Amplitude Announces New Breakthrough in Product Analytics
Industry-First No-Code Milestone Analysis Will Help Product Teams Identify How New Users Become High-Value Customers
Amplitude, the leader in product intelligence, today announced the launch of its new milestone analysis capability. An industry first, Amplitude’s no-code milestone analysis empowers product teams to pinpoint the exact moments in the customer journey that convert new users into high-value customers. By identifying these key milestones, product teams can engineer product experiences to ensure that more customers are meeting these milestones, accelerating growth.
Product teams are currently unable to understand customer behavior without heavily relying on data scientists, which results in bottlenecks and ultimately limits company growth. Amplitude first broke these limits with its behavioral segmenting capability, which established the company as a leader in product analytics. However, it remained difficult to determine when a new user hit a critical milestone without coding extensive queries and analyzing results over multiple days.
In every customer’s journey, there are key moments that turn them from a standard user into a high-value customer. With each milestone achieved, users accrue more value from your product and thus have a higher likelihood to retain. With its new milestone analysis capabilities, Amplitude combines behavioral analytics with relative time analysis, or placing the event in the context of the user’s journey, in order to identify these critical events. For example, a financial services platform was able to see users sending their second translation was more correlated with retention so sent out a marketing campaign to promote the behavior. And a fitness platform found that members were more likely to continue their membership after completing five workouts in their first two weeks. Amplitude is the only platform that enables teams to uncover these insights and guide customers through these pivotal actions at scale.
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This solution is enabled by an industry-first breakthrough from Amplitude’s proprietary data infrastructure, NOVA. By accounting for relative time, NOVA can calculate milestones in seconds where previously teams would need to invest weeks of analyst or engineering time for the same result. Now teams can easily identify important moments across users’ journeys regardless of when they started. This helps teams build product experiences that accelerate users through these milestones.
No-code milestone analysis is especially useful during the current coronavirus crisis, as businesses are struggling to transition their products and services to a digital interface. Whether a company is focused on growth, retention, or completely retooling their customer experience, Amplitude’s milestone analysis can drive improved business success at all stages.
“Our customers don’t have the time or resources to invest in complex coding to understand what moments accelerate new users to high-value customers. So we found it imperative to offer them a better solution,” said Jeffrey Wang, co-founder and chief architect at Amplitude. “Milestone analysis is saving our customers time and money by giving them a way to normalize moments across their entire user base, and empowering them to replicate the moments that lead to growth and retention.”
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MINDBODY, a business management company for the health and wellness industry, relies on Amplitude to address rapidly changing customer milestones, most recently in light of the current pandemic. Milestone analysis in Amplitude gave the product team the confidence to shift its strategy and prioritize virtual offerings to better meet customers’ needs, and ultimately, retain users.
“Creating customer pathways is like playing chutes and ladders. If a user hits the right milestone, it’s a quick journey toward accelerated growth,” said Alexander Soria, senior director of data science at MINDBODY. “Milestone analysis makes it easy to analyze behavior patterns and build the right experiences to direct users to these key moments.”
“Until now, product teams have had to rely only on instinct to replicate the magic that makes a user fall in love with their products,” said Justin Bauer, EVP of Product at Amplitude. “Our milestone analysis capability delivers the critical data to replicate that spark, resulting in stronger customer growth.”
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