In this episode of What the Growth!? Nick goes over how Software as a Service companies can use a subscription analytics platform to increase client retention and growth.
What is a Subscription Analytics Platform?
A subscription analytics platform is a software that you integrate with your payment processing provider in order to analyze and take action on your SaaS metrics. At Visitor Queue, we use currently Profitwell and have used Chart Mogul in the past. Both of these platforms are great options. Then, we integrate this with our payment processor, Stripe. These tools allow you to track all of your SaaS-specific metrics. A few of these metrics include MRR, current customers, retention rates, growth rate, lifetime value, average revenue per user, and so on. They even allow you to measure your active users and build customized reports with customer segmentation. The value you can gain from all of the reporting options is limitless.
How to Retain Customers
Outside of the analytics these solutions provide, they can also help you retain clients longer. They do this by monitoring customer’s failed payments, automatically retrying the payments at optimized times, emailing the clients to get them to complete the payment successfully, preemptively reaching out to clients with credit cards that are about to expire, and displaying in-app pop-ups that prompt customers to complete the payment successfully. If the client doesn’t complete the payment successfully after a number of retries they will also lock the client out of your application. Until they pay and display a pop-up that easily allows the client to reactivate their account.
Beyond this, they’ve recently launched two new features. They encourage your clients to proactively switch to annual plans via email automation and in-app pop-ups. And, reactivate their plan with you using email automation and in-app pop-ups.
Through all these features and the different tools that are available, you’ll be able to reduce churn and retain clients for longer. That’s all for this episode of What the Growth!? Ensure you tune back next month for another growth tip.