Big data is no longer a novelty in the business world. Most companies think of themselves as data-driven; technology leaders set up data collection infrastructure, analysts sift through the data, and marketers and product managers try to learn from the data. Despite collecting and processing more data than ever, companies are missing valuable insights about their products and their customers because they aren’t using the proper tools to follow users across the entire customer journey or else they are duplicating data and introducing errors into their analysis.
Depending on the specific topic, a single structured query in SQL can take well over an hour to code and retrieve. Ad hoc queries struggle to yield actionable customer analysis because the answer to your first question might be another question. You learn that greater than 50% of customers who click on your CTA button find their way to the sign-up page, but less than 30% of those customers create a user profile. Now what? It’s time to write another query in SQL to gather another piece of the puzzle. Analysis doesn’t have to be this way.
Indicative is the leading Customer Analytics platform that enables product and data teams to move beyond the limitations of traditional BI tools to make decisions by understanding user behavior across every touchpoint. Only Indicative connects directly to your data warehouse, requiring no duplication, and empowers business users to answer complex customer analytics questions without having to rely on data teams or SQL. Product managers and marketers can run the same queries in seconds that would take data analysts hours to code. Actionable data insights are three small steps away.
Step 1: Define Your Business Objectives And Metrics
To build an effective data model, you must first define your business objectives and use cases. Customer Analytics are meant to drive the decisions of the product and marketing teams, so work backward from the outcomes you hope to achieve. Goals should be aligned with core business objectives. Indicative can measure the behavior of all users, individual users, and everything in between, so it is worthwhile to track indicators at multiple levels. Next, determine the metrics and KPIs that can tell you if you’re succeeding. Some examples of these could be:
- Increase new user conversion
- Decrease subscriber churn
- Identify your most effective marketing channels
- Find points of friction in your onboarding flow
Once you’ve settled on a goal, build out a question you hope to answer with your user data. For example, say you are aiming to increase adoption of a new product feature. Here are some examples of questions you would want answered as you analyze your user engagement funnel:
- Have premium customers adopted the product faster than free users?
- How many clicks or screens does it take for a user to reach the new product?
- Does new feature adoption have a positive impact on user retention within a single session? Across multiple sessions?
Armed with these queries and the data to answer them, you can dig into thousands of user actions across the entire customer journey. Prepare to test your hypotheses with intuitive funnel visualizations.
Step 2: Track Your Customer Journey With The Multipath Customer Journey
A core Indicative feature is the Multipath Customer Journey. The customer journey is displayed as a multipath funnel, showing the flow of users through distinct decisions within your site or mobile app. Visualizing the journey helps product and marketing teams uncover the specific behaviors and touchpoints driving customer acquisition, retention, or churn.
Segmenting the funnel further allows your team to find the exact points of friction where users deviate from the preferred behavior or walk away from the product altogether. The Multipath Customer Journey also allows the company to identify its key sources of customer attraction, breaking off individual portions of the funnel to compare similar customer journeys. Teams can then align their product roadmaps to tackle problems with user experience and aim to replicate the results of the ideal customers.
Step 3: Drill Deeper With Cohorts And Profiles
Once you have analyzed the ways users engage with your products, your marketing team can take action on campaigns that target those customers more likely to have a high lifetime value. Indicative allows you to segment users by nearly any identifier imaginable through the development of behavioral cohorts. You might find:
- Users who receive their first marketing email on Monday mornings are far more likely to subscribe than those who receive their first communication later in the week.
- Free trialists tend to churn unless prompted with a reminder their trial is ending the next day.
If your marketing team wants to get granular, Indicative offers user profiles, allowing them to leverage the specific personas of the best customers. Inside your data warehouse is a log of every user action. User profiles in Indicative take you through the entire customer journey, from the first click to the most recent. Custom segments and cohorts raise the bar for personalized marketing.
There is gold hidden inside your data warehouse, and Indicative helps you mine it. You don’t need knowledge of code or an appreciation of data infrastructure to find useful analytical insights. All you need is a product demo of Indicative and access to your company’s user data.