Full-cycle product analytics for mobile DeFi wallet by 1inch
Product
In 2021 1inch has decided to push for higher DeFi adoption rates and more flexible accessibility up a notch by creating a new lightweight wallet designed to tackle crypto's most painful vector, user experience. The wallet is designed to provide investors with effortless access to the enormous DeFi market, and it does so by packaging a fast and secure crypto wallet with token swapping functionality with a built-in DEX aggregator into a light and portable mobile application. Users can use the wallet to receive, store, swap and transfer cryptocurrencies.
Challenge
1inch mobile team connected free plan of Mixpanel and implemented around 100 events. The team started with product analytics aiming to analyse user behaviour and product performance, set up data-driven product development, make and test hypotheses and create a better product for their users. But as many other teams, when it came to bringing all these goals to life, they encountered some issues and blockers.
There were a lot of inconsistencies in data between iOS and Android platforms, duplicated and ambiguous data. Some parts of the product weren't covered with analytical events at all, which led to the lack of data when it was needed. All this made product analytics confusing, time-consuming and ineffective process. The product owner didn't have enough deep knowledge of product analytics and didn't have time resources to deal with it as he had to focus on more important product tasks.
All this resulted in the mobile team collecting a lot of data, but not making any use of it and not coming closer to their goals.
Our Solution
First things first, we made a full audit of product analytics structure and processes in the mobile team. Based on that we defined steps for improvements and processes that needed to be set up.
Reviewed the tracking plan and endpoints, which team had documented in Notion. Made it more structured and clear, added statuses to keep track of the implementation process. The goal was to organise the tracking plan so that every person in the company could understand what every endpoint means and what's its status. Together with that we managed the project of updating of previously created endpoints and bringing them to one unified format.
We set up the process of simultaneous analytics adding: with every new feature ready for development the corresponding new endpoints were defined and documented, and the task for sprint was created. Adding analytics for the feature became now one of the definition-of-done points for every new feature. This way, the analytics were implemented together with the feature which allowed to start assessing it's success right from the launch and get rid of lack of data.
When it came to visualising data, our abilities were limited by free Mixpanel plan. Thus, we prepared a proposal and drove switching to the paid plan. After that we defined a set of metrics for each part of the product and created special dashboards in Mixpanel. Also we defined cohorts of users and started with cohort-based analytics.
Reports and insights were shared with the regularly so that everyone could stay updated about the product. We encouraged the whole team to be engaged with analytics process and bring their ideas.
Results
1inch wallet got a full cycle product analytics support and continuous analytics instrumentation process which allowed to eliminate the gaps in data for some parts of the product and saved time and efforts for the whole team.
The structure and the quality of the product data was tremendously improved, which allowed to build analytics in Mixpanel quicker. Thanks to dashboards, reporting and analytics on-demand, the team stayed informed about the product health and performance. They started understanding the users better, using their product data and be more data-driven with the decisions and focus on what's important.
As a result, 1icnh wallet team became power users of their product data. The project is still ongoing. Now the team is on their way to use the product data on its maximum and implement product-led growth, and we at Datamatterz are happy to play a part of this cool transformation :)
In 2021 1inch has decided to push for higher DeFi adoption rates and more flexible accessibility up a notch by creating a new lightweight wallet designed to tackle crypto's most painful vector, user experience. The wallet is designed to provide investors with effortless access to the enormous DeFi market, and it does so by packaging a fast and secure crypto wallet with token swapping functionality with a built-in DEX aggregator into a light and portable mobile application. Users can use the wallet to receive, store, swap and transfer cryptocurrencies.
Challenge
1inch mobile team connected free plan of Mixpanel and implemented around 100 events. The team started with product analytics aiming to analyse user behaviour and product performance, set up data-driven product development, make and test hypotheses and create a better product for their users. But as many other teams, when it came to bringing all these goals to life, they encountered some issues and blockers.
There were a lot of inconsistencies in data between iOS and Android platforms, duplicated and ambiguous data. Some parts of the product weren't covered with analytical events at all, which led to the lack of data when it was needed. All this made product analytics confusing, time-consuming and ineffective process. The product owner didn't have enough deep knowledge of product analytics and didn't have time resources to deal with it as he had to focus on more important product tasks.
All this resulted in the mobile team collecting a lot of data, but not making any use of it and not coming closer to their goals.
Our Solution
First things first, we made a full audit of product analytics structure and processes in the mobile team. Based on that we defined steps for improvements and processes that needed to be set up.
Reviewed the tracking plan and endpoints, which team had documented in Notion. Made it more structured and clear, added statuses to keep track of the implementation process. The goal was to organise the tracking plan so that every person in the company could understand what every endpoint means and what's its status. Together with that we managed the project of updating of previously created endpoints and bringing them to one unified format.
We set up the process of simultaneous analytics adding: with every new feature ready for development the corresponding new endpoints were defined and documented, and the task for sprint was created. Adding analytics for the feature became now one of the definition-of-done points for every new feature. This way, the analytics were implemented together with the feature which allowed to start assessing it's success right from the launch and get rid of lack of data.
When it came to visualising data, our abilities were limited by free Mixpanel plan. Thus, we prepared a proposal and drove switching to the paid plan. After that we defined a set of metrics for each part of the product and created special dashboards in Mixpanel. Also we defined cohorts of users and started with cohort-based analytics.
Reports and insights were shared with the regularly so that everyone could stay updated about the product. We encouraged the whole team to be engaged with analytics process and bring their ideas.
Results
1inch wallet got a full cycle product analytics support and continuous analytics instrumentation process which allowed to eliminate the gaps in data for some parts of the product and saved time and efforts for the whole team.
The structure and the quality of the product data was tremendously improved, which allowed to build analytics in Mixpanel quicker. Thanks to dashboards, reporting and analytics on-demand, the team stayed informed about the product health and performance. They started understanding the users better, using their product data and be more data-driven with the decisions and focus on what's important.
As a result, 1icnh wallet team became power users of their product data. The project is still ongoing. Now the team is on their way to use the product data on its maximum and implement product-led growth, and we at Datamatterz are happy to play a part of this cool transformation :)
1 August / 2022