The 2024 Mixpanel Benchmarks Report is here - Mixpanel
The 2024 Mixpanel Benchmarks Report is here
Inside Mixpanel

The 2024 Mixpanel Benchmarks Report is here

Last edited: Jan 31, 2024 Published: Jan 17, 2024
Daniel Bean Managing Editor @ Mixpanel

Our 2024 Benchmarks Report explores what average and best-in-class digital product growth looks like in your industry. Get the report now.

What is a “great” user acquisition rate for our product?

Are we keeping up with industry average retention?

What should our marketing performance goals be?

All of these questions have one thing in common: reassurance.

The invention of data as an instrument was created from necessity—to record, archive, and make sense of patterns and convert a lot of noise into a story. Since stories are how we make sense of the world, we rely on them to make decisions.

When you’re building something, you need to know how ideas are performing. Benchmarks are useful for grounding and providing a range of improvements. Without them, it’s difficult to determine what’s good. Most of the time, people are performing in the dark.

Andrew Chen, General Partner at a16z and former growth leader at Uber: "Industry benchmarks are critically important for companies of all sizes to understand. Knowing what ‘good’ and ‘great’ look like helps teams set goals, spot areas for improvement…and allocate resources efficiently."
We spoke to Andrew Chen and other product and growth leaders to get insights for the report.

This is why we decided to cover more ground for product builders in our 2024 Benchmarks Report.

For this edition, we dove into product usage data from over 7,700 Mixpanel customers and 11.7 trillion anonymous user events, our biggest benchmarks analysis ever, to reveal how both average and best-in-class companies performed on acquisition, retention, engagement, and marketing performance metrics over the last couple of years.

A chart that shows month over month growth for six industries in 2022 vs 2023. Technology and Media & Entertainment fell the furthest, dropping 3.5% and 5.5% year over year, respectively. Financial Services, Ecommerce, Healthcare, and Gaming all showed growth increases between 1% and 1.5%.

We also got more industry-specific to shed light on trends across six key digital product categories—Technology, Financial Services, Ecommerce, Healthcare, Gaming, and Media & Entertainment. The report combines all that with expert builder insights and anecdotes and some Mixpanel-specific usage numbers that show just how hungry companies are getting for data.

Key takeaways

Growth rates varied widely between industries

The era of relentless product growth seemed to slow in 2023, with some industries seeing low or even negative user growth in the last year. But the top 10% in each industry show that while growth is more challenging than it used to be across verticals, it’s not out of reach.

Retention rates fell across all industries

In 2023, the average week one retention rate across industries fell from 50% to 28%. None of our focus industries saw their retention increase in 2023, a reflection of a product environment where competition is fierce and product builders are increasingly challenged. 

The top 10% performed more than twice as well

Across industries, the best-performing companies (the 90th percentile or top 10%, statistically) enjoyed a growth rate of 6%, compared to the overall cross-industry average growth rate of 2.4%. And users spend almost 3x more time on these apps and sites than they do on average-performing apps and sites.

We want the 2024 Mixpanel Benchmarks Report, and its accompanying 2024 Benchmarks Company KPIs Template, to be the navigation system that helps product, engineering, design, and marketing teams develop and achieve realistic targets this year.

Check out the report now to begin charting your course.

Here’s to progress 📈

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