Mixpanel vs Amplitude – Comparison of the top product analytics tools.
Product analytics tools such as Mixpanel & Amplitude assist companies in gaining a thorough picture of how product users interact with their products. Members of GTM teams who desire to comprehend how customers engage with their products, discover pain areas and optimise features must rely on product analytics tools.
Mixpanel and Amplitude are two of the most widely used applications in the market, but deciding between these two platforms can be difficult. Mixpanel is an effective product analytics platform that provides comprehensive data on product utilisation & user behaviour to assist teams in developing better products. Amplitude specialises in in-depth user behaviour analysis. While Mixpanel serves as a one-stop analytical solution, Amplitude strives to be the industry leader in actionable analytics.
This blog post compares Amplitude vs Mixpanel in order to help you decide which one is best for your company.
What are Product Analytics Tools?
Product analytics tools are applications that collect, analyse, & comprehend data from user-product interactions. These tools let you gather in-depth knowledge about your products’ user behaviour, performance, & customer feedback. Product analytics solutions can offer you essential insights to make educated decisions and optimise your services for better results by employing data-driven techniques. These tools aggregate data from client and server-side sources, such as user behaviour, experience, & system logs, and show it in a detailed and visually appealing format. Product analytics tools facilitate user segmentation and carry out A/B testing, and help to uncover how customers interact with products, discover opportunities for improvement, and reveal the potential for growth. Your product team can improve user experiences, boost customer satisfaction, & drive revenue growth by harnessing the data collected by these tools.
Why Do You Need Product Analytics?
A product analytics solution is a highly dependable and objective technique to gather feedback on your digital products.. These tools are mostly used for the following purposes:
1. Analyse user behaviour:
You can utilise product analytics tools to monitor and evaluate user behaviour while using your product. You can learn how users interact with your software, which features they utilise most frequently, and exactly where they might get stuck or abandon it. This data assists you in identifying pain areas and possibilities for improving customer experiences & increasing user retention.
2. Performance evaluation:
Monitoring your product’s performance is critical for discovering opportunities for development. A product analytics tool gives you measurements and insights into things like loading time, rate of errors, and system efficiency. By monitoring these metrics, you can fix performance glitches and provide a consistent user experience.
3. Experimentation and A/B testing:
Product analytics tools allow you to evaluate multiple versions or attributes of your product to figure out which operates better. This data-driven method assists you in making informed design decisions, new feature executions & user interface optimisations.
4. Make your decisions based on data:
A product analytics solution offers you vital data insights that allow you to make educated decisions. You can enhance your product strategy, prioritise feature development, & optimise user experiences by analysing customer behaviour, product efficacy, & customer feedback.
5. Customer feedback & satisfaction:
Understanding and gathering feedback from customers is critical for a successful product. A product analytics platform assists you in collecting customer input via inquiries, feedback, and other interaction channels. You can acquire insights into customer opinions, find places for improvement, & prioritise product upgrades based on user requirements and preferences by analysing this data. This ongoing feedback loop guarantees that your product grows to fit the needs of your customers and provides a great user experience.
What are the key product metrics that every founder needs to keep track of using Product Analytics Tools?
Product metrics demonstrate how people engage with your product. Monitoring these indicators allows you to analyse your business and implement smart adjustments as you continue to expand. Product analytics can respond to a variety of queries, from analysing feature utilisation or user interaction over time to visualising detailed experiences & user flows of your product. Following are the six most critical metrics you should consider to maximise the value of your product analytics.
1. Net New User Acquisition:
Tracking the number of new customers or users obtained over a certain time period can assist your team in understanding the efficacy of your advertising and sales efforts. Founders can analyse the performance of their engagement platforms & optimise their marketing campaigns by tracking user acquisition data like the number of sign-ups on your website, downloads of your apps, or website traffic.
2. User Engagement Metrics:
User engagement metrics reveal how customers engage with your solution & the extent to which they are involved. Metrics such as time spent in your app, number of activities, & frequency of utilisation can assist you in evaluating user interest, measuring product stickiness, and identifying ways to boost user engagement.
3. Rate of Retention:
The retention rate is an important indicator that shows how successfully a product retains customers over time. It calculates the percentage of customers who use your product after their first engagement with it. You can track the success of your user onboarding processes, identify sites of attrition, and execute methods to improve user retention by measuring retention rates.
4. Rate of Conversion:
The number of users who accomplish a desired activity, such as completing a purchase, enrolling on your service, or subscribing to a newsletter, is tracked by conversion rate. This measure assists founders like you in understanding the effectiveness of their conversion funnels and identifying areas for development. You can also increase revenue and enhance overall business success by optimising conversion rates.
5. The churn rate:
The churn rate is the proportion of users that discontinue using your product or terminate their membership within a particular time frame. Tracking churn rate is critical since it allows you to gauge customer satisfaction, identify causes leading to users dropping out, and execute churn reduction actions. By tackling the causes of churn, you can boost customer retention & raise their lifetime value.
6. Customer satisfaction:
Customer satisfaction measurement is critical to comprehending how customers view your product & their entire experience. Metrics such as Net Promoter Score (NPS) or customer satisfaction surveys can assist you in gathering direct input from users. Your team can also drive customer loyalty & advocacy by tracking customer satisfaction data and identifying areas for improvement, addressing user problems, and improving your entire product experience.
How can product metrics be used to generate insights?
Only collecting product metrics would not help your business; you also need to extract useful & relevant information from the resulting data. Here is where data analysis can help you. The most appropriate form of analysis is determined by the type of responses required by your team. Let’s take a look at some of the most frequent sorts of product analysis that you can utilise to assess and comprehend the data you collect about your product:
1. Trends Analysis:
You can uncover patterns and learn how your solution is performing by analysing trends over time. Product analytics solutions allow you to measure data like customer acquisition, interaction, rate of conversion, and revenue over time. This research assists you in identifying trends or declines in growth, seasonal patterns, & the influence of certain marketing or product campaigns.
2. Path Analysis:
Path analysis helps you to visualise & analyse the user experience within your solution. Using product analytics tools, you can follow & analyse the pattern of user activities, discovering the most typical pathways users pursue and the places where they can encounter barriers or drop off. These insights can assist you in optimising user flows, improving usability, & increasing conversion rates.
3. Analysis of Attribution:
Attribution analysis enables you to determine what channels of marketing or initiatives are responsible for user acquisition & conversions. Product analytics technologies allow you to link user activities & revenue to particular marketing touchpoints like advertisements, email campaigns, & references. By analysing attribution information, you can efficiently manage resources, optimise marketing expenditure, and prioritise the channels that produce the greatest results.
4. Analysis of Cohorts:
Cohort analysis categorises users & records their behaviour over time based on shared features or behaviours. Cohorts can be created using product analytics tools based on characteristics such as user joining date, demographics, or utilisation patterns. This study assists you in comprehending how various user groups behave, identifying patterns, and assessing the effect of product modifications or marketing efforts on certain cohorts.
5. Analysis of Retention:
Retention analysis is concerned with determining how successfully you continue to keep users over time. Product analytics solutions allow you to measure the rate of user retention & churn, and analyse user behaviour over time. This study assists you in identifying aspects impacting user retention, including onboarding experience, product features usage or customer service, and in implementing retention strategies.
6. Funnel Analysis:
The process of tracking user advancement through an established set of stages or actions, like user sign-up, onboarding, and purchasing, is known as funnel analysis. Product analytics tools enable you to visualise and analyse conversion rates at every stage of the sales funnel. This study assists you in identifying points of resistance or drop-off, optimising the user path, and increasing conversion rates.
Mixpanel & Amplitude is two product intelligence tools with more or less similar features. They target the same audience and address the same challenges. These tools are also intended to assist you gain a comprehensive understanding of your customer experience. Their strategies with regard to product analytics, however, differ. Their product roadmaps also diverge in different directions.
Mixpanel’s methodology revolves around getting teams up and running with product analytics as soon as possible; ensuring that implementation is simple and that everyone takes it up and utilises it straight away. On the other hand, Amplitude places a high value on data instrumentation, making sure that procedures are in place to ensure that you’re utilising high-quality data.
In this section, we will go through a detailed comparison between Mixpanel and Amplitude, and check out which is more suitable for your business! Let’s dive into it then!
Features of Mixpanel and Amplitude
a. Data gathering and integration
Mixpanel and Amplitude both enable you to gather and analyse user information from a variety of sources, including your website, application, and server. They additionally offer SDKs, APIs, and interfaces with third-party platforms like Firebase, Segment, & Zapier. Yet they differ in how they approach data collecting & integration. Mixpanel’s schema is more flexible, allowing you to specify custom events and attributes, whereas Amplitude’s schema is more rigid, requiring you to adhere to specific naming standards and data standards. Mixpanel also features a greater data ingestion capacity than Amplitude, allowing you to deliver more events each month without incurring extra charges.
b. Data visualisation and analysis
Mixpanel and Amplitude both offer comprehensive data analysis & visualisation capabilities, such as sales & marketing pipelines, cohorts, user retention, & user journeys. Advanced features like behavioural classification, A/B testing, & predictive analytics are also supported. But, there are some distinctions in how they display & interpret information. Mixpanel’s interface is more intuitive & user-friendly, allowing you to simply build and customise reports. Whereas, Amplitude’s interface is more complicated & technical, requiring greater expertise. Amplitude also takes a more comprehensive and precise strategy for data analysis, allowing you to delve into the intricacies of user behaviour.
c. Instrumentation for Data
Mixpanel & Amplitude both consider that data instrumentation is required for precise analysis. But, they take various approaches to this. It is the basic cornerstone of product analytics for Amplitude. The majority of their onboarding guarantees that you have your data straight from the start, so you don’t wind up dealing with sloppy data. They additionally have their personal CDP and have consistently collected information for data pipeline improvement. Mixpanel, on the contrary, feels this is an aspect that you can control while utilising the tool. During onboarding, you begin with a tracking strategy but have no need to worry about all the metadata. While utilising it, you can fix, add, and alter information, events, & properties.
d. Tools for Advanced Reporting
Mixpanel utilises “Predict Models” to identify individual users who are most probable to execute a certain conversion activity. This tool shows you how to increase interaction by showing you where customers are stuck. Mixpanel collaborates with the top messaging tools to fuel your campaigns with behavioural segmentation. Amplitude, on the other hand, uses Personas to group comparable users into behavioural cohorts. The Personas chart enables you to do exploratory Data Mining analysis on how your audience operates through your product. You can begin with the procedure of developing a detailed set of customer personas for your solution. This information can be used later to increase engagement and retention.
e. Sending Notifications
The option to take action right within the platform by means of emails, texts, push, or in-app notifications to your target audience is one of Mixpanel’s greatest features. In this manner, you can observe what’s effective & expand on it. Alternatively, you can determine which behaviours are more probable to lead to an acquisition (or any positive event) and direct prospects towards them with a timely message. You’d require to integrate Amplitude with a 3rd party software, to get this feature (which would obviously come with an extra subscription).
f. Data protection and compliance
Mixpanel and Amplitude both treat data compliance and security carefully and provide a variety of tools and capabilities to safeguard your data as well as your users. To maintain the confidentiality and safety of your data, they both employ authentication, encryption, and access control measures. They also adhere to GDPR, CCPA, and various other data protection laws and regulations. However, they differ in how they approach data security & compliance. Amplitude offers a more limited and opaque plan which restricts your data storage possibilities and control. Whereas Mixpanel has a more open and adaptable policy that allows you to pick where and how to keep your data. Mixpanel also provides a more powerful and in-depth data governance function that allows you to regulate the integrity of your data, retention, & deletion.
Pricing of Mixpanel vs Amplitude
a. Mixpanel –
Mixpanel has three price options; let’s look over them and discover which one is ideal for your company’s needs!
1. Free Plan – This plan allows you to collect up to 20 million monthly events. This plan gives you access to the following features:
a. All key reports for customer journey analysis
b. Quick-start templates
c. Multiple integrations with other applications
d. Unlimited collaborators
2. Growth Plan – For $20 per month, you can collect up to 100 million monthly events. You can utilise all of the features available on the free plan, as well as the following:
a. Limitless saved reports for monitoring, updating, and iterating on KPIs
b. Mixpanel Modelling Layer
c. Add-ons for Group Analytics and Data Pipelines
3. Enterprise Plan – For $833 per month, you can collect 5M to 100M monthly events. You can utilise all of the features available from the free and growth plans, as well as the following:
a. Advanced controls for access
b. Collaborative Shared Data Views
c. Automated provision & SSO d. Prioritised support
b. Amplitude –
Amplitude also offers three price options. However, in order to receive the actual pricing offers, you must ‘request a demo’ or contact their sales staff. In this part, we will go into the specifics of each plan to determine which is ideal for you.
1. Starter – Their free plan is ideal for startups & small teams looking to start using product analytics tools. It comes with the following features:
a. Key analytics charts
b. Enhanced collaboration
c. Data planning tools
d. An infinite number of data sources and endpoints
e. An unlimited number of users
2. Growth – This approach is designed for teams that must develop while maintaining complete insight into the customer experience. In addition to the benefits of the Starter plan, it includes the following:
a. Behavioural cohorts
b. Advanced behavioural analytics
c. 5 Automatic synchronisations to third-party destinations
d. Single Sign-On (SSO)
e. Onboarding assistance and customer satisfaction
3. Enterprise – This plan is designed for data-driven companies that use insights to drive business strategy. It includes all of the features of the Starter and Growth Plans, as well as –
a. Large-scale data governance
b. Root cause analysis
c. Real-time tracking
d. Dedicated CSM
e. Causal insights & tracking
f. Enhanced permissions & password-protected linkages
Reviews of Mixpanel & Amplitudes
What is a better way of truly knowing about a product than its customer reviews? In this world of digitalisation, the market is filled with numerous product analytics tools. However, you will never understand a solution completely unless you go through its reviews. Let’s go through the customer ratings of Mixpanel and Amplitude and see what their customer base has to say about them!
|No. of Reviews||1,967 Customer Reviews||968 Customer Reviews|
|Market Segments||Mid-Market (45.9% of reviews)||Small-Business (54.3% of reviews)|
|Ease of Use||8.5||8.5|
|Ease of Setup||8.0||7.5|
|Ease of Admin||8.4||8.4|
|Quality of Support||8.6||8.4|
|Has the product been a good partner in doing business?||8.7||8.8|
|Product Direction (% positive)||8.2||8.3|
Still, struggling to find the ideal Product Analytics Tool for your company? Talk to our Product Analytics Expert for an easier and more seamless experience!