New Industry Research Finds Product Intelligence Powered Companies Are 5.5 Times More Likely to See 25%+ Growth Year over Year

Global report from Amplitude exposes how businesses are adapting to digital acceleration, finds large amounts of uncertainty on how to understand customer behavior and achieve digital objectives

Today at its annual Amplify event, Amplitude, the leader in product intelligence, announced the results of a global survey that measures business’ attitudes and approaches for building digital products and experiences. The Amplitude Product Intelligence Report finds companies are leaving revenue on the table, with most companies saying they don’t have the proper tools in place to understand and act on customer data.

Recommended AI News: SparkCognition Advances the Science of Artificial Intelligence with 85 Patents

With the pandemic accelerating digital transformation from years to weeks, even days, there is increased urgency for companies to conceive and create exceptional digital products and experiences that attract and retain customers. The report, built from research conducted by the Adience and directed by Amplitude, surveyed C-level executives, VPs, directors, and managers overseeing business and product teams to understand how businesses are adapting to their digital-first reality. While nearly every respondent agreed digital is a top priority, the report uncovered businesses have several customer blind spots and are struggling to connect their customer insights into action, resulting in lost growth.

Recommended AI News: Daily AI Roundup: The 5 Coolest Things On Earth Today

“Customers are forming new habits every minute, and when every interaction counts, instinct no longer cuts it,” said Spenser Skates, CEO of Amplitude. “Digital is the defining competitive edge and our research shows a clear connection between business performance and a data-driven understanding of the user experience. Companies can no longer see digital as an option — it’s make-or-break for survival.”

Key findings of the Amplitude Product Intelligence Report include:

• Businesses have blind spots when it comes to customer behavior – While 97% of businesses say that improving the digital experience for users is a priority, 71% said they don’t know exactly where to start when it comes to understanding their users’ behaviors and 38% said they don’t know what to do to improve their digital experience.

• Customer retention on digital platforms continues to plague the majority of businesses – 69% of businesses said they don’t know where to start when it comes to retaining customers on digital platforms.

• Hidden data is costing businesses time and money – 69% of teams are waiting a few days to a week to get responses to simple data questions with 59% of organizations saying that if their product teams can’t access behavioral data immediately, they move forward based on instinct, rather than evidence.

• Teams are forced to make critical product decisions based on best guesses – 77% of product teams rely on best practice and instinct — not product intelligence tools and behavioral data — when building product roadmaps. Only 20% of product teams have access to a behavioral data tool that is easy to use.

• Businesses with real-time insight into customers’ behaviors are succeeding – businesses using product intelligence tools were 5.5 times more likely to see over 25% revenue growth year over year. Having C-level product leadership also mattered as those businesses were 6.5 times more likely to grow by 25% or more in the previous year.

Recommended AI News: Cambridge Announces New Partnership to Provide Expertise on Education Reform