Product managers are the heroes that take care of the product from its inception to its development, positioning, and pricing. They gather the needs and requirements of the customer and focus on delivering a quality product. It only makes sense for a product manager to have access to the top tools at their disposal. In this blog, we will talk about top product analysis tools that all the product managers out there swear by.
Whether you are a product manager or a newbie, you will need proper data and analysis techniques in place. Without any type of automated software or AI-driven analysis to support your data, it will be difficult to sustain and keep a track of the many areas of product management using just hands-on tools like Excel Sheets or Google Docs.
As a result of their revolutionary influence on day-to-day operations, analytic tools created with product management and its various elements in mind can be your biggest help in today’s time. With that in mind, let’s take a look at some of the most essential product analysis tools that you should have the access to.
Also Read: Everything you need to know about product management
Top 7 Product Analysis Tools
Google Analytics
Google Analytics may be recognizable to you from your digital marketing team, and it was designed with this goal in mind. Nevertheless, Google has introduced more functionality for product managers over time, and this is now a powerful tool that may provide you with useful insights.
Because Analytics is a Google product, it can be easily integrated with other Google products like AdWords, Search Console, and Data Console. If you’re already using these, the transition will be smooth.
Furthermore, because Google Analytics is already used by a large number of people, you may readily find help online if you have any queries or issues with it.
Monday.com
Monday.com is a web-based product management tool that helps big and small companies in planning, tracking, and managing their routine activities. Monday.com enables teams to establish precise accountability, assess and monitor their work, organize sprints, and engage collaboratively on everything from large-scale product roadmaps to weekly iterations. The agile platform at Monday.com makes it simple for teams to collaborate from anywhere.
Monday.com’s Work OS is made up of a combination of visual and adaptable elements that may be used to build whatever agile workflow your team needs
QAWolf
QA Wolf can enable companies to achieve 80% automated test coverage in 3 months. Traditional QA teams/tools, on the other hand, may take many years or never attain 80% test coverage. Additionally, QA Wolf requires minimal work. They design test matrices for businesses. QA Wolf produces new tests on the fly and ensures that they meet the 80 percent coverage criterion.
Most tools/services need you to be proactive and actively oversee testing, but QA Wolf analyses data and synthesizes results so product managers instantly know what went amiss rather than investigating themselves.
Baremetrics
Baremetrics is a well-known SaaS analytics solution that was designed exclusively for subscription organisations. If subscriptions account for a significant portion of your business, you could use a product management tool such as this one.
Baremetrics provides both a global dashboard for key subscription metrics including refunds, yearly recurring income, and annual run rate, and a specific dashboard for each one of these factors. This tool also provides buyer personas so you can see who uses your services and how they engage with them, as well as estimates for three main categories: potential customer number projection, expected recurring income depending on current churn rate, and forecasted cash flow for the next year.
Insight
It is a fantastic business intelligence tool that can be used by companies of all sizes and verticals. Insight uses artificial intelligence to process large volumes of data and provide predictive analytics so you can see where your company stands.
With this product analysis tool, you’ll be equipped to see inefficiencies in your product management process and fix them before they turn into bigger problems. You’ll also understand what steps to take to bring value to customers because this technology provides real-time insights into their needs and requirements.
UXCam
It is a product manager’s responsibility to fully understand the needs and requirements of their users in order to serve them better. Product teams are continually attempting to improve the customer experience once a product is out in the wild and being used by real people.
Product managers with a lot of experience frequently have a visceral sense about their product decisions, but a whim won’t cut it when it comes to expressing what the end-user is going through. UXCam will show PMs how the users engage with the app. These metrics show how to improve user experience, prioritize feature development, monitor conversions, and supplement quantitative user data.
ProfitWell
This is yet another subscription-growth-focused analytics tool. ProfitWell is a free, robust, data-backed SaaS subscription service that gives product managers all the monetary information they require to know where their growth strategies are headed towards.
ProfitWell provides revenue and retention figures along with real-time growth insights, so you can see where your growth is coming from. Because this tool examines usage patterns, you may discover who is going to be converted or leave with the help of engagement metrics. Stripe, Google Sheets, Zuora, and Recurly are all easy to integrate with ProfitWell.
Quick Read: Product Management Career Path – The Ultimate Guide
Summing Up
The advantages of adopting the top product analysis tools are enormous. In today’s fast-changing environment, when the industry is all about data, data and insights assist product managers to get an advantage over their competitors. Achieving this competitive edge could help catapult the product and the company to new heights. Additionally, efficiency, productivity, and cost savings are significant benefits that come with it. Because product analysis tools optimize processes and enable PMs to acquire in-depth knowledge and insight into the organization, they are becoming increasingly popular. So, these are all the more reasons, more and more product managers are making use of these tools.
While you are already easing up your job by using product analysis tools, why not also upskill yourself in product management? Now, build a rewarding career by enrolling yourself in PG Program in Product Management and Analytics. Get mentored by industry experts and have a successful product management career.
