To create the report, Forrester interviewed Mixpanel customers and built a financial model that outlines and quantifies the main benefits those users get from our product. The full report was released just yesterday. Here is a small sampling of what Forrester found.
The question for any current or prospective Mixpanel user is: is it worth it? Forrester found, quite conclusively that it is. Over the course of three years, companies can expect to get a 298% ROI.
It turns out allowing multiple teams in your organization to self-serve their own analytics saves people time and money—and helps them make smarter business decisions and increase customer lifetime value. Mixpanel customers saw $1.4 million in net benefits over the course of three years, and saw their initial investment recouped in less than six months.
The report solidifies that user analytics has gone from a “nice-to-have” to a “must-have.”
Mixpanel delivers an ROI of 298% in three years
The largest chunk in the above graph represents the costs avoided by comparing the resources required to implement an in-house data analytics solution that approaches Mixpanel’s reliability, accuracy, user efficiency, and performance.
Mixpanel also leads to massive productivity savings. Those savings are realized through the speed at which Mixpanel allows data to flow through an organization. Marketing, product, and analytics teams can all access the data they need in accessible, essential reports that provide deep insight into customer behavior.
Per Forrester, Mixpanel increases the lifetime value of its customers’ customers by $230k over the three-year period. By tying together user behavior across platforms, Mixpanel allows companies to get the full picture of their users, and with it, the ability to build better products and run more effective marketing campaigns. The speed and accuracy Mixpanel can offer allows for faster, smarter decisions.
It doesn’t take long for Mixpanel to be worth it
Another key finding in the Forrester Consulting Total Economic Impact Report was that it doesn’t take long for Mixpanel to start delivering value. Within six months, average Mixpanel customers will have hit the breakeven point and see positive returns on their investments. The gains continue to grow from there and only increase over time.
In short product analytics is no longer enough. Your customers are using a ton of products, and as such, you need to capture what users do both in your product and outside of it in order to see a complete view of user behavior. In-product activity is incredibly important, but a view of the full user journey is the next logical step. Our customers saw a quantifiable financial benefit when they embraced that idea, and so can you.
For more, read the full Forrester Consulting Total Economic Impact Report on Mixpanel. To get started with Mixpanel, schedule a demo today.