Mixpanel Growth Strategy – Launching and Growing Fast
The analytics company Mixpanel, founded in 2009, has its rightful place here about growth hacking not only because it is itself a success story, but because it has become an essential growth hacking tool.
As the founder and CEO Suhail Doshi told Liz Gannes of All Things D in May 2012, “Analytics won’t tell you what product to build. It will give you hypotheses, but you still have to have ideas.”
Ryan Lawler, in a July 29, 2013 post for TechCrunch, “Now Analyzing More Than 15 Billion Actions a Month, Mixpanel Launches a Big Marketing Campaign and a Conference About Analystics,” described the company’s usefulness this way:
“If you haven’t been paying much attention to Mixpanel, that’s probably because analytics are pretty boring . . . But if you are in the guru/ninja/growth-hacking business, you probably have at least one of your four displays tuned to Mixpanel all day long while you sip $5 locally roasted fair trade coffee and rub your beard and say to yourself, ‘Hrm, interesting.’”
As of Lawler’s writing, 1,300 mobile apps and websites were paying to use the Mixpanel platform to analyze more than 15 billion actions each month — and adding an additional billion month over month!
Mixpanel’s growth is attributable to its unique approach to analytics. The data it tracks is unusually queriable due to the manner in which it’s stored. There’s a direct emphasis on funnel analysis to explain just where users are originating, and then on cohort analysis and retention. What happens with users after they reach a site?
With its highly customizable data reporting and sharply targeted usefulness to growth hackers themselves, Mixpanel is a pretty clear cut case of perfect market fit.
From its initial $500,000 seed money financing to successive rounds of funding well into the millions, Mixpanel has not gone begging.
In the wake of a $10 million funding deal in May 2012 Doshi told VentureBeat, “Mixpanel has been cashflow positive for a while, so we weren’t in a hurry to raise funding.”