While offering clear advantages to end-users, benefits of embedded analytics can also deliver scalability and revenue to the companies providing analytics to their customers.
Often overlooked, these benefits can make a big impact on your bottom line, positively influencing customer decision-making, encouraging new business, and even taking advantage of previously untapped monetization opportunities.
Let’s examine 4 main advantages of embedding an analytics solution in your B2B application.
1. Increased Win Rate
Analytics has become a compulsory functionality in today’s B2B market. This means providing an analytics solution as part of your product or service that lacks one can immediately increase customer satisfaction, market positioning and adoption.
In addition, upgrading an application’s analytics solution also presents revenue opportunities. It’s an ideal way to keep current customers’ attention by offering new capabilities from an existing offering. It can also pique the interest of net-new customers, potentially securing more business overall.
2. Decreased Churn Rate
Customers will switch solutions when they aren’t getting the functionality they need. Because data analytics is associated with a competitive advantage, today, many decisions to switch solutions are driven by the need for more information and better analytics. By adding or upgrading your offering’s Analytics and BI, existing customers benefit from new capabilities that keep them from seeking a different solution.
On top of this, showing your clients that you’re constantly working to improve your product is impressive. You can ensure loyalty longevity from your current customer base by offering them not just new features, but functional ones that will make their lives easier.
3. Expanded Product Licensing
Embedding analytics doesn’t have to be limited to a single use case or product. Similar to the above point, adding or upgrading analytics functionality can grow your application, product or service’s potential user base. The more departments, teams, or business units that can utilize and realize value from your application, the bigger increase you’ll see in user or product licenses from new and existing customers.
4. Feature Monetization
Giving users the ability to customize your application with additional “pay to play” modules (outside of the main offering) can be an excellent way to maximize the flexibility and value of your application, product, or service. Offering an analytics module can be a lucrative addition to your customization portfolio due to the sharp market demand for analytics tools. The additional information supplied by the added analytics can be a line item for additional revenue.
Ready to See The Benefits of Embedding Analytics Into Your Offering?
The revenue opportunities analytics and BI present are real. But what does this mean for your company? How can you be sure that you’re choosing the analytics solution that can expand and grow as you do? Choosing the right analytics solution that dovetails seamlessly with your application, product or service is, of course, an important and strategic decision.