Knowing your metrics is a fundamental aspect of online success. Whether you’re dealing with social media posts, email, paid ads, videos, or anything else, it’s essential to study analytics so you know what is and isn’t working. Baremetrics is a tool that simplifies business metrics so anyone can easily access and make use of crucial data. In this review, we’ll explore the main features and benefits of Baremetrics along with its pricing plans and special discounts, to help you decide if it’s a tool that can help you gain actionable insights from your metrics.
Many companies that use Baremetrics allow their metrics to be open to the public. One example is ConvertKit, whose stats can be viewed here. If you’re looking for a reliable and affordable email service provider, see our Convertkit overview and discounts.
Track Your Metrics in Real-Time
Information needs to be timely as well as accurate and relevant. It’s a powerful advantage to have real-time data. Baremetrics provides an activity trail for all transactions as soon as they occur. You can instantly track signups, payments, cancellations, up and downgrades, and other events.
You don’t always want to access the same data. Create customized dashboards for all types of metrics such as recurring revenue, customer churn, and much more. Compare numbers from different periods or categories. For example, you can quickly compare performance between dates, plans, or customer segments.
Failed payments due to problems such as expired credit cards, insufficient funds, bank problems, and other issues can cut into your profits. Recover provides tools such as auto-generated emails, in-app notifications, and detailed analytics to help you reduce churn and prevent payment issues.
Forecasting. One of the most valuable ways to use data is to help you predict future sales, customer behavior, and other metrics. Get informed MRR projections. Configure settings such as growth type, churn percentage, and length of time to get the projections you want.
Understanding your customers is crucial. Create detailed customer profiles. Easily track customer actions. Segment your customers in any way you choose. You may want to look at people from a certain region, active subscribers, those who canceled, or by other criteria.
You don’t only need to collect lots of data, but you also know how to connect the dots and understand it. Augmentation lets you interpret data from a wider context, from different departments and platforms. Import CSV files, data from Zapier, and other sources. Analytics API lets you access metrics in many other services, including PayPal, Magento, Square, WooCommerce, Shopify, Google Wallet, and many others.
Many businesses (including Baremetrics) offer free trials to attract new customers. If you do this, are you using this practice to learn more about your customers and what makes them either sign up for a paid plan or cancel when the free trial ends? You can get valuable insights from customers who are taking advantage of your trial offers. Compare the results of different trials. Measure conversions, the average length of trials, and other data that helps you identify the most effective trials.
When you understand why some of your customers cancel, you can make the appropriate changes. People may cancel because of price, glitches, a feature you lack, customer service complaints, or other reasons. The dashboard lets you identify trends and help you see why certain customers are unsatisfied.
If you’re like many businesses, you use Slack to communicate with your team. You can get even more out of Slack if you can get valuable analytics delivered directly to Slack channels. Create any schedule, sending reports daily, weekly, or monthly. You can also set up instant notifications for specific events.
Compare your data with others in your industry. Set appropriate goals by learning how your competitors are faring. See areas where you need to improve. Pricing insights let you see how your prices compare to similar companies and whether you need to raise or lower them.
While data is essential, what really counts is how you use it. Baremetrics’ Business Academy provides you and your teams with education on collecting and interpreting your metrics. You don’t need to be a paying member to subscribe, so you’re free to use this information however you wish. However, you’ll find that many of the insights are best applied using Baremetrics tools. The following are just a few of the topics covered.
MRR: How to Calculate Monthly Recurring Revenue
How to Calculate Customer Lifetime Value
Churn Rate: What it is and How to Calculate it Correctly
11 SaaS Metrics to Measure and Improve For Growth
How the SaaS Business Model Works
Average Revenue Per User (ARPU)
Annual Revenue Run Rate (ARR)
Many business owners and marketers may not be familiar with these and other metrics-related areas. Even if you decide to outsource marketing and analytics, you should be familiar with essential metrics to know which services to ask for. You also want to be able to understand the reports and recommendations that come your way, whether from your marketing team or an agency.
Plans and Pricing For Baremetrics
You have several choices of plans, depending on your budget and needs.
Base Features: Starts at $129/month. Includes Smart Dashboard, Analytics API, benchmarks, email reports, trial insights, Slack tools, people insights, more.
With Recover: Starts at $198/month. Includes all Base features along with automated recovery of failed payments. This feature alone provides an average monthly MRR increase of more than 3%.
With Cancellation Insights: Starts at $258/month. Provides insights into why your customers are canceling. You can also send them automated emails to encourage them to return.
Including Everything: Starts at $327/month. Includes all features and services.
Baremetrics With Recover (as well as Baremetrics With Everything) provide an ROI guarantee. If your recovered revenue doesn’t cover the cost of your Baremetrics plan, you will be fully credited the following month.
Regardless of the size of your business or your industry, you need to know your metrics. Baremetrics provides powerful tools to anyone who wants to collect better data and make better use of their metrics. Many large brands use it to track their multiple platforms and thousands of customers. However, it’s at least as important for smaller businesses to know their numbers. While many tools are available for collecting data today, it’s not always easy to use them and interpret the numbers. Baremetrics is designed to make your data understandable and actionable. Baremetrics is a reputable brand that you can trust, and give it a try if you want to get more out of your analytics.
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