We have a lot of exciting news to share today – our Series C raise, the progress we’ve made as a company over the last 12 months, and the incredible team we have built in San Francisco and Amsterdam which made all of this possible. But first, I want to share with you the vision that has guided our journey.
The beginning of an industry
Over the past few months, we’ve posted several excerpts on the blog from a big project we’ve been working on: a comprehensive playbook for using analytics data to improve user retention. Putting together the playbook has a been a huge undertaking from many people at Amplitude. I don’t think we knew what we were signing up for when we started. After thousands of hours of work, hundreds of analyses, and working with dozens of our customers, we’re excited to finally share it with you.
Today we’re releasing the Product Analytics Playbook, Volume 1: Mastering Retention. Volume 1 is a comprehensive approach to retention across all stages of the user lifecycle. It covers how to build retention into your product. It also covers how to leverage user behavior data to identify opportunities to improve your product. Understanding and improving retention is core to long term product success and the cornerstone of using product analytics to build better products.
Last week, we announced Amplitude 2.0 — the next generation of our product analytics platform. Today, I’m sharing the story behind 2.0: the industry shift in how companies are building products, how our users shaped the way we rebuilt Amplitude, and our vision for the future of products.
Back in March of 1995, Microsoft released a product called Microsoft Bob. Designed with computer novices in mind, Bob was supposed to make it easier for the average person to use a PC. The interface was styled as a virtual home where you navigated between rooms to access different programs, all with the aid of an animated dog as your guide (whose later reincarnation showed up in Microsoft Office as our old friend, Clippy).
If you’re in the mobile app business, you’ve probably heard this statistic — that 80% of mobile app users churn after just 3 days, and that the average app loses all of their new users within a month.
Today, we’re announcing that these retention findings may, in fact, be inaccurate for the vast majority of apps in the industry. Amplitude has now tracked over 1 trillion user actions across 500 million devices. After analyzing our customer data, we’ve discovered the standard industry method of calculating retention grossly underestimates retention numbers, suggesting that the future of apps isn’t as grim as it was made out to be. Now, we want to share these insights with you.
In our third iteration of Growth Clinic, we’re taking a step back and thinking bigger.
To survive, businesses need growth. To achieve sustainable growth we focus on strategies for long-term user retention. But before any of that can happen, there’s one thing that all businesses need to nurture first: a culture of data.
You deserve better analytics to grow your product and bring value to your users. Plain and simple.
For us, that means bringing you the best-in-class web and mobile behavioral analytics platform so you can understand your users both today and well into the future. It means bringing you powerful, point-and-click analytics that lets you perform queries that would’ve once required teams of data scientists. It means bringing you behavioral analytics that gives your whole company insight into how your users navigate your product.
“We chose Amplitude because it has a fantastic look and feel and we’ve found it to have better out-of-the-box analytics capabilities than its competitors. I love that I’m able to dive right into Amplitude to better understand our products’ user behavior – I can even give access to folks without an analyst background so they can quickly spin up some segmentation charts and dashboards to share with their teams. It is truly a versatile and powerful platform.”
— Mike Murray, LogMeIn.
To continue building our platform in new and advanced ways, I’m excited to publicly announce that we’ve closed $15M in Series B funding, led by Battery Ventures. We’re adding Neeraj Agrawal to Amplitude’s board of directors, who will help us grow the team and advance the product so we continue to be the best-in-class behavioral analytics platform for you. You can read the full press release here.
We also have several other exciting updates that will help you understand user behavior at a deeper, more sophisticated level, including a new tool called Pathfinder, a brand-new backend architecture, as well as a Retention Playbook in the works.
As an analytics company, we’re always thinking about growth. We ask ourselves constantly how we can help our customers leverage data to grow their product and their business. That’s one of the reasons we’ve made growth mindset one of the three cultural values we want every Ampliteer to exhibit.
For Amplitude as a whole, growth mindset doesn’t only pertain to adding more features to the product or getting more customers. It means growing our ideas. We can’t grow as a company if we remain static, fixed in our ways. We can’t grow as a company if the ideas we come up with are unchallenged. That’s why having diversity of thought in the workplace is essential to our company’s success.
Diverse thoughts come from diverse individuals. Diverse teams help to build better products and better companies.
Back in March, with the formation of the diversity team, Amplitude started taking its first steps towards addressing diversity in the workplace.
Today, I want to talk about what diversity is at Amplitude and share our commitment to diversity and inclusion in the workplace.