Global report from Amplitude exposes how businesses are struggling to adapt to digital acceleration
SINGAPORE, Dec. 14, 2020 /PRNewswire/ — Amplitude, the leader in Product Intelligence, has announced the results of a global survey that measures businesses’ attitudes and approaches for building digital products and experiences. The Amplitude Product Intelligence Report finds companies that haven’t embraced Product Intelligence as a business growth strategy are leaving revenue on the table, with most companies saying they don’t have the proper tools in place to understand and act on customer data.
With the pandemic accelerating digital transformation from years to weeks, even days, there is increased urgency for companies to conceive and create exceptional digital products and experiences that attract and retain customers. The report, built from research conducted by Adience and directed by Amplitude, surveyed C-level executives, VPs, directors, and managers overseeing business and product teams to understand how businesses are adapting to their digital-first reality. While nearly every respondent agreed digital is a top priority, the report uncovered that businesses have several customer blind spots and are struggling to connect their customer insights into action, resulting in lost growth.
"Customers are forming new habits every minute, and when every interaction counts, instinct no longer cuts it," said Spenser Skates, CEO of Amplitude. "Digital is the defining competitive edge and our research shows a clear connection between business performance and a data-driven understanding of the user experience. Companies can no longer see digital as an option – it’s make-or-break for survival."
Key findings of the Amplitude Product Intelligence Report include:
- Businesses have blind spots when it comes to customer behavior – While 97% of businesses say that improving the digital experience for users is a priority, 71% said they don’t know exactly where to start when it comes to understanding their users’ behaviors and 38% said they don’t know what to do to improve their digital experience.
- Customer retention on digital platforms continues to plague the majority of businesses – 69% of businesses said they don’t know where to start when it comes to retaining customers on digital platforms.
- Hidden data is costing businesses time and money – 69% of teams are waiting a few days to a full week to get responses to simple data questions with 59% of organizations saying that if their product teams can’t access behavioral data immediately, they move forward based on instinct, rather than evidence.
- Teams are forced to make critical product decisions based on best guesses – 77% of product teams rely on best practice and instinct – not Product Intelligence solutions and behavioral data – when building product roadmaps. Only 20% of product teams have access to a behavioral data tool that is easy to use.
- Businesses with real-time insight into customers’ behaviors are succeeding – businesses using Product Intelligence solutions were 5.5 times more likely to see over 25% revenue growth year over year. Having C-level product leadership also mattered as those businesses were 6.5 times more likely to grow by 25% or more in the previous year.
Amplitude Introduces Journeys
Along with the report, Amplitude has introduced Journeys, an industry-first solution that leverages machine learning to focus teams on the moments that matter most across the entire customer journey. By evaluating the thousands of possible events along a customer path, Journeys automatically focuses teams on the few exact moments that have the greatest business impact, such as drop-off or paths which yield the highest conversion. Product teams then leverage this real-time, predictive intelligence to identify the exact friction or conversion point by user, and group customers into cohorts for targeted messages and offers to accelerate conversion.
The Amplitude Product Intelligence Report is based on data from an independent quantitative study conducted by Adience, which surveyed 359 senior-level respondents in August 2020, with 25% of those surveyed representing C-level decision-makers or business owners. Interviews were conducted in the UK, U.S., Canada, India, and Australia across B2B SaaS, financial services, retail/eCommerce, transportation/logistics, entertainment/media, consumer technology, industrial/manufacturing, professional services & consulting, healthcare & pharmaceuticals, education, and travel & leisure. Adience is a research consultancy that specializes in conducting global B2B market research. Learn more at hello-adience.com.
Amplitude is the leading product intelligence platform that helps companies use their customer data to build great product experiences for digital growth. Headquartered in San Francisco with offices in New York, London, Paris, Amsterdam, and Singapore, Amplitude is the cross-platform, real-time data solution of choice for modern product and growth teams. Amplitude powers over 59,000 digital products at companies like Microsoft, Ford, CapitalOne, NBC, Hubspot, and PayPal.