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Best Product Analytics Tools for Startups

Welcome to our Product Newsletter, a biweekly email highlighting top discussions, and learning resources for product managers.

What We Will Cover In This Edition:-

Top Discussions: 

1) Need a product analytics tools for a startup. Any suggestions?

2) Seeking guidance on KPI estimation.

3) How do you conduct products positioning and marketing?

Top Learning Resources:

1. The problem solver’s playbook: 17 questions to sharpen your thinking

2. A brilliant product strategy mental model from whoop’s former head of product

3. Role of user experience in product management

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Top Discussions

Question 1Need Product Analytics Tool for a Startup. Any suggestions?

I work for a startup with about 25 staff members and fewer than 10 client accounts. We are employing product-led construction methods to create a platform. We’d like to begin tracking user behavior as soon as we begin automating our sign up and onboarding processes by incorporating them into our product.

I’ve previously used Mixpanel, FullStory, and AppCues. Pendo, Heap, and Amplitude are known to me. We are now budget-constrained like many companies; thus, I’m searching for the finest free tier product analytics solution while keeping the medium- to long-term in mind. What do you think about the top free product analytics tool?

– Maria Wilson

Discussion

A] Amplitude, Pendo, and PostHog are the holy trinity.

MixPanel was the pioneer, but it is now far behind.

Smaller companies like yours can take advantage of Amplitude’s generous free plan.

For companies that match their requirements and have fewer than 75 employees, Pendo offers a startup discount.

A self-hosted plan for PostHog is free.

Amplitude is my go-to tool because it’s user-friendly and packed with features. It can be employed to control experiments like A/B or multivariate tests. Pendo features excellent in-app alerts with themes and an excellent onboarding tool.
When you upgrade to premium, Pendo is by far the most expensive, so keep that in mind.

– Marty Ross

B] Pendo offers a free tier as well as a cheap “Pendo for Startups” program (I use it and previously had an enterprise license at a previous company).

It’s important to keep in mind that Pendo also has the UserVoice and WalkMe equivalents. In my opinion, during the quick iterations of early stage products, the ability to use user behaviour to trigger instructions that are configured without requiring dev work is invaluable.

I teamed up with ZenDesk to give a new app comprehensive help and support (knowledgebase, support tickets, live chat) with hardly any development work, only the initial install.

– Shiyao Liu

C] There are several great product analytics tools that startups can use to track and analyze user behavior, engagement, and retention. Here are a few popular options:

  1. Google Analytics – Google Analytics is a free web analytics tool that can help startups track website traffic, user behavior, and conversion rates. It is easy to set up and use, and provides a range of insights that can help startups optimize their website and marketing campaigns.
  2. Mixpanel – Mixpanel is a product analytics tool that helps startups track user behavior and engagement in their web and mobile apps. It offers a range of features, such as event tracking, user segmentation, and A/B testing, that can help startups understand how users interact with their products and identify areas for improvement.
  3. Amplitude – Amplitude is a product analytics platform that helps startups understand user behavior, engagement, and retention across web and mobile apps. It offers a range of features, such as event tracking, user segmentation, and cohort analysis, that can help startups identify key trends and optimize their product strategies.
  4. Heap – Heap is a product analytics tool that helps startups automatically capture user behavior across their web and mobile apps. It offers a range of features, such as retroactive event tracking, user segmentation, and funnel analysis, that can help startups understand user behavior and optimize their product strategies.

Ultimately, the best product analytics tool for your startup will depend on your specific needs, budget, and technical capabilities. It’s important to evaluate several options and choose the tool that best fits your business requirements.

– Matthew Shun

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Question 2) Seeking guidance on KPI Estimation

I’m developing a search feature for my app and estimating the monthly search frequency. Not sure how to estimate how many of those MAUs (Monthly Active Users) will really use this search feature. According to user research, it will probably be a secondary navigation option, although it is something that has been frequently requested by the users.

– Jonathan Tessa

Discussion

A] Estimating the monthly search frequency for a new search feature can be a challenging task, but utilizing your monthly active users (MAUs) can provide a good starting point.

To estimate how many of your MAUs will use the search feature, you can look at industry benchmarks for similar types of apps, and then adjust them based on your user research data. For example, if your app is similar to others in your industry, and those apps have a search utilization rate of 20%, you could estimate that 20% of your MAUs will use your search feature.

However, because your user research suggests that the search feature will be a secondary navigation option, you may want to adjust this percentage downwards. You could look at similar apps with a similar feature hierarchy and see how often their secondary features are used, and then adjust accordingly.

Therefore, it’s important to track usage of the search feature once it’s launched and adjust your estimates accordingly. As your users become more familiar with the feature and its benefits, you may find that the search utilization rate increases over time.

– Dianne Stinger

B] Quite agree with @Luisneilson, performing a faux door test by including a search button to track clicks and prompt messages can be an effective way to gather data on user behavior and interest in the search feature. This method can provide insights on whether users are finding the search button and clicking on it, as well as how often they are using it.

Additionally, by analyzing the data collected from this test, you can identify any potential issues with the search feature or the placement of the search button, and make adjustments accordingly. This can help improve the user experience and increase the utilization of the search feature over time.

All in all, a faux door test is a low-cost and efficient way to learn about user behavior and gather insights that can inform the development of the search feature.

– Nathan Endicott

C] The evaluation goals for the search feature may vary depending on the specific objectives of the app or business. However, in general, there are two main aspects to consider when evaluating the search feature:

  1. Effectiveness: This refers to how well the search feature performs in terms of returning relevant results to users. The effectiveness of the search can be evaluated by analyzing user feedback and metrics such as the click-through rate (CTR) and bounce rate. For example, if users are frequently clicking on search results but then quickly leaving the app, it may indicate that the results are not relevant to their search queries. In this case, you may need to improve the search algorithm or provide better metadata for the content being searched.
  2. Usage: This refers to how often users are utilizing the search feature. Evaluating usage can help determine if the search feature is meeting the needs of users and whether it is a valuable addition to the app. Metrics such as the number of searches per user, the percentage of users who use the search feature, and the time spent on the search page can provide insights into the usage of the feature.

Hence, when evaluating the search feature, it is important to consider both effectiveness and usage to gain a comprehensive understanding of how the feature is performing and how it can be improved.

– Eva Richardson

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Question 3) How do you conduct Products Positioning and Marketing?

Hello everybody,

We were having trouble communicating with our customers (messaging) about our product. Concisely describing yourself, your offering, its advantages, and the issue it solves is crucial. At the same time, it’s quite challenging to condense everything you have to offer. So, you need to put yourself in the feeds of your users and understand what benefits and solution they take out of your product and compress those into couple of words. It has been difficult for us to do so.

How do you conduct your Product positioning?

– Marco Silva

Discussion

A] Effective product messaging is crucial to capturing the attention of potential customers and conveying the value of your product. To do this, focus on the key benefits and problem-solving capabilities of your product, and present them in a clear, concise, and compelling way. Use language that resonates with your target audience and speaks to their pain points and avoid using industry jargon or technical terms that they may not understand. Ultimately, the goal is to communicate the unique value proposition of your product in a way that is easy for your customers to understand and remember.

– Elvin Henriques

B] Explaining the Product Positioning and Marketing in short might make it easier for you to take this further. So firstly, here are the definitions of both the terms:

Product positioning refers to the process of creating an image or perception in the mind of the customer about the product’s attributes, benefits, and the target market it is meant for. It helps in differentiating the product from its competitors and creates a unique identity in the market.

Product Marketing is the process of promoting and selling a product. It involves researching, promoting, and distributing a product to the target audience. Effective marketing helps in creating awareness and demand for a product, and can also be used to influence customer perceptions and reinforce product positioning.
In summary, product positioning sets the foundation for the marketing message and helps guide the marketing efforts to ensure they align with the overall positioning and strategy of the product.

Since you haven’t given much details about your product it might be difficult to give you any advice. But, based on these definitions you can decide your strategy for positioning and marketing of your product.

– Dhiraj Mehta

C] Thank you for your response @DhirajMehta. One of our issues is that we now have a solution that solves two problems, but the feedback is so muddled that we’re not sure which one to promote.

Since we are at a very early stage, we want to excel at just one thing, but we are unsure of what that should be. I could be mistaken, but I had no other thought except to try each one.

– Marco Silva

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Top Learning Resources

You only have a finite resource and when you work on a certain problem, it means you’re not working on other problems. That’s your opportunity cost: the potential loss from a missed opportunity. Think about the next thing(s) you’re going to work on if you’re not working on this problem, and make sure that you can afford that cost.

Are you confused about product strategy? As a product person, are you frequently unsure how to prioritize what to build with your team? Are you getting slammed from all sides internally, trying to figure out how to build out everything your internal stakeholders are asking for?

User experience (UX) plays a critical role in product management, as it is the overall experience of a person using a product or service. A positive UX can lead to increased customer satisfaction, loyalty, and advocacy, while a negative UX can drive customers away. As a product manager, it is important to prioritize UX in the development process and regularly gather feedback from customers to improve the UX of the product. This can involve conducting user research, usability testing, and analyzing user data to understand how customers are interacting with the product and identify areas for improvement. Additionally, product managers should work closely with UX designers to ensure that the product is easy to use, aesthetically pleasing, and meets the needs of the target audience.

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