New Industry Research: “97% of Businesses Say Improving Digital Experience for Users Is a Priority, but 71% Doesn’t Know Where to Start”
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.
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.
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.