Understanding growth analytics is essential to long-term business growth.
Whether your most pressing concern is churn, cash flow, or effectively pricing your product, data is vital to every important decision a successful team faces.
This article covers why growth analytics are important and the best tools to use in 2021.
Why Are Growth Analytics Important?
Growth analytics can do a lot for your business. Here are the highlights:
- Accelerate Business Growth
- Relevant growth metrics and key insights are important for any kind of business. This data gives vital insight into the performance of your business and possible interventions to improve performance.
- Uncover Existing Problems and Possible Interventions
- If your business is struggling, data pulled from growth analytics tools can help track the exact cause of the problem. This makes it easy to address these problems at an optimal cost without wasting precious time.
- Track and Manage Churn
- Monitoring the rate at which users stop using your product to offer is key to sustaining long term growth.
- Recover from Baremetrics is the smarter way to prevent customers on monthly and annual subscription plans from churning, making it an invaluable tool for your business. Try it free today!
- Choosing Business Strategies
- Most businesses, especially at the startup stage, tend to explore new strategies at different phases in the growth of the business.
- Data obtained from growth analytics tools help you to choose what works and avoid what doesn’t.
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The Best Growth Analytics Tools for Your Business
1. Baremetrics
Baremetrics is a subscription analytics platform that primarily serves SaaS and subscription companies. Our software gives companies insights into key growth metrics like MRR, churn, LTV and more, so they can learn what’s working (or not working) in their business.
Baremetrics integrates with an array of payment platforms including Stripe and Shopify, and makes analytics easier to understand on our user-friendly platform.
Try Baremetrics for yourself with a demo session and a free trial for new users.
2. Google Analytics
Despite not being the easiest analytics tool online, Google Analytics is the most basic tool for everyone that runs a business online. This is due to the diverse kinds of data that the tool offers.
With Google Analytics, you can conveniently track bounces, page views, and the goal completion rates on your web pages. Beyond this, you can also monitor the traffic sources of your web pages based on location and devices. Google Analytics also allows you to analyze keywords and even set specific metrics.
The only seeming con of this tool is that you would require some basic knowledge of analytics to optimally use the tool. However, Google Analytics offers 24-hour support in its premium package for interested brands. The tool can also be integrated with some other analytics platforms.
3. Crazy Egg
Crazy Egg is another essential tool for your business website. The tools analyze the reaction of users to your online content. With this, you can track the kind of content that better appeals to your audience and work on churning out this kind of content. Crazy Egg has a heatmap view that indicates what area is most clicked by users. With this tool, you can strategize ad placement on your website better.
Using this tool alongside other tools can also help generate vital data on your sales funnel performance.
4. Localytics
If your business offers a mobile app option to users, then Localytics is an essential tool to help you keep tabs on important metrics. The tool monitors the number of times your app is opened, the time spent on the app, the tasks performed, and other tasks that often lead to them closing the app or uninstalling. With Localytics, you can generate all the data you need to improve the user experience on your app and improve overall customer retention for your business.
As part of its management features, the app also offers the option of segmenting users based on selected criteria making it easier to target a class of users when you need to.
How Baremetrics Simplifies Growth Analytics
Without a doubt, growth analytics tools are vital to the growth of a business, largely for the data they generate.
But what’s the use of data if you don’t understand what it means?
Business owners can benefit greatly from data insights that are intelligent, yet easy to understand and take action on.
That’s why Baremetrics, an analytics tool for subscription billings, also offers users several management tools ranging from user categorization to tracking missed payments.
These tools enable you to look into the possible pain points of your customers and why they might be leaving. This way, you can improve the customer experience of people who choose your brand.
Ready to take your growth to the next level? Start a free trial of Baremetrics today.
The post Growth Analytics Tools for SaaS: What to Use in 2021 appeared first on Baremetrics.
Source: https://baremetrics.com/blog/growth-analytics-for-saas-and-subscription-businesses
