Using App Analytics to Fuel Product Innovation
The value of analytics that can turn into insights
Data is ubiquitous and can be found everywhere today; though, not all businesses are properly equipped to take advantage of what it can offer them. Big data, processed and analyzed, is in a nutshell, executive-level consumer insights. Having access to such insights presents an invaluable opportunity to create innovative product and service offerings or tweak existing ones to meet changing demands and drive market growth. For this strategy to succeed, there needs to be a structured, organization-wide process for gathering data, mining it, extracting valuable insights from it, and then incorporating them into product or service innovation processes.
Why app analytics?
The ability of a business to drive market growth depends on the depth and quality of its market and consumer insights and how adequately it acts on them. There are various ways to analyze behavior and establish true customer understanding, including market research (surveys, studies, focus groups), website and app analytics and of course, sales and customer service data.
App analytics are an often-overlooked source of insights about consumer behavior and trends, but they shouldn’t be. When we refer to app analytics, we are including all applications that you offer and use as a business – both internal and external, enterprise apps, consumer-facing apps (B2C), vendor-facing apps (B2B), mobile and web. Today, most businesses develop, offer and use a plethora of applications; thus, they have access to loads of information about products, services, processes, partners, and customers. This data is easily overlooked by marketing and R&D teams alike, as it doesn’t offer readily available plans of action and it typically needs some analysis in order to make sense. However, when researched more deeply, app analytics can offer hidden insights about what’s hot and what’s not, in terms of general product and service features, in addition to app functionality and usability.
How app analytics can turn into meaningful insights
Within an app, the low usage of a product feature that took years to develop and absorbed a massive budget can signal a change in user preferences or needs, as well as a lack of user understanding. Having access to this type of data within app analytics can help you gauge the potential of new features that you might be thinking of building in. Thus apps, can also act as testing grounds, as they are much more easily updated than launched products.
Furthermore, the search function within an app (just like with websites) is a helpful tool to peruse, along with mining the customer service or help requests/chats submitted from the app. What are users, consumers, or customers struggling to understand or find difficult to use? What are they looking for that isn’t there today?
Best of all, app analytics can be easily harvested from the back-end of your mobile, web, or cloud /SaaS application without you having to do much. Based on how advanced your analytics panel is, this data can already be visualized and converted into intelligence, making it much easier to read, comprehend, and act upon.
Tools for extracting app insights
There are external analytics tools that can sometimes be integrated with applications in order to gather app usage patterns and statistics. However, trying to do this is often a technical challenge that’s too expensive and time-consuming to develop. Thus, we recommend building in native analytics capabilities into the back-end of all your apps, which can offer much more powerful, custom, on-demand insights.
When it comes to mobile apps, the Apple App Store and the Google Play Store will also provide you with basic analytics regarding the downloads of your app, the demographics of your users, the popularity of the app, and the frequency of usage. Though basic, these metrics can also prove helpful when updating the profile of your target audience, or when determining the most effective strategies for marketing your apps.
Building in app analytics into your back-end
At Pegus, when we develop enterprise business apps, we do it with a view on analytics. It is important that app usage is tracked to the greatest detail, allowing your app to generate valuable insights without you having to move a finger. We are happy to discuss your requirements for advanced app analytics and data visualizations and build those into the back-end of the apps we build for you. You’ll be pleasantly surprised about how much valuable information you can extract from your app usage with the right tools at your disposal.
The benefits of an advanced app analytics strategy
Having timely intelligence about your market and target audience is like a Trojan horse for your competition because it can help you immensely in kick-starting your innovation funnel in the right direction and drive above-average market growth. Incorporating app insights into product research and innovation is still a novel idea for many corporations, however, we see this as an integral part of the research and development process going forward.
Future-proofing your business through app analytics is possible when you gather, process, and act on the right set of metrics. Contact the Pegus team today for a discussion on how you can achieve this with our help.