Product usage analytics is an integral part of business management. It allows manufacturers to understand how - and how often - their products and catalogs are being used.
This data provides the needed insight into making important business decisions. Whether it’s to discontinue a product, increase its inventory, or slow down its production, product usage analytics gives businesses the opportunity to discover their true strengths and weaknesses, as well as current trends in the industry.
This post discusses the many benefits of having access to product usage analytics, what your company can achieve with the data, and the types of reports that are available through 2020’s catalog analytics platform – 2020 Content Studio.
How product usage analytics can help your business
How and when your products are being used is valuable data when it comes to uncovering areas for improvement and opportunity in your business. With your analytics in hand, you can:
- Identify strong product performers
- Find ways to promote upselling & cross-selling
- Understand how designers are interacting with your products
- Identify markets to target for specific product offerings
- Focus sales efforts to get maximum coverage
- Predict customer trends and behaviors
With this knowledge, you’ll be able to make improvements within your business that will lead to increases in revenue.
Sharing data within your company
Once you review this information, you should share it with everyone within your company that can benefit from it.
Product development team: They can use the data to improve your current products as well as future products, ensuring a good market fit.
Sales team: They can use the data to adjust product pricing and to upsell or cross-sell additional products or features.
Marketing team: They can use the data to refine their target market and adjust the promotional materials and marketing campaigns they are working on.
Product usage reports available in 2020 Content Studio
2020 Content Studio allows manufacturers to download monthly, yearly, month-to-date, or year-to-date reports about their catalog and product usage.
These manufacturer catalog reports reflect how many total users have added or configured products from their catalog each day and week. All catalog users are reported by location, so manufacturers can tell which geographical regions are using their products the most.
If you’re a manufacturer using 2020 Content Studio, you can also see the total number of designs that contain a specific product. Your top performing products will be listed in order of popularity so you can easily identify which products are doing well and which ones aren’t.
Product usage analytics is important to ensure the success of your business. 2020 Content Studio provides meaningful data about your catalog usage and is an indispensable tool that will help you make data-driven decisions about your products, ultimately improving your bottom line.
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