Data Analytics for Better Product Decision Making

A speaker from Mixpanel discusses how data analytics, particularly event-based tracking and user analytics, can enhance product decision-making. Highlighting that intuition alone isn’t enough, they use examples of failed companies like Blockbuster and Juicero to illustrate the importance of data. The “innovation loop” framework is introduced: collect data, identify trends, understand “why,” set goals/hypotheses, and engage users. They provide case studies, including improving product-market fit by identifying hidden features and optimizing for mobile, and successfully redesigning a product by meticulously tracking user interactions to ensure a smooth transition. The core message is that data analytics helps understand “known unknowns” and “unknown unknowns,” fostering faster innovation.
Source:Product School