Amplitude, the leader in Product Intelligence, announced the results of a global survey that measures businesses’ attitudes and approaches for building digital products and experiences. In this study, conducted by Adience, C-level executives, VPs, directors, and managers overseeing business and product teams were surveyed to understand how businesses are adapting to their digital-first reality. The report finds companies that haven’t embraced Product Intelligence as a business growth strategy are leaving revenue on the table, with most companies saying they don’t have the proper tools in place to understand and act on customer data.
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Key findings of the Amplitude Product Intelligence Report:
- Businesses have blind spots when it comes to customer behavior – While 97% of businesses see improving the digital experience for users is a priority, 71% said they don’t know exactly where to start when it comes to understanding their users’ behaviors and 38% said they don’t know what to do to improve their digital experience.
- Customer retention on digital platforms continues to plague the majority of businesses – 69% of businesses said they don’t know where to start when it comes to retaining customers on digital platforms.
- Hidden data is costing businesses time and money – 69% of teams are waiting a few days to a full week to get responses to simple data questions with 59% of organizations saying that if their product teams can’t access behavioral data immediately.
- Teams often make critical product decisions based on best guesses – 77% of product teams rely on best practice and instinct when building product roadmaps. Only 20% of product teams have access to a behavioral data tool that is easy to use.
- Businesses with real-time insight into customers’ behaviors are succeeding – businesses using Product Intelligence solutions were 5.5 times more likely to see over 25% revenue growth year over year.
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Introduction of new Journeys solution
To help focus teams on the moments that matter most across the entire customer journey, Amplitude is introducing Journeys, an industry-first solution that leverages machine learning. By evaluating the thousands of possible events along a customer path, Journeys analyzes the few exact moments that have the greatest business impact, such as drop-off or paths which yield the highest conversion. Product teams can leverage this real-time, predictive intelligence to identify the exact friction or conversion point by user, and group customers into cohorts for targeted messages and offers to accelerate conversion.
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