The Amplitude Product Intelligence Study said that companies that have not adopted Product Intelligence as a business development strategy are losing their revenue, with most businesses claiming they do not have the proper resources in place to recognize and act on consumer data.
It is well known that the pandemic has accelerated the digital transformation, which has created a sense of urgency for businesses to think of and create exceptional digital products and experiences. These efforts will attract and retain customers.
The analysis, based on research conducted by Audience and directed by Amplitude, surveyed C-level managers, VPs and managers overseeing the company and product teams understand how organizations adjust to their first digital reality.
Although digital transformation is a top priority for almost every respondent, the report found that companies have many customer behavior blind spots and are struggling to link their customer insights into action, resulting in missed growth.
“Customers are forming new habits every minute, and when every interaction counts, instinct no longer cuts it,” said Spenser Skates, CEO of Amplitude.
“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,” Skates further added.
Here are some of the key findings from the Amplitude Product Intelligence Report:
Customer Behavior Blind Spots
Although 97 percent of companies said it’s a priority to enhance users’ digital experience, 71 percent said they don’t know exactly where to start when it comes to knowing the habits of their users and 38 percent said they don’t know what to do to improve their digital experience.
Customer Retention On Digital Platforms
When it comes to keeping consumers on digital platforms, 69 percent of companies said they don’t know where to begin.
Hidden Data That Cost Them Money And Time
69 percent of teams wait a few days to a full week to get answers to basic data questions, with 59 percent of companies reporting that if their product teams do not instantly access behavioral data, they step forward on the basis of instinct rather than facts.
Making Decisions Based On Guesses
When designing product roadmaps, 77 percent of product teams rely on best practice and instinct – not product intelligence solutions and behavioral data. About 20 percent of product teams have easy-to-use access to a behavioral data tool.
Success With Access To Real-Time Insights Of Customer Behavior
Businesses using Product Intelligence tools are 5.5 times more likely to see sales growth of over 25 percent year on year. It also mattered to have C-level product leadership as those companies were 6.5 times more likely in the previous year to expand by 25 percent or more.