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Enabling Product Strategy with Real-time Analytics Part 1 of 2

Nowadays, as the online business is growing each day, the data related to it is growing as well. It has become more and more important for Product Managers to collaborate with analytics to get real time insights from the product data. This document is one of the 2-part blogs on “How implementing analytics in support of product would help a company and its customers” and will discuss the benefits, importance and what integrating analytics actually is about.

Why is it Important/Benefits?

As the number of internet users in the world is growing each day, the time taken for decision making by product managers should decrease. Having real time analytics helps in providing speed, velocity and accuracy for decision making. Some businesses need continuous updates and insights and there is no time to wait for analysts to get that information for the product team.

Product managers should never have to spend hours understanding what is going on with their product. Therefore, creating a dashboard with the most basic and important metrics needed for product development makes this process efficient. Collaboration between analysts and product managers helps save time and reduces the amount of unnecessary conversations with other teams in the organization.

dashboard-analytics

 

Getting real time insights will help fix small problems quickly, and also help personalize the product, thus improving the experience for the product users and customers.

Not all employees in a company are able to interpret raw numbers in the data. Therefore, a dashboard with real time data and visualizations instead of numbers make it easier for stakeholders to interpret the performance of the company or the product. The dashboard format makes these insights easily interpretable and shareable across teams. The interactive dashboards can easily be converted to a PDF file with just one click, making it a lot less hectic to distribute the analysis.

 

Analytics is not just about putting an analytics tag on the website

Getting real time insights for your product does not just depend upon having the technologies and techniques required to do so. Instead, the procedure and the end goal of putting work and money in setting up analytics should be well thought out beforehand. The two major things to keep in mind before setting up analytics are:

1.) Identifying core metrics

To take the product and the company to the destination envisioned, it is essential to      establish and develop the framework and identify the metrics required that align with the business goals. To develop a framework, the Product teams can collaborate with each other.

Some of the important and most used metrics are:
Clicks, Page Views, Time Spent on the site, Total Sessions and Sessions Per User, Retention Rates (if and when a customer returns to the website), Conversion Rates, Total Active Users (Daily, Weekly, Monthly).

 These basic metrics can be used to create custom metrics according to the business needs too. Also, many web analytics tools provide the option of custom tagging that can help in tracking the business performance in a more efficient manner. So, instead of focusing on all the metrics provided by the tool and getting lost on what is important for the business, generating custom tags will help save time and more efficiently analyze the data.

2.) Relating business KPIs with product usage metrics

business-metrics-with-usage-data

The metrics chosen for the dashboard should always be the ones that are related to the product usage. Instead of just filling the dashboard with metrics that are unnecessary and employees have to put more time on each of the visualizations to understand it, only the important metrics should be used. Now that does not mean not exploring unexplored territories of the business and data, because many times unexpected results are achieved by doing so.

Well, now that the whys and whats about real time analytics is discussed, it is time to understand the hows. The next blog will discuss the techniques and technologies required to implement analytics and also how the data should be visualized.

 

PART 2

Be sure to read Part 2 of this series which discusses the technologies and techniques required to visualize the data in an easy to understand dashboard.