SAN FRANCISCO, Oct. 19, 2017 /PRNewswire/ -- Today, Mixpanel, Inc., the world's leading product analytics platform for the enterprise, released its first ever Product Benchmarking Report to determine quantitative benchmark metrics for key moments in the user's web and mobile journey while seeking to answer the question often asked by marketers and developers, "what's the best performance standard for our industry?" The findings challenge many commonly held product performance benchmarks while providing companies with new insights to improve their user experience.
Mixpanel analyzed billions of anonymous data points to find industry-specific benchmarks in four key areas of product health: usage and user growth, retention, engagement and conversion. The company then narrowed focus to four popular industries for product innovation, including Media and Entertainment, Software-as-a-Service (SaaS), Financial Services, and E-commerce and Retail. Among the findings:
- Media & Entertainment: More people are watching videos, playing games and listening to music on their phones on the weekends, not the weekdays.
- SaaS: SaaS apps, which are used mostly for work, see their highest usage rates early in the week but they steadily decline as the work week progresses. By Friday, most people don't use SaaS apps at all.
- Financial Services: While web engagement falls off toward end of the week, mobile engagement is steady throughout the week. One notable outlier: Financial Services companies often see a 21% increase in activity on Sunday because users are often conducting trades and making payments.
- E-commerce: Interestingly, E-commerce companies consistently see higher mobile and web engagement numbers during the workweek and not on weekends, with most activity taking place Monday through Thursday.
The Report also shares valuable insights product teams can use to benchmark themselves against their respective industries. For example, the "elite standard for stickiness" among all verticals is 25%, though 20% is considered good. Similarly, "elite standard for retention" is also 25%, though the bar is higher for SaaS and E-commerce at closer to 33%.
"We created the Product Benchmark Report to answer the most common question product managers, marketers and analysts ask today: 'How do we compare to others in our industry?'" said Jessica Wang, Head of Product Marketing at Mixpanel. "It clearly shows that performance varies from industry to industry and now anyone can confidently set up performance goals and metrics using the findings highlighted in the Report."
To download the full report, visit us here.
Mixpanel conducted the analysis over a 60 day period during the months of July and August. The team looked at 50 billion mobile and web events conducted on the Mixpanel platform conducted by 1.3 billion unique users from 572 products using Mixpanel across the world.
Mixpanel helps teams and companies build products that users love through its analytics software for apps, websites and other digital products. With almost 20,000 customers worldwide, and 19% of the Fortune 500, our platform empowers product, UX and developer teams to make better product decisions, every day. Headquartered in San Francisco, Mixpanel has offices in New York, Seattle, Salt Lake City and London. Mixpanel's mission is to help the world learn from its data. For more information about Mixpanel, visit: www.mixpanel.com.
SOURCE Mixpanel, Inc.