With the pandemic accelerating digital transformation from years to weeks, even days, there is increased urgency for companies to conceive and create exceptional digital products and experiences that attract and retain customers.
The Amplitude Product Intelligence 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.
While nearly every respondent agreed digital is a top priority, the report uncovered that businesses have several customer blind spots and are struggling to connect their customer insights into action, resulting in lost growth.
“Customers are forming new habits every minute, and when every interaction counts, instinct no longer cuts it. Digital is the defining competitive edge and our research shows a clear connection between business performance and a data-driven understanding of the user experience. Companies can no longer see digital as an option – it’s make-or-break for survival,” said Spenser Skates, CEO of Amplitude.
- Businesses have blind spots when it comes to customer behaviour: While 97% of businesses say that 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’ behaviours 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 behavioural data immediately, they move forward based on instinct, rather than evidence.
- Teams are forced to make critical product decisions based on best guesses: 77% of product teams rely on best practice and instinct – not Product Intelligence solutions and behavioural data – when building product roadmaps. Only 20% of product teams have access to a behavioural data tool that is easy to use.
- Businesses with real-time insight into customers’ behaviours are succeeding: Businesses using Product Intelligence solutions were 5.5 times more likely to see over 25% revenue growth year over year. Having C-level product leadership also mattered as those businesses were 6.5 times more likely to grow by 25% or more in the previous year.