How to Evaluate & Choose a Product Analytics Software
- Published: April 23, 2024
- Updated: April 23, 2024
Product analytics software empowers product managers and IT teams with a way to track end-user behavior and product usage.
Product analytics tools track user clicks, page views, form fills, and any custom event, allowing non-technical team members to analyze this user data to find actionable insights to improve their user flows and overall product experience – all backed by real user data.
Before we start, Whatfix offers powerful no-code Product Analytics platform to enable businesses to understand their users’ behavior, improve their product and application experiences, and make data-driven decisions.
Get a demo of Whatfix Product Analytics here.
11 Considerations to Select the Best Product Analytics Software Partner
After creating a list of requirements for your product analytics software, it’s time to evaluate the best vendors that made your shortlist. Here are eleven considerations to consider when selecting a product analytics technology partner.
1. Custom event tracking
Product analytics software allows teams to track any custom user event data in your product, website, or web app. With a product analytics tool, product and custom-facing teams can track user actions like pageviews, button clicks, form fills, swipes, mouse interactions, and more. With Whatfix Analytics, set up user actions to track with a visual editor, without the need for engineering dependance.
2. Auto-capture event data
Many product analytics tools will auto-track events and user behavior characteristics, like page URLs and user properties. Whatfix Analytics has patented element detection technology that accurately auto-captures user event details, even after making UI changes or upgrades to your product and its codebase.
With Whatfix Product Analytics, use Trend Insights to turn your user engagement-related queries like the number of users who have completed an in-app Flow, the number of users who have clicked a Pop-Up button, etc. into real, actionable insights. Create custom user event reports with your queries and visualize them in various charts and reports.
3. No-code set up
Many product analytics tools require adding just small code snippet to your application or website to start tracking end actions and events. From there, setting up custom events and actions to track depends on the platform you’re using – Whatfix Product Analytics is a completely no-code event tracking platform, allowing non-technical team members to set up new events to track by clicking on elements in your application. Whatfix’s element detection technology is unmatched.
11 Must-Track Product Adoption KPIs & Metrics to Analyze With Whatfix
4. Real-time analytics and retroactive data
With a product analytics tool like Whatfix, there is no lag in data collection, allowing you to analyze and understand behavior in real-time. You can also retroactively collect data and behavior from users from before you set up different user actions and events.
5. Funnels
Funnels are a core feature of product analytics software. Funnels are a series of sequential user events (like a custom user action, page view, in-app engagement, ec.) that enable you to track how your end users progress through a pre-defined path in an application. It helps you analyze which step of a process your end users are failing, experiencing friction, or dropping off the most.
6. User journeys
User journeys map how a user gets to a predetermined goal, pinpointing the engagement steps.
With User Journeys, Whatfix allows you to automatically analyze how an end user navigates through an application using custom events captured with Whatfix API and enables you to understand the different paths they take to complete a task. Using User Journey, you can track which path your users are taking on an application, whether they’re taking the right path to complete a task, and how they interact with any Whatfix content or widget that appears on the page.
Product managers can understand and analyze end-user behavior and visualize their actions in a Sankey chart. User Journey enables you to track the following actions in an app:
- The different paths taken your users
- The most commonly paths
- High and low engagement points in your paths
7. User cohorts and segmentation
User cohorts are segmented user groups based upon shared traits, actions, or demographics. It enable you to create a group of users based on a specific criteria and analyze the group to take further actions. You can compare and contrast behavior of users who have similar characteristics and draw insights with a cohort analysis.
Whatfix Product Analytics empowers you to create user cohort groups with Cohorts. Cohorts enable you to create a group of users based on specific criteria or user behavior and analyze that cohort to analyze, compare, and take further actions. Creating Cohorts based on user behavior enables you to unearth hidden patterns, validate or invalidate hypotheses, and draw insights.
8. Web or desktop application tracking
Most product analytics software allows you to analyze user behavior and events on web-baseds applications. With Whatfix Product Analytics, capture, track, and analyze user events and data across any web or desktop application – critical for sectors with on-premise desktop applications like healthcare and financial services.
9. Third-party software integrations
Inventory all required integrations you’ll need with your product analytics software. This includes other analytics platforms, email marketing tools, CRMs, data warehouses, and more.
Whatfix Product Analytics includes integration with analytics tools like Google Analytics, Mixpanel, Heap, as well as with core enterprise applications like Salesforce CRM, SAP SuccessFactors, MS Dynamics, Oracle Siebel, and more.
Whether your tracking end-user behavior and events from customer-facing applications and websites, or on internally-build applications or enterprise software from third-party vendors, Whatfix Product Analytics has you covered.
10. AI-powered reporting
Product analytics vendors typically come with out-of-the-box reports and templates to use to get you started quickly post-implementation. With Whatfix Product Analytics, teams are empowered with a generative AI assistant, allowing you to ask conversational-based questions and Whatfix’s AI can analyze your event data and provide you with actionable insights and generate custom reports.
11. How you will take action with user insights
Whatfix enables product and IT teams with both the product analytics capabilities to capture, track, and analyze user behavior and product usage data, and with an in-app guidance platform (Whatfix Digital Adoption Platform) to create in-app user assistance based on your product usage data.
With Whatfix’s digital adoption platform (DAP), use your product and user data to make data-driven decisions to improve your product experience with a no-code content editor to create in-app Tours, Flows, Task Lists, Self Help, and more.
Analyze User Behavior and Take a Data-Driven Product Approach With Whatfix Product Analytics
Whatfix Product Analytics empowers product and IT teams with a no-code event tracking solution to analyze end-user behavior, improve product experience, and take a data-driven approach to product development. With Whatfix, you can:
Track user engagement across features
Track feature engagement to gather insights into how different features are used, see what type of users engage with those features over time with event filters, report visualizations, and more. Take a data-driven approach to deliver better user experiences and build stickier products.
Visual user journeys and identify friction points
Discover how users navigate your product to identify areas of user friction that cause dropoffs. Build user journey maps to visualize the steps user took to achieve a goal and identify common behavioral patterns. Identify what journeys are the most popular and map optimal user flows.
Use intent data to pinpoint actions like upsells and churn
Identify high-intent users and accounts using cohorts to identify users who are most likely to upgrade, most at risk of churn, and more. Conduct cohort analysis for your users to identify shared traits and make educated decisions for different segments of users.
Create user funnels and improve process completion
Create user funnels to drive process completion and shorten time-to-value by identifying key user friction points and product gaps. Use these insights to improve end-user experiences and provide users with in-app guidance and nudges to help them take the corrrect next step in a workflow.
Act on this data with new in-app guidance and user assistance
With this user event data, take a data-driven approach to create more user-friendly products and frictionless workflows with new in-app guidance created with the Whatfix Digital Adoption Platform (DAP). Whatfix DAP enables product and IT teams with a no-code editor to create in-app Flows, Tours, Pop-Ups, Task Lists, Self Help centers, and more, targeting specific user cohorts and targeting areas of user friction.
Request a Whatfix demo and get started on your product analytics journey today.
What Is Whatfix?
Whatfix is a digital adoption platform that provides organizations with a no-code editor to create in-app guidance on any application that looks 100% native. With Whatfix, create interactive walkthroughs, product tours, task lists, smart tips, field validation, self-help wikis, hotspots, and more. Understand how users are engaging with your applications with advanced product analytics.
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How to Evaluate & Choose a Product Analytics Software Partner