Amplitude Raises $15 Million for Better Customer Analytics

Amplitude Raises $15 Million for Better Customer Analyticsvia Small Business Trends http://ift.tt/fSwfQf http://ift.tt/1PqQVb0

The one analytics tool used by more organizations than any other is offered for free by the largest search engine in the world: Google.

This has given the company a clear advantage, but if Google Analytics doesn’t offer the metrics you need, there are still other options.

One company that offers a different option is Amplitude, which has been growing with subsequent rounds of investor funding.

Customer Analytics Company Amplitude Aims to Stand Out

Amplitude received an unspecified amounts of investment in 2012 and 2013, followed by $2M in 2014, $9M in 2015 and, most recently $15M in June of 2016.

According to CEO Spenser Skates, the company is on a mission to democratize deep analytics to the point where everyone will be able to afford it and use it. He said, “Amplitude is revolutionizing product analytics through the behavioral layer — something previously only companies the size of Facebook could afford to do.”

The change Amplitude wants to deliver in the ecosystem is to make user data available to everybody within an organization. This lets everyone from marketers to product developers see the conversations their customers are having at all times.

Along with the news of the funding, Amplitude also announced a new product called Pathfinder. This solution will give you a better understanding of the path users take to your product or service.

Pathfinder exposes all of the different ways your users navigate in your application, so you can explore and analyze all of the actions they take on the path towards conversion. With this information, you can see what works and what doesn’t much more quickly and efficiently.

Other Amplitude product lines include:

Analytics Platform: Lets you actually discover what your users are doing to help you make data-informed decisions to improve your retention and conversion goals.

Behavioral Cohorts: Defines users based on the actions they have or have not taken while using your product or app.

Compass: Scans through all of your user data to determine the type of behaviors responsible for long term retention.

Microscope: Drills down into your data so you can explore the different behaviors behind the graphs with greater detail and see the users and actions that make up a specific point.

SQL: Allows you to answer any question with SQL access to your raw data.

These are all probably features any organization would welcome in order to better understand its users and customers, but can a small business afford it?

Amplitude has different tiers of service, including a free version called Starter, Elite for $2,000 per month, and Enterprise, which you have to contact the company to learn more about (so it’s probably expensive!) While the free version has enough functionality to give you better awareness of your digital presence, it is with the Elite and Enterprise versions that Amplitude shines. Granted most small businesses won’t be able to afford the Elite service, much less the Enterprise version, but it’s good to know Google is not the only solution out there.

The Competition

The first and obvious company is Google. The one thing Google has going for it is the price: free. Unless you are a massively large enterprise with tremendous amounts of data, you won’t have to purchase the premium service Google offers. For almost everyone else, Google Analytics provides virtually everything you need to see the metrics that affect how your site is performing.

Other competition includes Flurry, Mixpanel, Localytics, KISSMetrics, Clicky and many other analytics alternatives. All of these companies provide data but not all may meet your needs. At the end of the day, the product that delivers the most useful data to help you make daily decisions about your business is the best solution for you. It might not be Google, Amplitude or any of the others mentioned here, so take your time to find the right service you need to succeed.

Please let us know how analytics has improved the way you manage your site, whether it is Google or another service entirely.

Image: Amplitude.com

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Small Business IT via Small Business Trends http://ift.tt/fSwfQf June 13, 2016 at 11:30PM