What is Mixpanel?
Put simply, Mixpanel is an analytics tool that offers advanced functions to track both site and product analytics. It’s model focuses on three main aspects; events, users and properties. This model provides an in-depth understanding to Mixpanel users of their customer base. It is a similar idea to Google Analytics, however they differ in the data they interact with. Mixpanel reviews and measures user actions on the website, rather than simply tracking where visitors come from and how long they spend on each page.
Benefits of Integrating Mixpanel
- Tracking how users interact with your website/products
Mixpanel collects its data by tracking:
- Events: an interaction that connects a user and the product e.g. put an item in their cart
- Users: the person responsible for carrying out the interaction e.g. the person who put it in the cart
- Properties: these can relate to events and users and provides more detail e.g. Helen often orders flat white’s
Based on this data, it offers detailed reports on various metrics which your SaaS can utilise to improve your business.
- Allows you to identify problems and create solutions
There is a difference between tracking and understanding when it comes to analytics. Understanding customer behaviour can be done on Mixpanel in isolation in order to find points of weakness and strength, and adjust your business/marketing strategy accordingly. An example of what Mixpanel may make you aware of is a lot of customers adding to their cart but not purchasing the items. By identifying this, you can then come up with a constructive solution to help churn customers, turn into conversion customers.
- Continuous Tracking
Mixpanel does not function between certain times of the day. It is continuously tracking customer actions on your site and collating this data into a refined piece of visual data that is displayed on your dashboard for viewing. Tracking analytics is the easiest way to improve how your business does. Mixpanel identifies where you might be slipping. In saying this it is important to note that integrating Mixpanel is one thing, proactively applying the analytics it provides you with is another. There is no point in integrating Mixpanel if you are not going to alter your business model to play to the strengths and weaknesses it identifies.
- Focus Marketing
Following on from the previous point, you can use the analytics to focus your marketing in the direction you know will create greater success. The targeted, personalised data Mixpanel provides you with is indispensable information you can work your marketing budget around.
- Better conversion, engagement and optimize user experience
At the end of the day, businesses want conversion not churn. Providing you with information on popular and unpopular features and areas on your website, you can improve user experience to hopefully see a higher conversion rate. Once you have done this, using Mixpanel’s metrics, you should work on customer retention.
Mixpanel may seem complex at first, however once you understand the basics it is created to be built up. Starting with only a few metrics on your dashboard still provides invaluable information that you can begin to layer and add to as time progresses.