Top 5 SaaS Analytics Tools to Grow Your Startup
Here at Forecastr, we constantly preach the importance of understanding your growth metrics to forecast the future. Marketing analytics provide critical understanding behind your growth strategy to pave the way for long-term vision. Armed with this information, you can innovate effective strategies and closely monitor KPI’s to sustainably increase your business revenue.
It’s simple: the more you deeply understand your business, the more your team can drive growth. If you don’t understand why a growth channel isn’t working, you can’t properly pivot your strategy. Once a business begins to achieve revenue, founders need to understand how consumers reach your site, patterns in MRR trends, most effective website features, and customer conversion rates.
This is where SaaS analytics tools become critical. From marketing analytics, data integration, customer engagement, to pricing automation, hundreds of SaaS tools exist to support startup growth. Even more, SaaS tools cater perfectly to startups with relatively low subscription rates and seamless adoption uptake. So, how do you know which SaaS tools are right for you? The team at Forecastr identified our top 5 SaaS Analytic tools to help you grow your startup.
Baremetrics takes in data from a payment provider service, then organizes that data into visual graphics, charts, and reports so you can closely analyze your business growth. Baremetrics highlights pivotal data like growth rate and churn rate within a custom monthly subscription price based on the MRR of your business.
You can also segment important data while feeding it through this analytics tool, which makes data augmentation easy. In short, Baremetrics:
Keeps track of MRR, Churn rate, Growth rate
Connects different marketing automation tools
Makes data augmentation and segmentation easy.
Chartmogul is a SaaS analytics tool that helps businesses check their subscription revenues through a relatively low-cost option subscription platform. Customers love the churn rate tools and time-specific insights into customer-product engagement.
Even more, Chartmogul provides an enrichment API that enables you to pour in data from other platforms to develop subscription data segments.
What makes Chartmogul an attractive option for your startup?
Editing MRR with a customized approach
Better control of metrics and subscriptions
Creating and sharing custom charts
Streamlining of revenue through a revenue recognition platform
Mixpanel Customers praise as one of the best user tracking tools on the market. This tool helps you track customer behavior to measure against business goals. You can analyze your online business presence through metrics like in-app retention, navigating methods, and more.
Features most popular and least used in your app
Actions taken by trial users that led them to convert
Reasons for customer engagements
Usage of products by the customers for better retention
If you have an e-commerce or SaaS product and need to optimize your funnel conversion rates, Kissmetrics may be a perfect fit for you. This tool allows you to reduce churn and maximize revenue growth through a visual user interface. In particular, founders praise Kissmetrics for its A/B testing capabilities and reporting tools across the funnel.
Kissmetrics shares critical metrics on actual user-behavior:
Conversion of trials
Analysis of monthly recurring revenue
Reduction in churn
Reports on subscription revenue
ProfitWell provides revenue operations products to reduce churn and optimize pricing for a variety of business models. ProfitWell is particularly competitive in the SaaS marketplace because their revenue reports are free. Need to know more about credit card failures? Is your pricing strategy increasing churn rate? ProfitWell designed an analytics solution to win back your customers, improve long-term retention, and deeply understand product performance.
ProfitWell provides audits for pricing and retention to reveal revenue leaks and constantly monitor pricing strategy.
Reduction in churn automatically
Auditing of proof revenue recognition
Pricing optimization for subscriptions
SaaS tools are essential for smooth business operations and long-term growth. So, which one of these SaaS tools for startups will work best for you?