Most product teams fail to understand user behavior required to grow the product metrics. They are not able to access the complete user journey thus hampering their visualization for effective product strategy and execution.
In case you have witnessed the above journey, AppICE will surely assist you.
When we talk about behavioral product analysis, the first component which is essential for the metric is Data. This metric is relevant to product designing, customer interaction, business operations etc. Over here we will divulge deeper to understand the various types of data and what data is essential for your business.
Types of Data:
Data is essentially raw facts and where as information is organized, specific data which is accurate and within time boundaries for a purpose. One can say that Data is information but also the source of information. When we talk about product analysis, data typically relates to the set of information that describes an interaction.
Static Data is the type of data that does not change and is not modified. It is that information that is permanent and constant. It usually describes a user engaged in an interaction such as date of birth, an email address, apparel size etc, relevant to the product associated.
Dynamic Data as the name suggests is the one which is undergoing constant change. This is the data which describes the interaction, any type of action triggering an interaction. It can be subscribing for a newsletter, submitting contact us form etc.
The reason behind the integration of data is to establish a relationship between people and their interactions. This insight allows the product team to visualize a set of interactions according to the proposed product. The accuracy of this data results in an effective product management strategy.
Components of Data:
Data, when interpreted and presented in a more meaningful context becomes information that allows a business to make decisions. From the same set of information, we have now distinguished it as a user and its interactions. Data allows us to define the basics of any analysis and also constructing the following information or actions associated with any product or project.
An occurrence of the event is an irrefutable statement and can be referred as happening of things. When we talk about Data in terms of event happening, it is about the first description of things happening. The second data we interpret is the time when these events happen. Constructing of time is being inherited from this data only which allows us to project business strategy.
The next analysis is about the environment that triggers or influences the occurrence of the event. When we talk about behavioral product analysis it is people who use products and initiate interactions or events. But in some cases, it can be automated or programmed too according to the process.
The whole idea behind conceptualizing events, time, people etc is to categorize the components of behavioral analytics for products.
Let us translate the same below:
First Component –> Event –> As described above it is the basic concept and refers to things that are happening.
Second Component –> User –> It is that body (people or machine) that initiates the event.
Third Component –> Session –> It can easily validate user journey where a user creates events happening within a set of sessions. They help the product team to act on product insights allowing them to drive business outcomes. One can discover the behaviors that predict new user acquisition or retention. Also, visualize the engagement or events associated with them. In fact, you can break the life cycle of your user and drive your marketing efforts within a stipulated time period with the best rate of conversion.
Let’s divulge a little deeper and understand this with the following example.
Andrea purchased a watch during the sale from a popular e-commerce site. In this case, User is Andrea, Event is Purchase and Session is the time period during which she made that purchase. With the support of proper behavioral product analysis, the product team sourced the particular watch and the marketing team designed a strategy i.e sale that triggered the requisite action resulting in the business drive.
Any effective and efficient marketing tool gives you the opportunity to plan strategies for driving sales, subscriptions, upsell etc. You can understand the product ROI allowing you to target the associated set of users. You can also analyze the product’s worst and best feature and can convert drop-offs into conversion.
For more information how AppICE can be of assistance or to discuss your requirement, please Contact Us today. We are passionate about Product Analytics and are excited to assist companies like yours to harness the power of Data.