You have probably already heard that if you can’t measure each part of your business, you can’t grow it.
Of course, this should not be taken for granted. This sentence is mostly true and should be taken seriously.
But why is that?
Firstly, because without measuring the results and observing the data, you will not be able to see the whole, realistic picture of all the events related to your business.
Secondly, if you do not track the results, you will find it harder to come to conclusions where mistakes were made. It will take you a long time before you eliminate them, which can pose a great risk for your business and your income without which the business itself can’t survive in the long run.
Thirdly, it is important to know how you stand in relation to your competition. In fact, in whatever niche you are, it is important to know how competitors rank. When you have an insight into their strategies and results, it is much easier for you to create an advantage over them.
Tracking various metrics related to visitors and customers, refunds and other finances, market conditions, and similar, is a big challenge if you do it manually.
That’s why there are certain SaaS metrics tracking tools on the market today that you can take advantage of and save a huge amount of time, too. In particular, you should keep in mind that it is sometimes impossible to collect, read, and analyze all the important data you need.
In the continuation of this text, you will be introduced to three extremely powerful tools that will make this crucial part of your job much easier.
So let’s begin!
This SaaS metrics tracking tool is created with the intent to help you with subscription growth. It saves you time and allows you to focus on your products and customers.
ProfitWell offers outcome-centred products for:
- Reducing churn
- Recognition of audit-proof revenue
- Optimizing subscription pricing
In a ProfitWell dashboard, you will be able to track all the most important metrics and the recent activities from your customers viewing their pictures, actions, and labels.
- Subscription reporting and analytics
- Engagement metrics
- Acquisition metrics
- Revenue metrics
- Data segmentation
- ROI analysis
- Pricing software
Pricing: ProfitWell is a free SaaS metrics tool with the possibility to add an unlimited number of users.
What are the pros of ProfitWell?
ProfitWell gathers economic experts to help you make a powerful pricing strategy.
By using this tool, you can leave deferred revenue, complications, bundles, evolving standards changes to the ProfitWell team to take care of.
Because of using advanced AI and algorithms, your calculations would be error-free.
ProfitWell allows you to use their native integrations, but you can also use their Metric API. You can connect it with Stripe, Google Sheets, ReCharge, and more.
You can use the mobile app as well, on iOS and Android devices both.
ProfitWell is a secured and GDPR compliant platform.
What are the cons of ProfitWell?
If you are just starting the business, you may have difficulties to understand all the metrics and analyze them. You would need some time to draw all the potential from these reports and use them in your advance.
When you want to integrate with some of the other tools and platforms, there is a possibility that it would take some time and not just a couple of minutes.
To sum up: ProfitWell is a very powerful tool that can provide you with really important reports and analysis, but it can take some time to become familiar with all the features and possibilities that it offers.
Baremetrics helps you to see all the most important metrics and insights from your control centre.
This platform extracts your daily breakdown, monthly recurring revenue, cash flow, and other important data for your everyday business.
There are daily, weekly, and monthly reports that come straight to your email inbox informing you about your data state.
You can monitor what is happening while your customers are in a trial, which can help you to get higher conversion rates.
By using Baremetrics, you can see what are your results compared to your competitors.
For every customer, you are able to see their payment and changes history.
- Smart dashboard
- Email reports
- Slack tools
- Control center
- Tracking expansion and churn
- Trial insights
- People insights
- Analytics API
Pricing: Baremetrics has pricing based on your MRR which stands for Monthly Recurring Revenue. It also offers a 14-day free trial.
What are the pros of Baremetrics?
Baremetrics is showing your data in a clear way. It doesn’t leave you with numerous graphics that you have to analyze for hours and hours until you understand them completely. Everything is already delivered to you.
Thanks to Baremetrics segmentation, you can easily separate your B2B from B2C customers and see more precise data.
If you work within a team, you can easily integrate with Slack and use Slack tools which will help you to be more productive and maintain a simple and effective workflow.
This SaaS tool integrates with Stripe, Braintree, Recurly, Google Play, and a few more important platforms.
What are the cons of Baremetrics?
Like the previously mentioned SaaS metrics tool ProfitWell, Barematrics can also be a huge bite for someone who is just starting with analyzing metrics and data.
There really is a lot to be aware of in order to take full advantage of the potential that these tools offer.
Also, if you are just starting a business, the Baremetrics pricing method which is based on MRR may not suit your needs completely, but you can always try out the free trial period and find out if this is a good solution for you.
To sum up: Thanks to Baremetrics, you can forget all about saving numerous spreadsheet data and instead of it have everything combined together in one place.
ChartMogul is another tool intended for subscription analytics and revenue reporting.
With this SaaS metric tracking tool, you can monitor all the activities of your users knowing their behaviour and create a seamless user experience.
With ChartMogul, all of your data is in one platform, organized and ready to share it with your team members.
This platform shows you different parts of subscription analytics such as MRR and its movements, Annual Recurring Revenue, cash flow, and more.
- Subscription data
- Mobile subscription analytics
- Revenue recognition
- Developer hub
- Analysis and reports
- Charts and lists
Pricing: ChartMogul offers three different packages and pricing is also based on your MRR. But, if you are just starting the business, you can choose Launch package for free and upgrade to paid packages later.
What are the pros of ChartMogul?
With ChartMogul, you can easily share information with other workers and help them to understand the business more thoroughly.
Many huge companies already use ChartMogul for a better understanding of revenue, pricing, and churn.
This tool has native integrations with Stripe, Braintree, PayPal, Shopify, Google Play, and other important platforms for your business. It also includes 3rd party integrations.
If some of your customers are not paying through these platforms, you can import them into your analytics from Google Sheets.
For every file that is made in ChartMogul, you can download it as a CSV file and do a more in-depth analysis.
By using the Metrics API, you are able to access the ChartMogul account and pull out data for certain customers you choose.
What are the cons of ChartMogul?
There can be some bugs when you try to integrate with Google Sheets which can be very annoying.
Sometimes it can be hard to reach customer support and get your answers quickly.
ChartMogul is a powerful platform, but it has fewer metrics to track than ProfitWell and Baremetrics. Because of this, it is a better solution for starters than for those that are familiar with SaaS metrics and want even more in-depth data.
To sum up: ChartMogul is one of the first platforms made for subscription analytics and it is really simple to use, which is great if you are just starting with your business.
The bottom line
Each of the above-mentioned SaaS metrics tracking tools has a similar purpose, but from the list of features, we can see that there are certain differences.
Also, ProfitWell and Baremetrics can be a little bit complicated for startups, so based on what you need for your business and depending on what stage of development it is in, you can make a final decision on which platform to trust more easily.
What is for sure is that they can save you valuable time and display significantly more data than you could manually collect.
Based on these metrics, you will get a more realistic picture of the state of your business in general.
Also, another tool that you can use to see the behaviour of your website visitors and how they react to certain actions in practice, is Poptin.
Poptin is a tool for creating pop-up windows that can effectively grab the attention of your target audience and increase your conversion rates.
Take advantage of these SaaS metrics tracking tools as soon as possible.
Incredibly powerful tools are now more available than ever and ready to deliver information that will be of great importance to you!
Aazar Ali Shad is an entrepreneur, growth marketer (not a hacker), and a seasoned SaaS guy.
He loves writing content and sharing what he learned with the world.
You can follow him on Twitter @aazarshad or aazarshad.com
Tags: SaaS Metrics, SaaS Metrics Tracking, saas tracking tools