Mobile and web analytics platform Mixpanel today launched Revenue Analytics, a new product that helps its customers drill down into their revenue data in a way that CEO Suhail Doshi believes wasn’t possible before.
Today, websites or mobile apps use payment processors like Stripe, Braintree or Amazon Payments to handle billing for their company, while engineers from a given company build an in-house database that stores all the transactions. In order to get any information about how much money a company is making, an employee would have to write a structured query language (SQL) query that would fetch data like the total amount of revenue. Revenue data more complex than the total amount of revenue requires more work.
“One of the things that Revenue Analytics does is it lets you dive deeper in an advanced, sophisticated and flexible way,” Doshi says. “One metric that we help companies understand is lifetime value.”
LTV is an important data point for mobile app developers, especially mobile game developers. Developers want to understand the value of customer segments such as males versus females or whales versus non-whales. Basically, if a developer invests $5 to acquire a user, will they get $6 back from the customer through something like in-app purchases of virtual goods? Developers already know how customers are using their product via metrics, and with Revenue Analytics, app developers can figure out revenue data that’s just as deep.
“If you can dig down deeper into your revenue, it means you can make a decison about whether improving your product made you more money, whether your marketing is actually working — something more valuable than ‘that’s how much revenue I made this month,'” Doshi says.
Revenue Analytics allows customers to see LTV of customers for a website or mobile app, which can be broken down by any kind of segment imaginable such as male versus female, Android platform user versus iOS platform user, which Android device, by number of ropes cut in Cut the Rope and more. This is all helpful for marketers who can now gain insight into who their most most valuable customers are and if they want to go acquire more of them, and if their marketing spend results in a positive return on investment.
“It’s not stock data, it’s specific data specific to that business,” he says. “This is something that doesn’t exist in the world right now.”
Any website or mobile app can use Revenue Analytics because its an API that can be integrated into any platform.
Mixpanel recently released its Activity Feed feature, which is an events-based timeline of a customer’s actions in an app, helping developers improve their app by analyzing individual customer behavior to see what features they highly engage in or where they churn.
Revenue Analytics is available starting today and is free to existing Mixpanel People Analytics customers. People Analytics, which launched in July 2012, lets customers view profiles of each user that uses their website or app as well as view aggregate data.
Once incubated by Y Combinator, Mixpanel has raised $12 million in funding to date from Andreessen Horowitz, Sequoia Capital, Keith Rabois, Max Levchin and Michael Birch.