In this competitive age, every company needs an analytical decision-making mindset.
Data-driven decision is not anymore nice to have but it’s a need. There is no right time to implement, it should be day one and every day. Frequently we encounter a view of early-stage startups that we are small, we are in MVP stage, we are working with early adopters, GTM is our priority or we don’t have enough data. And few of them think it is very expensive to adopt and manage analytics tools.
There is no dearth of challenges in the early stage of a company, limited resources, an urgency to prove in the market, whether the product is the priority or marketing, and so on…
You start acquiring your first few customers with MVP and new requirements start pouring in the product. While fighting the battle on all front naturally nice to have processes take back seat.
Then the question arises, is the product analytics and user engagement 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 marketing team or product development team, it is need of the day. And early stage is the perfect stage for a company to build any culture in the organization.
Product Market fit, faster the better.
You need to make sure that you are measuring your product adoption and usage. Metrics will help you to iterate quickly to plug the gaps and experiment. The impact of every penny spent to be assessed.
At this stage, your objective should be to collect data.
- Website visitors and all possible data points
- Event tracking, user behavior, and usage pattern.
Collect all possible data, so when you realize you need data-point, you will find it is already there.
Help teams to work smart and gain success
With growth, you start growing your team. These people need data to do their job. They may or may not be a technical expert but they should be equipped with proper tools. It is not just to track their KPIs but help them work smart and gain success.
If you have data collected it eases the team’s job. They have some insights to decide their strategies.
In the absence of this, the team has to start from the ground like a selection of tool and then implement just to start collecting data. This can take you back by a few months.
Think, with some growth you hire a marketing person, he/she needs loads of information and data to strategize and has 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 good system to track customer’s health KPIs.
- Customer sentiment
- NPS (Net Promoter Score)
- Product usage pattern to understand stickiness
- Login trends
- New feature adoption
Imagine tracking these metrics without data collection and analytics system.
How fibotalk has designed product and offering that suits 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
- Data collection starts immediately
- With updates in product no configuration changes required in analytics code unlike GA and Tag manager
- The most dynamic thing in a startup is their growing product
- With every change in product no need to make changes in fibotalk configuration, all changes are automatically captured.
- Analyze your KPIs retrospectively
- The tool is for business users, they should use it without help from the development team, and let tech team focus on their own deliverable
- User-friendly Labeling system helps define and track events important for you
- Simple query builder can be used business user to slice and dicing of data
- Easy chart creating and dashboard creation
- Scalable to use by bigger teams
- Integrated platform: you get 4 major integrated solutions, in absence of this you have to implement multiple products and integrate to achieve the same functionalities and process
- Product analytics
- Website analytics
- User Analytics
- User engagement (based on analytics)
- Customer sentiment tracking NPS platform
- Chat platform for website and application support both
We have a special program for early-stage startup.
Please drop an email at firstname.lastname@example.org