5 Best Stripe Analytics Tools for Subscription Business in 2020
Stripe Analytics uses data, statistical analysis, and predictive models to gain insights on your Stripe account and act on complex issues such as payments, refunds, credits, subscriptions, and more. Stripe Analytics can provide insights into a wide variety of Stripe users' data, increasing customer retention, maximizing profits, growing revenue, and reducing customer churn rates.
With the help of Stripe Analytics, you can uncover hidden trends and insights about our Stripe business account that ultimately allow us to improve our business and make better business decisions for future growth. It can help you obtain the essential data and insights from your business, and the ideas that you draw from Stripe Analytics can help you improve your product or service and better serve your target audience.
This blog post goes over why it is good to use Stripe Analytics and the list of top 5 Stripe Analytics tools to use in 2020 for your business account.
Benefits of Using Stripe Analytics
The data can only be analyzed if there's a certain amount of sales or user engagement on your business account. Before you dive into analytics, make sure you've got a few sales, and users must have interacted with your business, product, or service in the past so that you can analyze the trends. If there are no sales or user interactions, then we highly recommend improving your marketing strategy first to get enough data. You can look at our article to grow your subscription business with the help of online marketing.
One of the main reasons to use Stripe Analytical Tools is that they offer Data Visualization. These tools present metrics in different forms such as lists, pie charts, bar graphs, spreadsheets, and more, that allow you to see how your business is performing.
Understand Your Audiences
Stripe Analytics helps you find out:
• how many sales you made,
• how many customers signed up for your subscription-based product or service,
• how many users visited your website or online store, and bounced back without performing any actions,
• how many existing customers canceled their recurring service with you.
It allows you to make changes in your business – improve product or service, lower product or service prices, offer excellent customer service, increase marketing budget to make more conversions, and earn recurring customers.
Study your Competition
Some of the 3rd party Stripe Analytics tools allow you to gain insight into your direct competitor's business, such as monthly sales volume, refunds, lost customers, and more. Additionally, with the help of the Analytics tools, you can check their strategies and other things that they are doing separately, and you can adapt those strategies to attract more customers and increase your overall revenue. Note: Unfortunately, there is no way for 3rd party Stripe Analytics tools to update the exact competitor's data, and the data that they represent can be considered the best average.
With Stripe Analytics reporting capabilities, you can gather and compare any combinations of data sets. Report on subscription payments, failed payments, revenues, campaign conversions, abandoned carts, and more. Use reporting to create data-driven campaigns that could boost revenue, sales, and profits altogether.
While Stripe Analytics (Default) is a robust analytics in-built system and a free-to-use tool, it's not the only Analytics tool for Stripe. Many other Analytics tools can do a better job in comparison to Stripe Analytics.
Top 5 Stripe Analytics Tools for Subscription-Recurring Businesses in 2020
Vitally provides analytics, automation, alerts, and engagement tools to help Stripe vendors provide personal customer success at scale. It can help you track your MRR, revenue, customer churn, and, discover subscription customers nearing renewal, and locate opportunities for expansions.
1. Unify Customer's Data: Create a single, beautiful 360-degree profile and aggregate every touchpoint with your business without continually switching tabs for each customer.
2. Track & Segment Customer's Journey: Get customer journey mapping right into your Stripe account! Understand every movement of your customer before they visit your website or online store.
3. Analyze Customer Success: Create consumer reports across any data and examine the KPIs (Key Performance Indicator) that drive your business and customers' success.
4. Track Risk Revenues: Unify your subscription and product/service information; you'll be able to deal with possible churn directly with Vitally's active informing abilities.
5. Send Email Reports: Get the most critical updates about your subscription KPIs and other crucial information about your business directly into your inbox.
2. SegMetrics Marketing Analysis and Insights Tool for Stripe
SegMetrics connects directly to your Stripe account and CRM, giving you 100% accuracy in your earnings and reporting. Get all the actionable insights related to your account, product, service, sales, revenue, churn, and many more without writing a single line of code, spreadsheet exporting, or pivot tables.
1. Identify Your Customers: SegMetrics allows you to track & identify who your best subscription-based customers (recurring subscribers) are, along with the best lead channels. This feature can help you spend less on the acquisition and target your customers more efficiently.
2. Understand The Health Of Your Subscription Products: SegMetrics allows you to find the cohorts that bring you the most value by breaking down your product-related churn rates. You can see your subscriber's lifetime value, churn rate, MRR, and more with a single click.
3. Get Instant Comparisons Between Products And Segments: SegMetrics allows you to quickly compare different subscription plans and see which one is more profitable and has higher engagement rates.
4. Track Your Email Follow-Ups: SegMetrics enables you to to track your email follow-ups conveniently, so you can quickly recognize weak points and increase customer retention rates.
Databox can transform your most important Stripe KPI into meaningful insights and delivered to your phone, slack, laptop, Apple Watch, and many more channels. It pulls all your Stripe's data in one place to track your business, product, or service performance and discover insights in real-time.
1. Pull All Of Your KPIs Into One Place: Databox allows you to mix and match data, insights, and metrics from several sources into one dashboard and get a unified view of your product or service performance at a glance.
2. Build Your Dashboards, No Coding Required: Databox dashboard builder allows you to build your dashboards and put all the data and KPIs in one place without writing a single line of code.
3. Set Measurable Goals And Track Your Progress: Databox Stripe Analytics can help you set measurable goals for specific metrics or any other data you want to integrate into Databox. Track them all on one screen and keep everyone concentrated on the metrics that matter most.
4. Easily Calculate Important Business KPIs: Databox data calculations tool can help you collect data from any source and calculate conversion rates, KPIs, ROI, and much more without any code or spreadsheets.
Blendo allows you to sync all your customer data such as payments, email, support, events, and more into your dashboard to help you make reports simple, straightforward, and faster. You can access all your data, including payments history, sales, marketing, accounting, and much more to accelerate data-driven business intelligence.
1. Query Analytics-Ready Subscription and Billing Data: Import all the subscriptions and billing data into the dashboard or select only the required resources you need. Get all the analytics-ready data and insights in one place with a single click and without writing a single line of code.
2. Segment Your Subscription: Segment your subscriptions and get invoices, plans, and customer data with ease. Databox Stripe Analytics allows you to measure ROI, subscription sales, marketing campaigns, customer success, and more to empower business growth.
3. Determine Effective Marketing Channels: Track and measure ad spends on different channels and discover which channels and campaigns bring more customers, revenue, and profit.
Baremetrics allows you to get essential Stripe account insights and analytics such as MRR, subscription payments, churn, LTV, and a dozen more crucial data. Baremetrics uses Stripe Connect to pull all the historical data to generate a wide variety of metrics and insight.
5. Baremetrics Features
1. Compare Your Customers Segments in Dashboards: Get instant historical comparison data on ad spends, subscription plans, and marketing strategies in your dashboard. Utilize historical data to improve ad spends, marketing strategies, products, and services.
2. Track Growth Through Segments: Get information on any customer segment such as new, existing, and even churn. Baremetrics helps you to perform check on how different groups of subscription plans and customers are growing.
3. Stop Failed Charges: Baremetric recovery feature helps you combat failed payments with a combination of Dunning Management tools such as customizable email campaigns, credit, and capture form, in-app payment reminders, and in-depth analytics to track everything related to your subscription business.
4. Smart Dashboard and Control Center: Track events, payments, sign-ups, refunds, upgrades, downgrades, cancellation, and dozens of other crucial tasks with the Baremetric Control center. Instantly compare things such as customer segmentation, dates, and subscription plans, and understand how your business performs with the help of Baremetric Smart Dashboard.
If you are planning on turning your small subscription business to a multi-million dollar company, you should not let the essential statistics about your subscription business go unnoticed.
Subscription businesses must understand their audiences and get more in-depth insights on their upgrades, downgrades, new customers, customer churn, marketing costs, and tons of other data to measure success. With the Stripe Analytics tools, you can track your Subscription business growth and change or tweak some areas of your business to keep it moving in the right direction.