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1st Prod.Active Meetup: "Product analytics 101" by George Voulgaris

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A bird’s-eye view on how end-to-end user experience analytics transform product design, development and management.

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1st Prod.Active Meetup: "Product analytics 101" by George Voulgaris

  1. 1. Product Analytics 101 A introductory view on analytics for product design, development and management George @ Voulgaris .net @gevou
  2. 2. How many products will you be selling in 12 months from today? George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  3. 3. Short tale instead of intro “Sales Forecast: The Quest for Holy Grail” - or - “the 50 shades of finance” George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  4. 4. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 1. Tools
  5. 5. User Testing What is the best homepage copy for driving sales? Testing tools give you insight into how people are using your product, so you can optimize your design. Experiment with variations using A/B tests and understand behavior with heat maps to see what version works best. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Advertising Which ad is driving the most sign ups? Advertising tools allow you to add event tracking and ad retargeting to better understand your site visitors, where they came from, and if your campaigns are working. Analytics What are customers doing before they churn? Analytics tools allow you to visualize your data, see how customers use your product, and identify trends, so you can make better business decisions. Marketing Automation Did that newsletter send traffic to your site? Email marketing tools make it easy to send newsletters and other marketing materials to your customers. Integrating with these tools makes it easy to setup drip campaigns for your product. Sales & Business What sales leads and customers need the most attention today? Sales & business tools help you track leads throughout the sales funnel, manage customer relationships, and run outbound campaigns. Customer Support How can I answer any questions my customer have? Customer support tools help you communicate with current customers to answer their questions, provide support, and identify recurring issues. Developer Tools Why couldn’t new users sign up for accounts yesterday and how much money did we lose? Performance and error reporting tools help you improve the health and stability of your application by automatically logging and tracking errors and alerting you when there is any downtime. source: segment.com
  6. 6. User Testing What is the best homepage copy for driving sales? Testing tools give you insight into how people are using your product, so you can optimize your design. Experiment with variations using A/B tests and understand behavior with heat maps to see what version works best. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Advertising Which ad is driving the most sign ups? Advertising tools allow you to add event tracking and ad retargeting to better understand your site visitors, where they came from, and if your campaigns are working. Analytics What are customers doing before they churn? Analytics tools allow you to visualize your data, see how customers use your product, and identify trends, so you can make better business decisions. Marketing Automation Did that newsletter send traffic to your site? Email marketing tools make it easy to send newsletters and other marketing materials to your customers. Integrating with these tools makes it easy to setup drip campaigns for your product. Sales & Business What sales leads and customers need the most attention today? Sales & business tools help you track leads throughout the sales funnel, manage customer relationships, and run outbound campaigns. Customer Support How can I answer any questions my customer have? Customer support tools help you communicate with current customers to answer their questions, provide support, and identify recurring issues. Developer Tools Why couldn’t new users sign up for accounts yesterday and how much money did we lose? Performance and error reporting tools help you improve the health and stability of your application by automatically logging and tracking errors and alerting you when there is any downtime. source: segment.com
  7. 7. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 few examples
  8. 8. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 inspectlet.com
  9. 9. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 inspectlet.com
  10. 10. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 inspectlet.com Replay user activity* for the ultimate insight on how users actually use your app *be careful with your T&Cs and the possibility of sensitive data
  11. 11. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 mixpanel.com
  12. 12. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 mixpanel.com
  13. 13. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 mixpanel.com
  14. 14. Add Push notifications, Surveys, Revenue analysis… George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 mixpanel.com
  15. 15. … + pretty much any data you want to send from your App George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 mixpanel.com
  16. 16. Advanced Segmentation, In-depth profiling, Direct Engagement / Communication George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 intercom.io
  17. 17. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 intercom.io … combined with automated messaging.
  18. 18. “Q: Is this the: a) best b) recommended c) endorsed d) cutest set of tools?” A: These are just examples. I do not endorse any - I just happen to use them at the moment. Do your own research for best fitness to your case. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  19. 19. With all those beautiful apps, tools, analyses, graphs, functions, automations you should be able to build the perfect products and businesses! Right? George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  20. 20. What tools do you use? (or fooling around with) How and Why? What are your challenges at the moment? George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  21. 21. 2. What matters? (because observation is not a business by itself… mostly) George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  22. 22. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 why
  23. 23. There is a great difference in focus for startups and established businesses. What is it? George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  24. 24. There is a massive difference in focus between Customer Discovery and Customer Development stages. What is it? George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  25. 25. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 where
  26. 26. The Long Funnel gets even longer Customer engagement inc. churn, retain, upsell George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Inbound Marketing website & purchase funnel in product UX Customer Support Company
  27. 27. The Long Funnel gets even longer Customer engagement inc. churn, retain, upsell George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Inbound Marketing website & purchase funnel in product UX Customer Support Company Layered Inbound Marketing diagram source: Inbound Marketing Handbook - MarketingSherpa
  28. 28. The Long Funnel gets even longer Customer engagement inc. churn, retain, upsell George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Inbound Marketing Sales & Business User Testing website & purchase funnel in product UX Customer Support Company Advertising Analytics Marketing Automation Developer Tools Customer Suppor BI Layered Inbound Marketing diagram source: Inbound Marketing Handbook - MarketingSherpa
  29. 29. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 when
  30. 30. Which stages of the entire journey / funnel are you currently monitoring in your business? How? George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  31. 31. What matters most depends on the product / business maturity stage and the user engagement stage. There are few frameworks that can help. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  32. 32. Dave McClure’s Pirate Metrics How do your users become aware of you? SEO, SEM, widgets, email, PR, campaigns, blogs ... Do drive-by visitors subscribe, use, etc? Features, design, tone, compensation, affirmation ... Does a one-time user become engaged? Notifications, alerts, reminders, emails, updates... Do you make money from user activity? Transactions, clicks, subscriptions, DLC, analytics... Do users promote your product? Email, widgets, campaigns, likes, RTs, affiliates... George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Acquisition Activation Retention Revenue Referral Source: http://www.slideshare.net/dmc500hats/startup-metrics-for-pirates-long-version
  33. 33. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Lean Analytics (A.Croll & B. Yoskovitz recommended reading) Gate Stage EMPATHY I’ve found a real, poorly-met need that a reachable market faces. STICKINESS I’ve figured out how to solve the problem in a way they will keep using and pay for. VIRALITY I’ve found ways to get them to tell their friends, either intrinsically or through incentives. REVENUE The users and features fuel growth organically and artificially. SCALE I’ve found a sustainable, scalable business with the right margins in a healthy ecosystem. The five stages
  34. 34. Both AARRR & Lean Analytics frameworks resonate with… George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Eric Rees’ (The Lean Startup) Sustainable growth is a requirement for any business. “New customers come from the actions of past customers” The three growth engines: Virality Make people invite others as a necessary side effect Rate of growing Stickiness Keep people coming back / addictive / network effects / lock-in Rate of churn (compound) Price Reinvest revenue of past to get new customers. Rate of expenditure
  35. 35. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 how
  36. 36. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Lean Analytics (Adapted version from the book by A.Croll & B. Yoskovitz recommended reading) Pick a KPI Draw a line in the sand Identify ways to improve this KPI Make a guess Find relevant patterns in your user data Give up or pivot Go back to Design experiments (e.g. A/B) Line-in-the-sand was crossed Implement what seems to work Find correlations between those patterns & users data available no data Analyze the behavior of the KPI Line-in-the-sand was NOT crossed Discovery. Talk to customers Try again
  37. 37. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Lean Analytics (Adapted version from the book by A.Croll & B. Yoskovitz recommended reading) Pick a KPI Draw a line in the sand Identify ways to improve this KPI Make a guess Find relevant patterns in your user data Give up or pivot Go back to Design experiments (e.g. A/B) Line-in-the-sand was crossed Implement what seems to work Find correlations between those patterns & users data available no data Analyze the behavior of the KPI Line-in-the-sand was NOT crossed Discovery. Talk to customers Try again Identify business objectives & decision processes
  38. 38. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 what
  39. 39. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Good metrics are: • Actionable Accessible Auditable • Metrics need to change a behavior - or need to hurt • Use rates • One Metric That Matters: based on model and stage
  40. 40. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Some terms to familiarise yourself with: • Qualitative versus quantitative metrics Qualitative metrics are unstructured, anecdotal, revealing, and hard to aggregate; quantitative metrics involve numbers and statistics, and provide hard numbers but less insight. • Vanity versus actionable metrics Vanity metrics might make you feel good, but they don’t change how you act. Actionable metrics change your behavior by helping you pick a course of action. • Exploratory versus reporting metrics Exploratory metrics are speculative and try to find unknown insights to give you the upper hand, while reporting metrics keep you abreast of normal, managerial, day-to-day operations. • Leading versus lagging metrics Leading metrics give you a predictive understanding of the future; lag-ging metrics explain the past. Leading metrics are better because you still have time to act on them. • Correlated versus causal metrics If two metrics change together, they’re correlated, but if one metric causes another metric to change, they’re causal. If you find a causal relationship between something you want (like revenue) and something you can control (like which ad you show), then you can change the future.
  41. 41. Typically your focus will go through the fives stages George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 of product/business maturity Gate Stage EMPATHY I’ve found a real, poorly-met need that a reachable market faces. STICKINESS I’ve figured out how to solve the problem in a way they will keep using and pay for. VIRALITY I’ve found ways to get them to tell their friends, either intrinsically or through incentives. REVENUE The users and features fuel growth organically and artificially. SCALE I’ve found a sustainable, scalable business with the right margins in a healthy ecosystem. The five stages
  42. 42. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 More terms to familiarise with: Average Revenue Per User (ARPU): Revenues / Users Churn: users abandoned (month) Lifetime: 1 / churn Lifetime Value (LTV): ARPU * Lifetime Customer Acquisition Cost (CAC): Total monthly acq costs / new monthly customers (e.g. 3xCAC < LTV)
  43. 43. Even more terms to familiarise yourself with: Invitation Rate = Invited / inviters Acceptance Rate = Signed-up / Invited total Viral Coefficient = Invitation Rate * Acceptance Rate (e.g. Users * VC - churn > 1) George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  44. 44. (Money from ad clicks) George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Empathy Stickiness Virality Revenue Scale E-commerce Mobile app User-gen content SaaS Media 2-sided market Interviews; qualitative results; quantitative scoring; surveys Loyalty, conversion CAC, shares, reactivation (Money from transactions) Transaction, CLV Affiliates, white-label Engagement, churn Inherent virality, CAC (Money from active users) Upselling, CAC, CLV API, magic #, mktplace Content, spam Invites, sharing Ads, donations Analytics, user data Inventory, listings SEM, sharing Transactions, commission Other verticals Downloads, churn, virality WoM, app ratings, CAC CLV, ARPDAU Spinoffs, publishers Traffic, visits, returns Content virality, SEM CPE, affiliate %, eyeballs Syndication, licenses Lean Analytics Important: drawing base-lines (in the sand) A considerably more information-rich version is available at: bit.ly/BigLeanTable
  45. 45. What KPIs do you use at the moment? What is the example of the impact of these in your business? George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  46. 46. 3. What matters? George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 Money-talks
  47. 47. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 TL;DR 1.Make more money than what you spend *
  48. 48. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 TL;DR 1.Make more money than what you spend *
  49. 49. TL;DR 1. Make more money than what you spend * 2. The (dream of) Hockey-stick growth includes a long painful period with resource stagnation (you are working on high growth ventures right?) George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  50. 50. - SCALE STAGE 8 George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 THE STARTUP FUNDING SPECTRUM NET CASH POSITION + Closed ALPHA Public BETA 1st Revenue Redistributed for educational purposes with permission from Maria Dramalioti Taylor, Managing Partner, x.Million Capital Ventures
  51. 51. TL;DR 1. Make more money than what you spend * 2. The (dream of) Hockey-stick growth includes a long painful period with resource stagnation 3. Finance people want numbers, charts, proof; be it investors or CFOs 4. Planning and playing with other people’s money involves accountability. Be accountable for the right thing George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  52. 52. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 The “Business Plan” Approach (top-bottom) • Do background / buy research • Check macro - trends • Make projections and forecasts Initially to convince… and find yourself accountable 12 months later… The Data Driven Approach (bottom-up) Deductively and quantitatively prove that: • (Startups *) …you are narrowing-in a valid Business Model • (Existing businesses / products ) …your key growth assumptions still hold-true; optimize
  53. 53. What planning, forecasting and optimization processes do you use at the moment? What are your challenges with these at the moment? George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  54. 54. Hopefully by now we all agree that: 1. Make more money than what you spend * 2. The (dream of) Hockey-stick growth includes a long painful period with resource stagnation 3. Playing with other people’s money involves accountability. Be accountable for the right thing 4.Data-driven planning & decisions (*) reduce risk George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  55. 55. George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014 4. Perfect
  56. 56. A few common problems when implementing a data-driven business 1. The asterisk in decisions was on purpose. data-driven decisions need analytics AND decision processes 2. The 2nd asterisk in decisions. What’s hard about pivoting? alignment, transparency, knowledge 3. Vanity metrics … and politics. Someone will look ugly. 4. Resourcing inability to explain / understand the importance 5. Culture (I know all) / Ethics (Morale in changing situations) Change is tough George Voulgaris, Ph.D. - Product Analytics 101 1st Prod.Active MeetUp, Athens, Dec 10th, 2014
  57. 57. George @ Voulgaris .net @gevou fallingelephant.com visionmobile.com techtalkscentral.com

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