Product metrics and analytics are a symbiotic relationship between the provider of a platform or service and the end customer utilising it. Masstech CTO James Whitebread explores more around the benefits to both parties of collecting this data, and outlines how it can be used to influence usage behaviour and product development.
What are product analytics and metrics?
Product analytics and metrics are key data elements that the provider of a product or service tracks to understand and quantify the success of said product or service. This data could be quite diverse over a range of products and services, ranging from high level data such as churn of subscriber numbers, down to more in-depth data such as feature usage, number of transactions or data moved.
The metrics are of course specific to the product or service, providing the information that the vendor needs to understand and optimize performance, to be able to diagnose problems, and to analyze customer usage patterns in a way that allows them to better understand and quantify how their customers are using the product or service.
What kind of data can be collected?
The methods of collecting data vary depending on the nature of the service/product in question. For the purposes of this article let’s focus on two types of tool that are useful for collecting data; one which focusses on data from frontend websites or mobile apps, and another that is better suited to backend data collection.
Elastic Beats: Is more focused on health, availability, performance, logging information. It records this data locally to a server and then passes it back to either a self-hosted Elastic server or an Elastic hosted server. This is a useful approach in cases where Elastic already forms part of the platform; however in other cases pure infrastructure management tools may be more appropriate.
Is the data stored and transmitted securely?
In short, as with all technology systems, it’s possible to configure these tools to both store the data securely and encrypt it while in transit. One highly important consideration is ensuring compliance with privacy laws such as GDPR, HIPAA, CCPA and PECR, as well as consideration around data sovereignty. It’s important that great care is taken to protect where customer data is stored and the anonymity of that data, and of course provision should always be made to easily allow customers to request the deletion of that data should they so wish.
Who do product metrics and analytics benefit the most?
Product metrics and analytics are a symbiotic relationship between the provider of a platform or service and the end customer utilising that platform or service. There are a number of benefits that can be derived from data analytics for both the provider and the customer, but ultimately, both are benefitting equally from the implementation of both analytics and metrics:
- The provider can receive data from which they can derive information around underlying usage, performance and even which features are most popular. This can help them to better understand the usage of the service, tailor updates and change/focus their efforts towards delivering the most appropriate services for the customer.
- The customer benefits from a service that is scaled appropriately, in which updates and changes are tailored towards them, and where any new features and functionality that are developed address their specific needs.
Is there a tradeoff?
Not really. Yes, the provider is collecting data on how the service is performing and which elements of the service the customer is using. But in most cases, this is all about continuous improvement of a product or a service, learning how to provide a better product, and this is to the benefit of the customer. This is the case both in the DTC [Direct to consumer] service industries as well as B2B [Business to business] markets.
What analytics does Kumulate offer?
The latest release of Kumulate, version 2.0, features new analytics and modelling modules, to deliver improved reporting and planning. At-a-glance dashboards give users an overview of throughput, capacity, performance and failures enabling them to understand how their teams are using the platform and whether they need to scale up capacity in-line with demand.
Our e-store module, Kumulate Gallery is equipped with real-time visibility into what’s selling and trending, allowing the user to flex their content sales based on actionable insights, maximising revenue.
If you’d like a demonstration of how Kumulate v2 is delivering advanced metrics and analysis, book a demo today. Or if you’d like to chat further with a technical specialist, email us to book a quick chat.