Introduction
Growth is driven by understanding how users use your product. In order to accomplish this, companies can use Mixpanel, which allows businesses to observe user activity as it happens, allowing businesses to improve on user engagement and retention. Rather than measuring only the traditional measures like page views, Mixpanel measures user activity; thus, Mixpanel is an excellent choice for teams wanting a more detailed understanding of their product.
What is Mixpanel?
Mixpanel offers comprehensive analytics for all types of products or services. Businesses can use this information to understand their users better by providing insight into the users’ actions over time and identifying trends in the users’ behaviour. Users can also see how many times they visited before dropping out of a session, providing additional insight for companies to enhance the user experience.
Key Features of Mixpanel
- Event-based Tracking: Tracking of users’ specific actions, including sign-ups, clicks/purchases, and feature usage.
- Funnels: An analysis of how users progress through the key workflows of your application and where they abandon the process.
- User Segmentation: Creating segments of users based on things like their behavior, location, device, or other data.
- Retention Reports: Tracking how often users return and how long they are engaged with your application.
- Real-time Analytics: Ability to track user interactions as they occur for immediate reporting.
- Cohort Analysis: Tracking and comparing the behavior of different groups of users over time.
- Integrations: Ability to connect our app with tools like Slack, Segment, Google Ads, etc., as well as data warehouse solutions.
Pros & Cons of Mixpanel
Pros:
- Provides detailed reports on how Users behave
- Users can see analytics for themselves at the moment
- Has excellent reporting/visualization options
- Has the ability to grow with your products or business size
Cons:
- It can be hard for beginners to learn
- Due to the amount of data you track, pricing can grow as well
- For optimal results, events must be correctly set up in the Events tab
How to Use Mixpanel?
- Create a Mixpanel account
- Add the tracking code or SDK to your app or website
- Define events you want to track
- Set up funnels, dashboards, and reports
- Analyze user behavior and optimize your product
Who Can Use Mixpanel?
- Product managers
- Growth and marketing teams
- SaaS companies
- Mobile app developers
- Startups and enterprises
- UX and data analysts
What Makes Mixpanel Unique?
Instead of just being based on page views, Mixpanel focuses on event types of analytical data. It gives teams the capability to understand how users interact with features rather than solely tracking traffic. Using real-time reporting capabilities, Mixpanel provides advanced segmentation capabilities that help teams quickly identify the reasons that lead to engagement or disengagement.
Pricing & Plans
Mixpanel provides choices in its subscription pricing:
- Free plan: provides very limited amounts of analytics and data tracking capabilities aimed at providing sufficient insight for smaller projects.
- Growth plan: provides advanced analytics for larger growing teams.
- Enterprise plan: provides unlimited amounts of analytics and event tracking, as well as increased levels of security and support.
Plan pricing is determined by both how many events are being tracked and the amount of data being gathered within a user’s own application.
Conclusion
A great tool for businesses that want to gain insights into how their users interact with a product, rather than just looking at traffic data, is Mixpanel. Mixpanel provides a high-level overview of user activity, allows you to track user engagement, as well as identify opportunities for improvement.
In addition to providing you with real-time analytics, Mixpanel’s reporting features allow you to generate reports when you want, which can help your business drive growth for digital products by providing data-backed decisions. Although Mixpanel can take several weeks (or even months) to set up correctly, the insights generated could prove to be extremely beneficial for the continued growth of your products long term.
