Product Collective - 📊 Get the most from Product Analytics

What Product Analytics is and how to get the most out of it

Product metrics help you measure where you’re headed. Product Analytics tell you how your product is currently doing. In order to get the most out of product analytics, you need to have the right tool to collect and analyze the relevant data. Here’s a set of resources explaining product analytics and identifying tools to try out.

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The definitive guide to product analytics. If you want to stay competitive, you need reliable product analytics so you can understand why and how your customers interact with your products. Product analytics are metrics that focus on user engagement and the behavioral data of customers, making them incredibly important. Kaleigh Moore explains how product analytics can help convert more sales leads, increase customer retention, and maximize revenue, with their rich insights into what users actually do (instead of what they say they do.)

(via @kaleighf)

What is product analytics? Your ultimate guide. People who build products don’t just want to drive revenue, they want what’s best for customers across the board. It’s critical to keep a pulse on a product to ensure it’s meeting the end users’ needs. Conducting analysis on a product keeps the product connected to the user. It provides the data necessary to understand how people are using a product, where a product may fall short and helps to identify opportunities for improvement. The team at FullStory covers what product analytics is, why it’s important and what tools are best for the job.

(via @fullstory)

Continues below...

Crypt-oh no

If you’re a crypto holder these days and told yourself you would be in it for the long term – well… you are probably questioning some life decisions right now. To say that this week has not been good for the crypto community would be a big understatement. Cryptocurrencies like Bitcoin and Ethereum have gone down by around 20% just in the past week alone. And we have FTX to thank for that.

For those who haven’t been following what’s gone on this past week, here is the basic timeline:

  • FTX was founded in May 2019 and became one of the largest crypto exchanges around.
  • FTX also created its own crypto coin – FTT – which, as of November 1st, was valued at $22. 
  • On November 6th, a balance sheet for Alameda Research – the company behind FTX – was leaked and showed the company’s major liquidity issues.
  • The very next day, Binance CEO tweeted that the company would liquidate all of the FTT tokens it owned (a substantial sum due to an investment it made the previous year into FTX) due to those liquidity issues. 
  • The announcement sent crypto holders into a panic – and shares of FTT started to drop dramatically (and now sit at just 10% of its value a week ago). 
  • On November 8th, Binance then announced its intention to take over FTX – but eventually backed away. 
  • Earlier today, FTX announced it would be filing for bankruptcy

This is all relevant not just to the crypto community, but to the greater tech community as a whole. As if the sentiment in tech wasn’t already bad – with layoffs and budget cuts looming for many of today’s top tech companies – things now get even grimmer as many tech companies today have some tie to the world of Web3. 

Things may get even shakier these next few days. Only time will tell. For now, though, maybe it’s a good plan to lose the devices and get out in nature this weekend. The fresh air will do us all some good!

 

Binance has a letter of intent to acquire FTX.com, the exchange associated with Sam Bankman-Fried. But on Wednesday afternoon, Binance walked away from the deal after reviewing FTX's structure and books. This whole series of events is emblematic of the state of the crypto world these days.

AMC is working with Zoom to turn some of its movie theaters into massive videoconferencing spaces for 75 to 150 people for when you really need your meeting to leave an impact. AMC will even provide “food and beverage offerings, possible movie viewings, and concierge-style personalized handling of meeting needs,” though for an additional cost, of course. Give this idea a thought the next time you need to have a hybrid meeting that leaves a lasting impression.

Prices on Airbnb are set to get more transparent following a planned update to the platform’s search function. Guests will soon be able to filter their search results by the total cost of the stay before taxes, which will include additional compulsory charges such as cleaning fees. This is an example of how you communicate pricing is just as important as what price you set for your product.

PayPal is going to make it easier for merchants in the US to take payments right on their iPhones. The company is adding support for Apple’s Tap to Pay technology into the PayPal and Venmo iOS apps, meaning merchants will be able to accept contactless credit or debit cards and mobile wallets without an external card reader. Certainly something to keep an eye on if your product deals with mobile payments.

5 Best product analytics Tools: Top software for Product Teams. To be data driven, select the product analytics tools you use carefully. However, there are so many vendors on the market that it's easy to lose track of what tools are worth considering. Jonas Kurzweg describes the research UXCam performed to help you understand what requirements you should look for when comparing product analytics software, and he identifies the best analytic tools on the market.

(via @uxcam)

10 Best Free Product Analytics Tools For 2022. Every product needs a roadmap which defines which new features and functions to add. But do you know which features to prioritize? That’s where product analytics tools come in. Ben Aston reviews the top free product analytics tools available today. He explains what each one does best and helps you make the right selection for your business.

(via @theproductmngr)

15 Best product analytics software tools. Product analytics are at the core of any great product-led company. It helps product teams collect data to build great applications and improve the overall product experience, helps designers create accessible designs, and shows marketers which type of content converts visitors to users so they can double down on it. Levi Olmstead identifies 15 product analytics tools that help you develop a data-driven roadmap, identify friction points in the user experience, and drive product adoption of your application

(via @whatfix)

Product Market fit is Dead!

Wednesday, November 16th @ 1:00 PM EST

When building new products, it's often the aim to achieve the ever-elusive Product Market Fit. Sometimes, though, there can be major pieces getting in the way from us ever even achieving that. In this session, we will explore the challenges facing companies trying to deliver the product strategy and how to overcome them using the Product Value Creation Plan. In this session, we'll ask questions like:

- Why do new products fail to deliver true value and trap companies in limited growth?
- Are stakeholders aligned on how the product creates customer value?
- How can we execute product strategy more effectively to help achieve hyper-growth?

Plus, you'll have a chance to ask questions of your own!

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