Product analytics and data quality are essential for businesses that want to maintain a competitive edge, achieve revenue growth and cost reduction. This is especially true during a recession, when companies face reduced demand for their products and services and must find ways to adapt and remain profitable.
In this article, we will discuss why product analytics and data quality are so important during a recession, and will highlight some of the challenges and benefits of using these tools.
Product analytics helps businesses to better understand their customers, their needs, and their behavior, so teams can make informed decisions about product development, pricing, marketing, and other aspects of the business. By using product analytics, businesses can gain breakthrough insights that they can use to drive deeper engagement, increase customer satisfaction, and improve retention!
During a recession, it is even more critical for businesses to have accurate data, as they must be able to make consistent decisions and power great customer experiences to remain competitive and profitable. One undiscovered data bug can lead to significant wasted resources. Every day, we hear stories of how our customers (before Avo) made decisions on the back of broken analytics, and it set them back an entire quarters worth of progress. Sometimes multiple. Ouch!
Some of the key challenges with product analytics include the planning, team alignment, and collaboration around what to track, how to track, and then validating what was implemented vs what was planned. This can make it extremely time consuming and difficult for businesses to manage tracking implementations effectively. Additionally, data quality is often affected by duplicated events and properties, inconsistencies in data sources, and not having standardized schema controls. To overcome these challenges (and others), we built Avo! One of the biggest signs that your company has a technology gap, one that Avo was designed to fill, is if your tracking planning happens in tools like Google Sheet, Confluence or Notion. Spreadsheets don’t scale!
Reducing the cost of implementing high-quality product analytics during a recession can have a significant impact on your business by allowing you to bank significant time savings that you can allocate back into revenue generating activity. Additionally, having access to higher-quality product analytics data can also help your teams better understand changes in consumer behavior.
Avo helps you save time and money, while also improving the quality of your data. This means that even while budgets are tight, you can still dress up the data team to be a leading enablement asset for the organization, so you can maintain a strong market position and to continue growing, even during challenging economic conditions.
To help you estimate the potential impact of adopting Avo, and what cost reduction opportunity exists for your organization, we’ve built the Avo ROI calculator. It uses a number of assumptions (that you can customize) to evaluate the time and $ saving opportunity. Remember that Avo also helps you unlock more than just time savings. Avo also helps you drive progress across your self-serve analytics goals, and plays a key role in the democratization of data stewardship.
In conclusion, product analytics and data quality are essential for businesses that want to achieve revenue growth and cost reduction, and are especially important during a recession. By investing into designated product analytics data quality tools like Avo, businesses can continue to lean into product analytics with more confidence in their data assets, customers and insights, and can adjust their operations in order to remain competitive and profitable. Reducing the cost of implementing high-quality product analytics during a recession can have a significant impact on a business, and can help it to maintain a strong market position and to continue growing, even during challenging economic conditions.