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Product Analytics Tools: Best 5 Software to consider in 2022 (Expert Guide)

Product Analytics Tools: Best 5 Software to consider in 2022 (Expert Guide)

“The most valuable commodity I know of is information." — Gordon Gekko

April 26, 2021 by Jonas Kurzweg

product analytics tools

According to McKinsey, data-driven organizations are 23 times more likely to acquire customers. They are also six times more likely to retain customers and 19 times more likely to be profitable as a result.

To be data-driven, you have to carefully select the product analytics tools you use. However, there are so many vendors on the market that it can be easy to lose track of what tools are worth considering.

Best Product Analytics Tools and Software to consider

We’ve done comprehensive research to help you understand what requirements you should look for when comparing product analytics tools, and we’ll show you the best ones on the market.

Contents

    What Is a Product Analytics Tool?

    Product Analytics Definition

    Product analytics tools measure and summarize user interactions in software applications. This includes applications for both web and mobile devices. The analysis of your product can lead to insights into onboarding, retention, or churn.

    Capturing events and user journeys is the industry-standard capability of a product analytics tool. Whichever tool you choose should provide the relevant insights on the dashboard. 

    Advanced product analytics tools automatically capture all the interactions users take without requiring an event setup. Those tools can use the additional set of data to generate heatmaps or session replays, among others. Not familiar with heatmaps yet? Download our free heatmap guide.

    Industry-Standard Product Analytics Features

    The following features are typical in most product analytics tools:

    • Automatic data capturing.

    • Detailed user segmentation.

    • Detailed session segmentation.

    • Ability to add and analyze events.

    • Custom segments and reports.

    • Data funnels.

    • Key KPI dashboards.

    • Date-based data filtering.

    • User property attachment.

    • Dashboard customization.

    • Sankey diagrams for user journeys.

    • User journey drill-down.

    You need these features to analyze your product in three layers with your product analytics tools.

    3 layers of product analytics tools

    The first layer is the big picture of the product. Here are the top-level KPIs and the average user flow. 

    The second layer concerns specific funnels. User flows such as onboarding, conversion, or engagement funnels are highlighted here.

    The third layer gets specific about individual user journeys. Understanding user behavior will enable you to improve the UX of your product.

    Types of Product Analytics

    Product analytics tools come in different forms. Some just offer analytics, while others also provide related toolsets to, for example, capture customer feedback.

    There’s also a difference between qualitative and quantitative product analytics tools. Qualitative analytics tools concern themselves with user behavior, whereas quantitative analytics tools focus on numerical data.

    Qualitative versus quantitative product analytics

    Experience analytics combines qualitative, quantitative and technical analysis techniques to provide you with all the insights you need to make your app successful. Read our e-book on this topic to be ready to take your app to the next level. The technology used for web and mobile products isn’t the same, which is why it makes sense to have separate tools for each. A one-size-fits-all product analytics tool is likely to lack features or capabilities. You want to get specific and go for specialized tools too.

    You can also try building your own product analytics tool in-house. This comes with additional development costs and a certain level of risk. We recommend a cost-benefit analysis here.

    Product Analytics Implementation Process

    We recommend that you take 5 minutes of your time to watch analytics thought leader Christian Eckhardt explain how to properly set up a product analytics tool:

    Top Product Analytics Tools

    The following tools are the best product analytics tools on the market. 

    We included the average review on Capterra to prove our point. We also tried to provide you the pricing for these tools, but keep in mind that all of the premium players on the market use a custom pricing model that varies depending on the usage volume.

    UXCam

    Product Analytics Tools: Best 5 UXCam

    UXCam is the market leader for dedicated in-app product analytics. The tool is exclusive to mobile apps.

    Reviews: 4,6 out of 5, based on 22 reviews.

    Pricing: The first 100K sessions are free on the trial. Pricing upon request.

    UXCam’s selling points:

    • Reveal user frustrations automatically.

    • Quickly understand the full user journey.

    • Spot concealed bottlenecks.

    • Know where and why users drop off.

    • Get automatic element tagging.

    UXCam comes with a quantitative analytics suite that enables deep analysis, but the advantages don’t stop there:

    1. Discover the real sources of friction. Heatmaps show you where users press and what items they miss.

    2. Get information on where users drop off and why. Find out how users flow through the funnel.

    3. Replicate and reduce crashes. By replicating each crash in under 30 seconds, you save precious developer time.

    4. Grasp the entire user journey with session replay.

    UXCam’s clients have reported higher conversion and retention rates since they began using the service. You can get started with UXCam here. Want to see it in action? Book a demo and get all your questions answered.

    UXCam takes 2 lines of code and less than 5 minutes to integrate.

    Product Analytics Tools: Best 5 softwares to consider

    What customers say about UXCam

    Mixpanel

    mixpanel mobile analytics

    Reviews: 4,4 out of 5, based on 84 reviews.

    Pricing: Starts at $36 per month with limited features and sessions.

    Mixpanel’s selling points:

    • User timeline.

    • Predictive analytics.

    • Custom dashboards.

    Adobe Analytics

    Adobe Analytics

    Reviews: 4,4 out of 5, based on 167 reviews.

    Pricing: According to this article, pricing starts at $100,000. Adobe Analytics doesn’t disclose pricing.

    Adobe Analytics’ selling points:

    • Custom analysis and visualization.

    • Intuitive interface.

    • Powerful segmentation.

    Gainsight PX

    Gainsight PX

    Reviews: 4 out of 5, based on 1 review. Pricing: Gainsight doesn’t disclose pricing.

    Gainsight PX’s selling points:

    • Behavior tracking with and without custom events.

    • Product guide.

    • User feedback.

    Amplitude

    Amplitude

    Reviews: 4,4 out of 5, based on 39 reviews.

    Pricing: According to GetApp, Amplitude is free for up to 10 million monthly events. Amplitude’s business plan starts at $995/month, enterprise pricing is available upon request.

    Amplitude’s selling points:

    • Custom dashboards.

    • User profiles.

    • Real-time event stream.

    Conclusion

    Effectively implementing a product analytics tool requires comprehensive research and clarity of the objectives you want to achieve. A clear understanding of the requirements and benefits of each one of these tools will help you in your further research.

    We hope this guide proves useful in searching for the best solution for you. Ready to give UXCam a try? Start a free 14-day trial now. No credit card required.

    FAQ

    Why are Product Analytics Tools Important?

    Product Analytics tools enable businesses to see how customers engage with their software. Product analytics track digital footprint of users to uncover opportunities for improvement.

    What is the best product analytics tool?

    The best product analytics tools to consider are;

    1. UXCam
    2. Mixpanel
    3. Adobe Analytics
    4. Gainsight PX
    5. Amplitude

    What are Product Metrics?

    Product metrics track the success of a software product. Product metrics examples include retention rate, recurring revenue, or daily active users.

    What is a Product Analyst?

    Product Analysts analyze data to determine marketing and business strategies for a product.

    Related Articles

    Jonas Kurzweg
    AUTHOR

    Jonas Kurzweg

    UX, marketing & product nerd. Coffee enthusiast. Working at UXCam. Leave me comments if you have any!

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