The builder’s paradox would have you believe that you can either build fast based on instinct or go slow and make data-informed decisions. This split is true for the majority of product teams that do not have a tool that provides self-service access to customer data insights. Our Product Intelligence Report shows that only 21% of product teams can answer simple questions about their customers’ digital behavior within a day. Half of the product teams have to wait several days, and 29% wait a week or more.
But with a real-time product analytics solution, product managers can quickly access their data and get insights into user behavior. These insights allow them to place a smarter bet at the beginning of the product development cycle. They can avoid over-building by getting feedback and iterating to make the feature even better.
This infographic demonstrates the cost of delays in product analytics. It shows the journey of three product managers who are building onboarding flows for their products. The insights they’re able to glean about user behavior inform the journeys they take, and consequently the business outcomes they achieve.
[Download this infographic as a PDF]
If your team encounters delays like this, you’re leaving money on the table. Autonomous product teams are five times more likely to grow revenue by 25% or more year-over-year. They also ship more releases by an order of 2.5x.
This gap between insights and action extends to all parts of the business. Research shows 49% of companies struggle to understand why users behave the way they do. And 63% of C-suite executives say they don’t know exactly what to do to become more product-led as a business.
To close this gap, you need product analytics. With a quality, self-serve tool, everyone at your company can explore the customer journey, understand user behavior, and find the insights that generate business impact.
Only 20% of teams have direct access to a tool like this. It’s time to change that.
Learn more about these findings in the Product Intelligence Report or speak with a product analytics expert today.