When it comes to launching an analytics product, the non-technical aspects can make or break the product's success. Once you’ve made the business case for building an analytics tool and designed a user-friendly product, it’s time to launch it.
Here are five proven tips that will help ensure you can sell the product to potential users, increase user adoption, and continue delivering value well past the initial launch.
1. Increase Customer Adoption With Analytics Both Internally and Externally
Internal analytics can provide insights on adoption, usage, and early signs of churn.
As much as creating a new analytics product has become a customer-facing application, you should not neglect using analytics to measure your own customer adoption. For example, with internal analytics, customer service teams can ask more focused questions to raise customer retention rates.
2. Expand Adoption With Analytics
Adoption is all about expanding penetration. While your core service or product offers value to a specific set of users, others within your customer base will find data analytics useful across business units. This could be management, executive teams, or individual business users.
The real value in building analytics products is the ability to take the data tools already in the hands of data scientists and expand them to others within your customers’ organizations. After all, there are others who need and want data to make better decisions.
3. Use Customer Data to Increase Sales Win Rates
As you start sharing your products within more departments, keep in mind that analytics is a great way to visualize information. Putting something tangible in front of potential customers can accelerate your sales cycle. Using your customers’ data helps them see the value, not just the tool.
Start by tailoring your demos to show representations of customer data. With the right tools, you can more easily spin off new customer environments. Simply import customer data into a new environment while inheriting all of the business logic, data transformation, and data modeling you have already built. Companies that use this trial and pilot strategy can accelerate sales momentum.
4. Use Data to Go From Managing Business to Planning Wins
With analytics in your hands, you can completely shift the sales conversations. Data creates an opportunity to create tailored solutions for your customers and a consultative approach for your sales team. In many cases, it can also bring in services and domain expertise types of revenue to your business.
This helps move your sales team (or a subset of your sales team) from a transactional model to a consultative type of model. This group is more trained in analytics and is considered a subject matter expert for your customers. They know the corner cases, learn and apply best practices over time, and work on enterprise accounts. This hybrid between sales and consulting practitioners opens the door to engage larger enterprise accounts, creates value, and changes premiums.
5. Use Analytics as a Beachhead for Your Domain Expertise and Services Practice
We have also seen this case with consulting firms. By introducing analytics, consulting practices can enter the software market and use their new offering as a beachhead for bringing in their domain expertise and professional services. Analytics also helps these firms create a subscription business in addition to their one-time consulting gigs.
By following these five steps to launch your analytics product, you can ensure that it will not only experience initial success and adoption but will also continue to do so over time.