Country for PR: Hong Kong
Contributor: PR Newswire Asia (Hong Kong)
Wednesday, December 16 2020 - 01:20
AsiaNet
New Industry Research Finds Companies That Use Product Intelligence Are 5.5 Times More Likely to See 25%+ Growth Year over Year
SYDNEY, Dec. 14, 2020 /PRNewswire-AsiaNet/--

Global report from Amplitude exposes how businesses are struggling to adapt to 
digital acceleration


Amplitude(https://amplitude.com/), 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(https://info.amplitude.com/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(https://info.amplitude.com/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.

See Amplitude's Product Intelligence 
Report(https://info.amplitude.com/product-intelligence-report) now and visit 
Amplitude(https://amplitude.com/) to learn how businesses can better understand 
and act on their customer data. 

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.

Survey Methodology 

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(https://www.hello-adience.com/).

About Amplitude

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.

https://mma.prnewswire.com/media/1333958/2020_Amplitude_logo_Logo.jpg

SOURCE:  Amplitude

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   Link: http://asianetnews.net/view-attachment?attach-id=376928

   Caption: Spenser Skates, CEO of Amplitude