In this competitive age, every company needs an analytical decision-making mindset.
The data-driven decision is not anymore nice to have, but a need. And there is no right time to implement analytics. Rather it should be a strategy from day one and every day. Frequently we encounter an early-stage startup view that for implementing Product Analytics they think that they are small, they are in the MVP stage, working with early adopters, or they do not have enough data. Furthermore, few of them think it is expensive to adopt and manage product analytics tools.
Stage 1, very early stage – Launch of MVP
With MVP, you start acquiring the first few customers, and new requirements start pouring in the product. In fighting the battle on all fronts, obviously nice to have processes take a back seat.
This raises the question, is the product analytics and user engagement are nice to have tools???
Why Product Analytics is not nice to have but must to have
Building a culture of analytics-based decision making, be it for the marketing team or product development team, it is the need of the day. And the early stage is the perfect stage for a company to build any culture in the organization.
Product-Market fit, faster the better.
For finding the market fit, you need to do rapid product experimentation. You need to make sure that you measure your product adoption and usage in every release and see the impact. As a result, every penny spent get assessed.
In the early stage, your objective should be to collect all possible data. That could be of product experimentation, website visitors, event tracking, and user behavior data points. So when you realize you need a data-point, you will find it is already there.
Stage -2, You start acquiring customers- Team growth.
Help teams to work smart and gain success
With growth, you start growing your team. These team members need data to do their job. However, they may or may not be technical experts, but they should be equipped with proper tools. It is required not just to track their KPIs but help them work smart and gain success.
If the data collected, it eases their job.
In the absence of data, the team has to start from the ground to collect it, as the selection of tools, and then implement. This can take you back by a few months.
Stage 3- hire a marketing team and build a customer success team.
Think, with some growth, you hire a marketing person. He/She needs loads of information and data to strategize. For example, they have some data points on
- Website visitors trends
- Conversion rate
- How many trials are signed
- How many are converting into paid customers
- Conversion of Freemium to paid
With such data, they can be hitting the ground immediately with a marketing strategy designed around this data.
Customer success team:
You may have dedicated members or someone from other teams wearing the cap of customer success. They need a good system to track customer’s health KPIs like
- Customer sentiment
- NPS (Net Promoter Score)
- Product usage pattern to understand stickiness
- Login trends
- New feature adoption
Now imagine tracking these metrics without data collection and analytics system.
Why Fibotalk is a product that suits an Early Stage Start-up.
- Ease of implementation put simple anchor code in an application.
- Does not take more than a couple of hours of your developer
- Starts data collection immediately
- With updates in the product, no configuration changes are required in analytics code unlike, GA and Tag Manager. The most dynamic thing in a startup is its product.
- With every change in product no need to make changes in fibotalk configuration. All changes are automatically captured.
- Retrospectively analyze your KPIs
- This tool is for business users, and they can use it without help from the development team.
- Scalable to use by bigger teams
- Integrated platform: you get 4 major integrated solutions. Without such a platform, you have to implement and integrate multiple products to achieve the same functionalities.
- Product and User behavior analytics
- Website analytics
- User engagement with In-app messaging
- Customer sentiment tracking, NPS platform
- Chat platform for website and application support bot
We have a special program for an early-stage startup.
Please drop an email at email@example.com