Growth in a Pandemic Requires a New Set of Tools
Achieving digital success is a do-or-die challenge for businesses in today’s world. The vast majority of organizations know they need a better understanding of their users’ behavior to move fast and build products their customers want, but they’re stalled on the next step. Indeed, 94% of business leaders say that understanding user behavior is a priority, but 71% are unsure of how to do so.
These companies need a new set of tools to help them understand, attract, and retain customers. They need product intelligence.
Our research finds that businesses using product intelligence tools are 5.5 times more likely to see >25% revenue growth year over year than those who aren’t using it.
A Lack of Data Inhibits Teams
- Minimal access to the right toolsOnly 20% of product teams have access to product intelligence tools with behavioral insights.
- Rampant delays69% of teams must wait a few days to a week to answer simple questions about user behavior.
- Compromised decisions59% of businesses rely on instinct when they can’t access behavioral insights right away.
Product-Led Practices Get Results
Product-led companies have a product person in the C-suite, give product teams autonomy, and break down silos. All of these practices have a direct impact on businesses’ bottom line.
Companies with a CPO are 6.5x more likely to grow revenue >25% year over year and 3.5x more likely to ship new end-user functionality each week.
Autonomous product teams are 5x more likely to grow revenue >25% year over year and ship more releases by an order of 2.5x.
Half of survey respondents said their product teams are siloed. Only 13% said their product teams were fully cross-functional.
2020 DIGITAL EXPERIENCE IN NUMBERS
of companies struggle to understand why users behave the way they do.
of C-suite executives say they don’t know exactly what to do to become more product-led as a business.
more likely to ship weekly product releases when using product intelligence than without such tools.
57% of businesses say that product behavioral data has a significant influence on their road maps, but only 20% use a product intelligence tool that offers behavioral analysis.
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The Amplitude Product Intelligence Report is based on data from an independent quantitative study conducted by Adience, which surveyed 359 digital product decision-makers by telephone and online in August 2020. Adience is a research consultancy that specializes in conducting global B2B market research.