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Wondering which are the best SaaS analytics tools for 2023?
You’ve come to the right place.
Software as a Service is a fast-growing market. Anyone who gets left behind will stay behind forever.
After you’ve read this article, you’ll be more informed as to what’s out there and how the tooling can get you away from multiple spreadsheets and disconnected datasets, so let’s get started!
SaaS Analytics Tools
Some of the best saas analytics tools available in the market today include the following:
We couldn’t compose this article without mentioning Google Analytics. Google Analytics has been around for quite some time. You can vastly improve your customer experience by tapping into the digital analytics it presents you with.
One of the best things about the product is that you can use it for free! Google Analytics lets you track a wide range of insights and data points in your website, the people visiting your site, your most popular web pages, and much more.
It’s a powerful and flexible tool that is easy to use. Setting your site up for Google Analytics reporting is simple too. Simply log into the Google Analytics dashboard and generate the required script which you can then copy and paste into the web pages that you want to track.
From an easy-to-use dashboard, Google Analytics gives you a breakdown of the types of users that visit your site, everything from demographics such as gender, age, and location to the types of machines or devices being used by each website visitor.
Notice that most of your website visitors used mobile? Maybe it’s time to make sure every aspect of your website is responsive and resizes on the most popular web browsers.
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Or maybe you’ve identified that most of your site visits are 18-35-year-old males, using this information, you can best offer products, services, or content that aligns with this age-specific age range.
Google Analytics is especially useful for digital marketers, for example, you can identify which social channels or marketing campaigns effectively bring the most traffic to your website, thereby, giving you insights into which channels need some attention or channels that are responsible for the most traffic.
This type of information can help drive your digital marketing strategy, get better results and ultimately make your site one the visitors keep coming back to.
Next up is Adobe Analytics. The tooling is pitched as a product that helps give your business a holistic view of customer interactions, furthermore, helping you turn this data into actionable insights. Using its dashboards, you can slice and dice real-time information to help you further identify problems or opportunities.
With companies such as Airbus using the platform to understand their customers and better target them, you can be assured that Adobe Analytics is up there with the likes of Google Analytics.
Adobe Analytics features a rich set of products and solutions to handle almost every use case you can think of. The Analytics platform offers three different plans for you to choose from:
Going into each of these in detail would require many blog posts, the plans offer so much functionality! For example, with the Select plan, with an easy-to-use drag-and-drop interface, you can build customized reports to help you easily identify high ROI customers, you can then use this information to optimize your digital marketing campaigns.
One neat feature is the Activity Map which leverages visual overlays and real-time analytics to help you see how customers are interacting with your website and the general flow they work through when going from page to page.
You can then take the data and visualize button clicks, for example, to help you better plan the design or your website’s user interface, thereby, improving the user experience which should hopefully translate into users spending more time on your site!
Whilst the Select plan is enough to get started with, the Prime plan ships with some additional features such as anomaly detection and customer retention modules that let you better understand what is driving customer churn and why a KPI or metric has changed.
You can find out more about the Adobe Analytics platform and what it has to offer here.
ProfitWell is an analytics tool that lets you gather all your subscription metrics under one roof. It’s a fantastic product that is trusted by over 1,000 businesses such as HubSpot and Code Ship.
With no additional customization or development time, you can be on top of your SaaS financials quickly. Profitwell has dealt with so many SaaS platforms in their time, they even have a community of SaaS experts that have seen a lot of the challenges you may have.
When you sign up for Profitwell, you get access to these experts who will give you detailed descriptions of key SaaS metrics, how it’s calculated, and more importantly, why it matters to your business.
Once logged into ProfitWell, you can set monthly financial goals and track the progress and if you want, you can opt to receive updates for each goal.
Goals are one thing, but being able to identify why you’re growing (or in some cases why you’re NOT growing) is equally important. With Profitwell, you can see how changes in different types of revenue and/or plan are affecting your growth.
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For example, you can slice and dice metrics of your different plans over time to calculate MRR and LTV customers across each of your subscriptions.
ProfitWell will even let you track retention and churn over time and how annual subscriptions, refunds, and fees are affecting your SaaS business’s cash flow!
Whilst a lot of web analytics tools are focused on auditing pageviews, duration on web pages, and such things, Mixpanel takes a slightly different approach. The platform logs and analyses the specific “actions” or steps that users take whilst they’re on your website.
An “action” in Mixpanel can be anything really, for example, someone might upload a file or share an article and reply to a comment on your company blog.
Mixpanel has been developed to let your SaaS business, regardless of its size, be able to effectively monitor and analyze user behavior.
Whilst most behavioral data analysis involves the development of SQL stored procedures or queries (often carried out by technical specialists such as data scientists or software engineers), with Mixpanel, you can use its straightforward interface to drill deep into how users of your SaaS product are behaving, which ultimately can help you improve your SaaS applications functionality or design.
At the time of writing, in a single month, Mixpanel is responsible for processing 67 billion actions and can surface this data to its users in an easy-to-consume manner.
It’s also worth pointing out that Mixpanel isn’t just restricted to web-based products, it can also support iOS and Android solutions, thereby, giving the platform the ability to track more than just actions and page views on a website.
At the end of the day, Mixpanel is an event-centric analytics tool where tracking goes beyond auditing page views and mouse clicks. Sure, you can audit events in Google Analytics, but that’s not its sole focus, whereas, with Mixpanels it is.
Mixpanel can help you gauge your SaaS product’s key events which can help you to really identify trends or even create sales funnels.
For example, with Mixpanel, you can identify where users drop off in your application, thereby giving you a call to action in terms of refining your sale funnel. The data may even suggest you need to make the copy on your site clearer.
Enhancing your SaaS product using behavioral analytics is made a whole lot easier with Mixpanel!
With customers that include, but are not limited to Microsoft, PayPal, HubSpot, Booking.com, and even Twitter, Amplitude Analytics is another major player in the analytics sector.
Launched in 2014, and backed by IVP, Battery Ventures, and Benchmark Capital, Amplitude Analytics is a product analytics platform that helps you understand user behavior, and can help you make informed decisions regarding which features to build and ultimately drive the direction of your SaaS business.
The platform lets you understand how users are engaging with your SaaS application, which features are popular and which ones aren’t, and can also help you improve long-term user retention.
Patreon – an example website using Amplitude SaaS analytics tool
The community site Patreon doesn’t need too much of an introduction, it effectively allows creators to be paid for content creation on the Patreon platform.
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With over 100,000 creators and 2,000,000 subscription members, Patreon has torrents of data to process. By using event segmentation and funnel analysis, Patreon could identify fixes in their process that helped convert twice the number of casual browsers into subscribers.
Amplitude could do this by surfacing insights into user behavior and helping Patreon optimize specific screens within their SaaS business.
A product like Amplitude can help you mine your SaaS platforms metrics – at scale, across multiple products and devices whilst providing easy access to accurate data insights, it’s an analytics tool that’s well worth checking out!
Finally, we look at Baremetrics. Baremetrics is an easy-to-use platform that ships with an abundance of features and the best thing about it is, that in just a few clicks, you can drill down into your customer base and examine key metrics such as LTV, MRR, and other important figures of your SaaS application.
You can opt into daily, weekly, or monthly reports, thereby helping you keep updated. Some of the other features of Baremetrics include, but are not limited to:
- Customer segmentation – helping you to compare and contrast your subscribers.
- Forecasting – to help you predict and plan for future events, such as anticipated churn, growth, and cash flow.
- Analytics API – to let you extend and integrate the Baremetrics platform with other platforms you use, thereby, allowing you to mine your data for further insights.
The platform integrates with all the main payment providers such as Square, PayPal, and Shopify to name a few thereby ensuring they have you covered.
You can even send important updates from Baremetrics to your team’s Slack channel! With over 800 businesses around the globe using the Baremetrics platform to grow with confidence such as Buffer, Frame.io, and Clearbit, it is worth checking out.
They even have a 14-day free trial, so what have you got to lose?!
Planning to use saas analytics tools for your business?
So, there you have it, some of the best SaaS analytics tools for 2023. We’ve looked at some big hitters in this article, such as Google Analytics and Adobe Analytics.
As the old saying goes, you can’t improve what you don’t measure, and in this blog post, we’ve looked at how the features in these products can help give your business the edge when it comes to analyzing the data that your SaaS properties are generating.
Are you planning to audit key metrics in your SaaS platform? Now is a good time to invest in a saas analytics tool that fits your business requirements and goals. If you are lost on where to start and which saas analytics tools to use, a discussion with experienced professionals can help you.
DevTeam.Space is a reputed software development agency. Our field-expert community of software developers and project managers can help you build and manage great SaaS solutions. Contact us and one of our account managers will get back to you to answer any questions you might have.
Frequently Asked Questions on saas analytics tools
It is any cloud-based Software as a service (SaaS) tool that enables third-party users to undertake certain tasks or solve certain problems. An example includes an AI analytics tool that allows users to extrapolate insights from large data pools.
SaaS analytics software like marketing analytics tools allows SaaS businesses to analyze large pools of data to extrapolate patterns or insights and measure KPIs like customer churn, monthly recurring revenue MRR, customer acquisition cost CAC, customer lifetime value, etc. These insights can help SaaS companies to improve the accuracy of the services that they provide.
• Google Analytics
• Open Web Analytics