What is Mixpanel?

SaaS firms and digital marketers value engagement metrics. Engagement metrics provide the information you need to fine-tune your users’ experiences so they can get the most out of your program. If people spend time on your app or website, it suggests they find it useful. Extremely engaged users will make purchases, return, and recommend your product to others. This will allow you to earn more money from your product or service through subscriptions or advertisements.

Once users start using your software, you’ll want to know how they interact with it so you can improve your app’s engagement metrics and profitability. However, if you do not know which users make purchases and which do not, or which users are active and which are not, you will miss out. Fortunately, a tool can provide insights into user engagement data. It’s called Mixpanel.

Definition of Mixpanel

Mixpanel is a platform for online and mobile analytics and user behavior. It focuses on user behaviors on a website, including joining up for a service, viewing a product demo, returning to the service after a lengthy absence, and interacting with product or service features.

Mixpanel is utilized by over 20,000 clients in over 150 countries worldwide. Every year, these clients track roughly five trillion data points. Mixpanel can scan 250 billion events for each query and consume more than 8 trillion data points per year.

Mixpanel is intended to assist you in understanding your engagement metrics and, as a result, increase user engagement for your product or service. Mixpanel can let you track your users’ digital footprints on your website, whether they visit it via the web or mobile devices, regardless of the technologies you employ. iOS, Android, Unity, Javascript, PHP, and Ruby are all examples.

How Does Mixpanel Work?

Mixpanel will offer you a line of code to add to your website. The code is unique to each event that you wish to track. Once you’ve included the code, you can use Mixpanel’s dashboard to create funnels to measure interaction metrics on your website.

Mixpanel is a simple UI that allows you to quickly learn how users interact with your app. This will enable you to understand better how people use it and provide information on how to enhance your product to maximize user engagement. Mixpanel may help you enhance user engagement for your product or service in four ways. They are as follows:

• Events: Events are the actions that your audience/users do within your product or website. These acts can involve becoming a paying customer, joining up for something, or downloading some PDF documents.
• Properties: In the Mixpanel, properties give additional information for events. Signing up, for example, can have the following properties. Mixpanel features default attributes as well as the name, location, and region and is classified as an additional property.
• Profiles: Profiles are sometimes referred to as users. They demonstrate how to associate events with users. On Mixpanel, you may find libraries for Android, JavaScript, PHP, iOS, and other platforms. Following that, you must include these libraries in your product and the precise events you intend to track. The Mixpanelw website provides thorough instructions for integrating PHP, JavaScript, iOS, and other technologies.

Mixpanel’s Features

Now that you have a basic knowledge of Mixpanel, we can take a look at Mixpanel’s features:

Reporting on product analytics

Mixpanel allows you to create interactive reports about how customers engage with your goods. The platform provides insights into user groups and allows you to create cohorts to examine how those segments interact with your goods. Overall, Mixpanel provides adequate reporting options—it lacks a comprehensive picture of all consumer behaviors, but it goes far deeper than GA on funnel analysis, behavioral segmentation, user route analysis, and product impact reporting.

Segmentation

Mixpanel features infinite segmentation options, which might be useful if you want to generate a large number of cohorts and groups to investigate how different attributes influence behaviors and connect to engagement, conversion, and churn. However, because Mixpanel cannot capture all behavioral events from your site, some segments may be missing important information.

Group Analytics

Mixpanel not only allows you to track users and cohorts, but it also allows you to track people in groups, such as by company. This data may assist you in identifying the greatest upsell chances as well as when an account is most likely to churn. However, it’s difficult to tell if you’ve put up the right events—you’d have to establish which ones are most likely to suggest churn and then follow them from the start.

Data Governance

When it comes to analytics platforms, the outcome is only as good as the data that is absorbed. If you are ready to subscribe to corporate pricing, Mixpanel provides various tools that can assist enhance data quality and limiting access. They also provide an optional data governance tool that allows teams to merge duplicate data into the same record, remove inaccurate and irrelevant data, define data terms to ensure everyone is on the same page, enrich incomplete records, and implement controls to ensure only authorized individuals have access to data.

Pros of Mixpanel

Mixpanel can monitor user behavior on your website as well as your product. This provides you with a comprehensive perspective of each user’s trip. There is no data loss in the gap since there is none in the first place. It implies you may examine how people who found you through social media behave differently than users who found you through sponsored advertisements. This is a significant advance over Google Analytics, which can only provide information about your site.

A funnel is one of the simplest methods to depict user journeys. While both Google Analytics and Mixpanel provide funnel visualization, Mixpanel’s method is significantly more user-friendly. Mixpanel’s funnels may be configured by specifying user journey steps. These can be activities taken by the user, sites visited, or any other relevant data point.

All of this data and analytics is meaningless until you act on it. Mixpanel allows you to test hypotheses based on the data you collect. You may conduct product trials, modify messaging, and tailor your offering to different user categories.

Contact our expert team to get to know more about Mixpanel.