How analytics can be used to inform product development

This is frequently used to optimise marketing channels and campaigns, but are brands making the most of analytics to inform their product development.This depends to an extent on what you define as your product.

One might argue that in our increasingly digitised world, the lines between product development and CRO (conversion rate optimisation) are becoming blurred.For example, for a pureplay retailer like ASOS its website and the content it publishes are as much a part of its product as the clothes it sells.

And if you’re willing to accept the parallels between the two processes, then it appears most companies are addressing this issue.Econsultancy’s Conversion Rate Optimization Report 2014 shows that after a year of relative stability in this area, companies are now more likely to have multiple people responsible for improving conversion rates.

There has been a 14% increase in the proportion of companies that have more than one person directly responsible for improving conversion rates, from 37% to 42%. It argues that to facilitate a process of product development informed by data, businesses need to be implementing behavioural analytics.This sophisticated set of analytics can provide insights into the decision processes of individual people making purchasing decisions.

As a result the company took action, including a shift in marketing investment to ensure that the corporate message was more focused and effective in that channel.

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