Product Intelligence Software
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What is Product Intelligence Software?
Product intelligence software is used by businesses to evaluate how their products are performing for consumers. Product intelligence drives business innovation. This intelligence serves as valuable input for product enhancements and new features. It enables businesses to better understand a product’s strengths and weaknesses.
This intelligence is produced by gathering and analyzing information on how consumers are interacting with your product. It can also provide information on how consumers view a competitor’s products. By enabling the creation of better products and experiences, the software promotes consumer satisfaction and facilitates brand engagement.
- Who are your power users?
- How do they engage with the product?
- Why do customers convert, or not convert?
- How are product features related to customer retention?
- Do new features provide the expected results?
- What are the main drivers of engagement, conversions, and retention?
Product intelligence software uses event-driven models, which track individual user interactions with a product. By collecting all a product’s events for a specific individual, it provides a complete picture of a specific user’s journey within the product.
Product intelligence software automates the collection of user behavior data and includes text analytics to analyze customer reviews, social media comments, and ratings for your product. It also gathers information from customer interviews, surveys, and focus groups—providing a complete picture of how your customers feel about a product.
Product intelligence software is used to test new product features and gauge which modifications have the greatest impact on a product’s potential. Monitoring product performance in this manner helps measure consumer sentiment for new product releases.
Product intelligence software is used by teams involved in product development, design, branding, and marketing. Typically users may include product managers, product designers and developers, and marketing managers.
Product Intelligence Software Features
Most product intelligence software products will include the following features:
- Collects and analyzes product performance data
- Tracks and analyzes user behavior
- Gathers and analyzes consumer feedback
- Group analytics
- User workflow analytics
- Data management
- Integration from apps and servers using customer data platforms or product intelligence software SDK’s
- Dashboards, data visualization, reporting, and alerts
- Security and privacy controls
Product Intelligence Software Comparison
Consider the following when purchasing product intelligence software:
- Scope: Product intelligence software and product analytics tools are closely related. Product intelligence software consolidates multiple views of product performance, offering a comprehensive account of product performance, while many product analytics tools are designed to focus on specific aspects of product performance. The line between the two is often blurred in vendor products. Evaluate whether a broad or more narrowly targeted approach to product performance best addresses your needs.
- Integrations: Will you be leveraging your existing customer data platforms as input to your product intelligence software, or will you be using the product intelligence software’s software development kits for that purpose? Does the software readily integrate with the major cloud data warehouses you may be using?
Basic versions with a limited number of users and features are free. Starter plans range from $25 to $399 a month. Mid-range plans cost around $599 a month. Large scale and fully-featured products requiring obtaining a vendor quote.
Frequently Asked Questions
Benefits of using product intelligence software include:
- Guides product development and accelerates product innovation
- Identifies key product features and those that need improvement
- Creates a better customer experience, contributing to improved customer satisfaction and brand loyalty
- Provides competitive advantages
- Improves quality control and product analytics scalability
Product intelligence platforms with a limited number of users and features are free. Basic plans range from $25 to $399 a month. More advanced plans begin around $599 a month.
Enterprise-grade product intelligence plans that are very feature-rich typically require obtaining a vendor quote.