieve with the help of product analytics

2. Marketing Analytics tools are helpful, but only provide a narrow view of your users

3. Product Analytics is about building better products by answering 3 critical questions.

4. Measure the metrics that matter most to companies.

5. How does Mixpanel in particular help achieve this?

a. Granular level of measurement powered by an event based measurement model where events are attributed to individual users.

b. An intuitive query engine and dashboard allowing insights to be unlocked by anyone in the organization

c. Pre-made reports answering the hardest questions on retention and usage.

 

Marketing Analytics - Product Analytics

(How both approaches compliment each other and why you need both)

 

1. The complementarity between both

2. The case for both

a. Do companies need both tools?

    - Both tools are fundamentally different and are designed for the needs and goals of different teams.

    - One solution cannot replace the other

    - Using both tools contributes to the cycle of sustainable, positive growth for the entire organization

 

b. What are the effects on people and processes?

    - Teams work together and benefit from cooperation and exchange (know-how transfer)

    - Strategic alignment on (the CORRECT) KPIs / metrics

    - Relationship with the dev team

    - Data quality / data scientists / CRO / development are involved.

 

StuDocu's Analytics Story

1. StuDocu & Product Analytics

a. It's philosophy

    - Part of the culture since the very beginning

    - Used by all teams - Product Managers, Customer Service, Developers, Marketing ...

 

b. Product Analytics and beyond...

    - Growth

    - Feature monitoring

    - Bug tracking

    - A/B Testing