How Does ProfitWell Help in SaaS Marketing Efforts?
The subscription-backed cloud economy, or the software-as-a-service (SaaS) business model, is growing fast. This high market growth has intensified the competition and left many SaaS businesses—even the seasoned ones—overwhelmed. The development of the SaaS economy is boosted by the rising consumer demands for subscriptions.
As per Gartner, the SaaS segment is expected to grow to a whopping 151.1 billion US dollars by 2022. This year, the SaaS market segment has grown even more because of the global pandemic that has forced the companies to switch to remote working. SaaS solutions help streamline remote working as they’re easier to deploy and scale.
This data explains that the SaaS industry is expanding, and the competition is getting fiercer with each passing day. That means you, as a SaaS marketer, have to cut through the competition. Your marketing strategies should be adaptable for the always-on and ever-evolving SaaS landscape.
SaaS marketing gives an incredible amount of strategic promotion opportunities for subscription businesses. But if your marketing strategies aren’t driven by market data and business analytics, you won’t be able to uncover fresh growth opportunities, much less seize them.
The soul of every subscription business model is …
Data. The whole subscription world heavily depends on it. But the only thing is, the data has to be reliable enough to accelerate the growth of your SaaS business. After all, the ROI from your SaaS business will grow only if your marketing strategies are data-rich instead of being based on guesswork and qualitative feedback.
SaaS analytics is important for measuring and optimizing any marketing campaign for subscription-based business. With the right data, you’ll know exactly the kind of marketing initiatives that’ll boost the bottom line. The thing is, your subscription business has many parts in motion. And SaaS analytics are important for making sure that every part of your SaaS business is running well.
By tracking a few important SaaS analytics, you’ll be well-informed about your company’s health. SaaS analytics may uncover relevant numbers such as churn rate, monthly recurring revenue, lifetime value, and more. By gaining actionable insights into the data, you’ll create a marketing strategy that’s designed to perform.
No doubt, the subscription economy is still developing. A subscription business that wants to raise its marketing game for thriving in this new economy, it’ll have to harness the power of SaaS analytics. And ProfitWell will be your best bet for unlocking the most accurate SaaS analytics for your business. ProfitWell offers reliable, comprehensive, accurate subscription reporting that helps SaaS marketers like you understand what’s working for your business growth and what’s not.
ProfitWell is all about accurately measuring SaaS metrics
Analyzing SaaS metrics that matter the most
Metrics are integral to the success of any SaaS marketing campaign. ProfitWell Metrics is an easy-to-use tool that offers a bird’s-eye view of everything happening in your SaaS business, ranging from delinquencies to churn rates. More and more subscription businesses trust ProfitWell Metrics because of its accurate reporting of financial metrics.
Best of all, if you want to strengthen your SaaS reporting, improve your pricing, and reduce your churn rate, optional add-ons are available. Along with Metrics, ProfitWell offers Benchmark—a tool that helps reveal how your business’s SaaS metrics compete with the larger data set present in the world of subscription-based businesses.
Retaining customers like never before
Churn is the biggest threat to almost every other SaaS product on the market. Up to 40 percent of churn happens because of failed payments that happen when customers experience technical issues and can’t complete the order.
ProfitWell Retain is a dedicated tool that helps combat churn and builds strategies for retaining customers. Spotting the churn before it starts means you can strategize your marketing game effectively for targeting the churn and retaining the customers.
Recognizing revenue fast and easy
Recognizing revenue and accounting in the world of subscription can be resource-intensive. Even worse, if there’s a manual process in place, then recognizing the revenue and accounting it may eat a lot of time. One study revealed that almost 47 percent of professionals said that manually entering data is one of the biggest job challenges they are facing.
If you also feel that your SaaS business marketing process isn’t optimized for quickly and easily recognizing revenue, then ProfitWell Recognized will make a world of difference. Even better, this tool helps not just recognize revenue but even eliminate human errors by automating the accounting processes. This way, your business will free up its accounting staff to do cognitive work.
Best of all, the tool stays abreast of the latest industry trends and best practices with regards to product billing and revenue deferral. Eventually, these features help cut back the total number of work hours for marketers that they can devote to coming up with better ways to market the product.
Ignoring the pricing will cost you
Most businesses keep their pricing strategies on the back burner; they’re spending just a handful of hours to tweak their products’ pricing. However, SaaS businesses which don’t invest time in harnessing the data to optimize their pricing strategies miss out on capitalizing on major growth opportunities.
Getting your SaaS product’s pricing wrong can break the whole marketing game for your subscription business. Your pricing strategy should be backed by the most relevant data, not pure guesswork.
To help you nail your pricing strategy, ProfitWell has designed Price Intelligently. This tool helps you calculate the best pricing strategy for your business. This pricing strategy is generally considered optimal because your business uses data-rich roadmaps, market mapping, personas, and localized pricing.
Long story short: This tool helps you replace the guesswork with data-driven analyses for letting you make the biggest and most accurate pricing decisions for your SaaS business.
Wrapping it up
SaaS analytics are crucial to understanding the ROI of marketing initiatives for your subscription business. Understanding what metrics need to be measured, as well as having the means to visualize and interpret this data, are critical to this success.
ProfitWell offers a platform with robust analytics tools that help accelerate the growth of your SaaS business by prioritizing data-driven solutions over speculation and hypothesis.