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It’s no secret that SaaS businesses constantly need to stay ahead of their game by continuously innovating and adapting to changing marketing trends. If you’re running a SaaS company, you must be well aware that there are so many companies out there offering similar services. So, it becomes more important to stay innovative and stand out from the crowd.
In a world where most B2B buyers prefer shorter, self-service buying experiences, you can’t afford to fly blind. As B2B SaaS markets become increasingly competitive, the businesses that leverage data analytics for SaaS to make informed decisions are the ones that stay ahead of the curve.
SaaS analytics play a crucial part when it comes to ensuring your SaaS business stays healthy. The difference between thriving and barely surviving often comes down to how well you know your users.
By identifying your target users’ pain points and how your software solves their problems, you can not only attract new customers but also provide value to the existing ones to keep them coming back. Whether you are a startup finding product-market fit or an enterprise looking to scale, the right SaaS analytics tools will help keep you informed to make better business decisions and optimize user experiences.
But there’s no one-size-fits-all when finding the right SaaS analytics platform for your business and there are just so many tools out there. Finding the right one can be a little challenging.
Don’t worry! We’ve got you covered.
At Vakulski-Group, we help product companies of all sizes set up analytics so you can make data-driven decisions and improve your business bottom line. Contact us today to learn how SaaS analytics can translate to business growth.
Boost Your Business with Data-Driven Marketing Solutions
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Level up your analytics to track every funnel step with precision and drive better results
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Over 90 satisfied clients & counting
To help you, we’ve narrowed down our top picks of the best SaaS analytics tools for 2024 to help you make data-driven decisions so you can decide which one is best for your business.
What is SaaS analytics?
SaaS data analytics is how SaaS companies collect, analyze, and act on data generated by their SaaS platform to make smarter business decisions. It goes beyond traditional web analytics by focusing on data specific to the SaaS industry, such as:
- User engagement and behavior within your product
- Churn rates and retention patterns
- Customer acquisition costs
- Monthly recurring revenue (MRR) and Lifetime value (LTV)
- Feature adoption and subscription metrics
SaaS analytics help you predict future trends, identify potential gaps in the customer journey before they become problems, and increase user engagement at every touchpoint.
What types of SaaS analytics software do SaaS companies need?
Running a B2B business without SaaS analytics software is like driving a car with the blindfold on. You can say that it’s technically possible but incredibly risky. Remember that SaaS analytics tools aren’t just fancy dashboards; they do all the heavy lifting by providing insights into every aspect of your SaaS business.
SaaS analytics dashboards provide detailed reports and graphs specific to your business objectives to make it easier for you to decode complex data and track progress.
However, not all SaaS analytics tools are the same. You can’t use the same tool for all SaaS businesses alike. There are specific niches or specialized segments within the SaaS-based business analytics market. For instance, what works for Amazon, which is an E-commerce firm, might be insignificant to Hubspot, which is a SaaS company. They are two different business models.
Similarly, you need to identify the right analytics tool for your SaaS business. That being said, the SaaS data analytics software ecosystem can be basically divided into two segments:
- Product Analytics
Product analytics means collecting, analyzing, and interpreting data to learn how customers interact with your SaaS product. It’s a complete software solution that allows product managers to collect insights into user behavior, feature usage, user retention and engagement, and other key performance metrics. By tracking users’ journey, you can identify potential bottlenecks to improve your product experience.
Product analytics tools tell you:
- Which product features your customers use most
- Which features they struggle to use (or which ones they just ignore)
- Where potential customers drop off in your SaaS conversion funnel
- How can you provide more value out of your software
- How to reduce churn before it happens
- What features make your power users tick (so you can create more)
The SaaS analytics dashboard serves as a snapshot of your company’s key performance indicators (KPIs). It presents data from various sources in a centralized, visually appealing, and easy-to-understand format.
Armed with such granular information, you can make better product decisions and build engaging products that solve genuine user problems. After all, the goal is to create a frictionless user experience for your customers.
- Subscription Analytics
Subscription analytics, as the name suggests, refers to the practice of collecting and analyzing data related to recurring revenue models. It helps you keep tabs on the financial health of your subscription-based product or service by tracking key metrics such as customer acquisition and retention, monetization, revenue from subscriptions, and more.
While SaaS product analytics helps you understand how users interact with your products (or features) and interface, subscription analytics focuses on the business side of your business. The former shows you what features our users love the most, but the latter tells you if they are willing to pay for it.
Generally, subscription analytics tools can help you track (but not limited to) the following key metrics:
- Monthly recurring revenue (MRR) and its growth rate
- Customer lifetime value (LTV)
- Renewal rates and subscription profitability
- Churn rate and reasons for cancellation
- Free-to-paid conversion rates
- Average revenue per user (ARPU)
By analyzing subscription patterns through SaaS business analytics, you can gain valuable insights into the performance of your SaaS subscription offering and make data-driven decisions to maximize your revenue per user. Understanding these metrics is the key to unlocking your company’s sustainable growth potential.
Product Analytics Software for SaaS
Now that we’ve established a solid understanding of SaaS analytics tools and their significance, let’s look at what the best product analytics tools have to offer.
Mixpanel
Mixpanel is a powerful SaaS user analytics tool that helps SaaS product owners track user behavior and engagement on mobile and web applications. It provides robust features for event tracking, user segmentation, funnel analysis, A/B testing, and cohorts, and it comes with a ton of integrations. It’s the SaaS product’s analytics tool of choice for analyzing user interaction data.
You just make sure what you want to track, Mixpanel will handle the rest. You can identify trends and measure key performance metrics to drive business outcomes. It offers comprehensive capabilities for businesses looking for embedded analytics SaaS solutions.
Key Features
- Real-time tracking of user events
- Event-based analytics such as signups, clicks, etc.
- Cohort analysis
- In-depth retention tracking
- A/B testing capabilities
- Custom dashboards and reports
- SQL-free exploration
- Access to the largest analytics Slack community
Pricing
Mixpanel offers a pretty straightforward pricing structure with three tiers:
- Free: Available for businesses with up to 20 million monthly events.
- Growth: Offers additional features like advanced analytics, platform API access, etc. Starts from $24 per month. You may also want to consider their “Data Pipeline” and “Group Analytics” add-ons.
- Enterprise: Provides up to 1 trillion monthly events for large enterprises. Contact for pricing.
While Mixpanel is a popular choice for event-based tracking with powerful analytics and features, it might not be the right fit for every SaaS business out there. In that case, you can explore other options and look for possible Mixpanel alternatives, such as the ones mentioned below.
Amplitude
Amplitude is a powerful user behavior analytics platform that helps businesses track how users interact with their mobile apps. As a leading marketing analytics SaaS solution, it allows you to build better products by tracking and analyzing user behavior. It offers a host of features to take the guesswork out of the equation by combining all your data with behavioral analytics and AI automation.
Key Features
- Real-time analytics
- Revenue analysis
- User segmentation
- Feature experimentation
- Cross-platform tracking
- Root cause analysis
- Powerful behavioral analytics
- Forecasts and trends from machine learning
- Custom dashboards and advanced funnels
Pricing
Amplitude offers four pricing plans:
- Free: Ideal for individuals and startups.
- Plus: Everything in Free, plus additional features such as unlimited product analytics, behavioral cohorts, custom dashboards, etc. Price starts from $49 per month on annual billing.
- Growth: Contact sales for custom pricing.
- Enterprise: Contact for pricing.
While it provides more precise product analytics, there are other possible Amplitude alternatives out there that are probably better in terms of pricing and event tracking.
PostHog
PostHog is an all-in-one open-source product analytics platform that offers an insane range of insight types for analyzing data to help streamline your product team’s tech stack. Thanks to its robust analytics capabilities, you can collect meaningful data on user behavior and interactions as well as monitor key metrics, such as page views, user sessions, and events.
Key Features
- User-friendly dashboard
- Natively work with session replay, experiments, feature flags, and surveys
- Correlation analysis
- User retention and stickiness analysis
- Session recording and Heatmaps
- A/B testing and Feature flagging
- Data visualization with graphs, tables, charts, maps, and more
Pricing
PotHog offers three interesting pricing plans:
- Totally free: Absolutely free. No credit card is required.
- Ridiculously cheap: Usage-based pricing beyond the free tier limits.
- Starship enterprise: Contact for detailed pricing based on usage and requirements. Starts from $2,000 per month.
Google Analytics 4
Google Analytics 4 (GA4) needs no introduction; it’s been the most popular web analytics platform among SaaS marketers for a while. GA4 includes several new features to provide businesses with more advanced measurement capabilities. It also uses machine learning to provide deeper insights into user behavior and automate certain analysis tasks.
GA4’s dashboard is a rich source of valuable data and insights, offering a detailed breakdown of key performance metrics like visits, unique visitors, page views, bounce rate, abandonment rate, and more. However, when it comes to product metrics, GA4 has certain limitations.
Key Features
- Predictive analytics
- Custom dashboards and reports
- Conversion tracking
- Real-time event data tracking
- User segmentation
- Seamless integration with AdWords and Search Console
- Machine learning capabilities
Pricing
GA4 offers two simple pricing plans:
- Free: GA4 operates as a freemium service, which means you get access to a wide range of features and metrics for tracking web traffic and user behavior for free. Ideal for businesses of all sizes.
- Google Analytics 360: Offers a usage-based pricing model, which starts at around $50,000 per year. Reserved mainly for large enterprises.
Subscription Analytics Tools for SaaS
Here are some top subscription analytics tools that SaaS businesses use to track, analyze, and optimize their customer journey and sell more.
ChartMogul
ChartMogul is a subscription analytics and revenue reporting tool that monitors your recurring revenue and subscriptions. It takes your customer and subscription billing data and converts them into beautiful, easy-to-understand visualizations. It helps you measure and analyze key metrics like MRR, ARR, churn, LTV, leads and conversions, non-subscription customers, and more.
It seamlessly integrates with your billing systems and provides a unified view of your revenue, so you can make required changes to your overall strategy that affect your bottom line.
Key Features
- Detailed analysis of recurring revenue
- Currency conversion
- Metrics reporting
- User segmentation
- Cohort analysis
- Data auditing and editing capabilities
- Geo-mapping
Pricing
ChartMogul offers three pricing plans:
- Free: Limited to $120,000 in ARR.
- Pro: Starts from $99 per month.
- Enterprise: Starts from $19,900 per year. Ideal for teams scaling to $100 million in ARR.
ProfitWell
ProfitWell by Paddle is a real-time subscription management and SasS financial analytics tool that helps businesses boost profitability by providing subscription metrics and cohort analysis. It provides business intelligence solutions to help companies reduce churn, manage pricing, and achieve faster growth.
ProfitWell tracks and analyzes all the top subscription KPIs and metrics right out of the box by connecting with popular payment services like Stripe, Zuoro, Chargebee, Braintree, etc.
Key Features
- Precise and accurate revenue reporting
- Seamless integration with your existing payments stack
- Access to the biggest subscription dataset in SaaS
- Advanced user segmentation
- Smart pricing strategies to accelerate subscription growth
- User-friendly dashboards
Pricing
ProfitWell is basically free for subscription and SaaS companies looking to get access to key metrics like revenue trends, daily growth, active customers, revenue per customer, churn, MRR, LTV, and more.
Baremetrics
Baremetrics is yet another excellent revenue and subscription analytics tool that provides one-click, zero-setup metrics like MRR, ARR, net revenue, refunds, upgrades, etc. It’s probably the only tool to offer features for forecasting and recovery of failed payments. You have access to hundreds of valuable metrics and business insights you need to grow your business – all in one easy-to-navigate tool.
Key Features
- Comprehensive subscription SaaS analytics
- Smart dashboards for SaaS
- Financial forecasting
- Payment recovery and dunning management
- Cancellation insights
- Customizable email campaigns and in-app reminders
- Real-time data sync
- Customer segmentation
- Cohort analysis
Pricing
Baremetrics offers a custom pricing plan to cater to businesses of every size. It offers a free trial for 14 days with no credit card required.
- Metrics: Starts from $208 per month. Offers its core suite of metrics tools.
- Recover: It’s like an add-on tool to help you with failed payments. Costs $158 per month.
- Cancellation Insights: Costs $108 per month.
- Forecast+: Included with Metrics.
Here is what we recommend you select for product and subscription analytics
After evaluating the top SaaS analytics and using them for our agency’s SaaS clients, we’ve identified Mixpanel and ChartMogul as our top recommendations. They are the go-to analytics tools for businesses looking to gain meaningful insights into their user activity. And we’re talking about more than surface-level insights.
MIxpanel is undoubtedly one of the best product analytics tools out there. Here’s why it’s our top pick for SaaS product analytics:
- Real-time insights: Provides in-depth feedback on user interactions in real-time to identify areas of improvement. Allows you to make quick, data-driven business decisions.
- User event tracking: Capture every click, signup, and interaction with your product to track every moment of the customer journey.
- User-friendly interface: Intuitive, user-friendly dashboard makes it easy for you to navigate and gain insights from their data.
- Robust A/B testing: Allows you to easily experiment with features and measure their impact on customer engagement.
- Advanced segmentation: Detailed insights into different user groups, providing a granular view of user behavior. Helps understand and improve user experience with the product.
Ready to harness the power of Mixpanel for your product? Look no further than Vakulski-Group. Our experts will guide you through setting up and implementing Mixpanel from scratch. Contact us today and unlock the full potential of analytics for your product.
Boost Your Business with Data-Driven Marketing Solutions
Analytics Implementation
Level up your analytics to track every funnel step with precision and drive better results
Data Analysis
Uncover actionable insights and optimize every step of your business journey
CRO
Unleash the power of CRO and run experiments to boost conversions and revenues.
Over 90 satisfied clients & counting
ChartMogul is our top recommendation for the best SaaS subscription analytics tool for 2024. Here’s why:
- Unified data view: Brings all your subscription data from multiple billing sources and renders them in beautiful, customizable dashboards.
- Flexible segmentation: Analyzes performance across different user segments to uncover meaningful insights. Helps you identify the best pricing plans and customer profiles that are more likely to convert.
- Visual reporting: Analyzes a wide selection of metrics and converts them into clear, actionable visualizations.
- Churn analysis: Granular control over your data at every layer. Helps you analyze churn rates and determine the factors that directly impact your bottom line.
Frequently Asked Questions
- What’s the best SaaS analytics tool in 2024?
The best SaaS analytics tool can vary depending on your SaaS business requirements. With so many SaaS analytics companies out there, finding the right one can be overwhelming. However, if we have to pick one, we’d recommend Mixpanel as the go-to SaaS analytics tool for 2024.
- What’s the best SaaS product analytics software in 2024?
Mixpanel is the best SaaS product analytics software out there. It’s simple and powerful, offering robust features and functionalities to track and analyze product engagement and key user interaction data. Amplitude is yet another great option and a bit more sophisticated. Wondering which one’s better? Look at this detailed Mixpanel vs. Amplitude comparison to learn more.
- What’s the best SaaS business analytics tool in 2024?
ChartMogul is regarded as one of the best analytics tools for SaaS businesses, big or small. It provides you with all the key metrics and KPIs you need to track to improve your business.
- What are the key SaaS metrics to track in 2024?
Here are the key SaaS metrics and KPIs that every SaaS business needs to track in 2024:
1) Average revenue per user (ARPU)
2) Monthly recurring revenue (MRR) and Annual recurring revenue (ARR)
3) Customer lifetime value (LTV)
4) Churn rate
5) Customer acquisition cost (CAC)
6) Net promoter score (NPS)
7) Customer retention rate (CRR)
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Written By
Ihar Vakulski
With over 8 years of experience working with SaaS, iGaming, and eCommerce companies, Ihar shares expert insights on building and scaling businesses for sustainable growth and success.
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