AI Makes Product Analytics Super Easy for Small Businesses
SaaS businesses can win faster and quicker when AI is involved in product analytics.
Imagine you're playing a game with your friends and you have to find hidden treasures. To do that, you need to gather information, like which direction the treasures might be in and what clues you have to follow to find them. This is a lot like what SaaS businesses have to do with their product.
SaaS businesses need to gather information about their product, like how many people are buying or subscribing and what they like and don't like about the product. This process of called product analytics helps business owners, marketers and product owners make important decisions about their product to enhance, optimise and grow.
But gathering and analysing all of this information can be hard and take a lot of time, especially if you are already not using a tool such as Mixpanel or Amplitude (other tools do exist). If a business already has a tool like this, AI can level up your analytics game considerably.
Artificial Intelligence is like having a super smart friend in the Matrix who can make your job a lot easier. Just like how you would ask your friend for help in finding the hidden treasures in a game, SaaS businesses can ask AI for help in analysing their product data.
With AI, SaaS businesses can get important information about their product in just a few minutes. And, because AI is really smart, it can help SaaS businesses see patterns and trends that they might have missed before in a more manual process. This can help them make better decisions about their product, like what to make more of, what to improve, and what to ship next.
For example, let's say a business sells custom ice cream that delivers straight to customers. They might use product analytics to figure out what flavours are the most popular. With AI, they can get this information faster and see new patterns, like what toppings people like to buy with their ice cream matched with the size of the ice cream tub. This can help the business make important decisions, like making more of the popular ice cream flavours and adding more toppings to their menu.
AI and product analytics are going to become the perfect team. AI helps make product analytics much easier and faster as well as increasing efficiency in the business, enhancing scalability heavily increasing automation and providing predictive capabilities; something product analytics tools don't necessarily do for you.
Just like in the game, the more information a SaaS business has, the easier it is to win.