Recurly Analytics for Actionable Insights
For any business, there are untold secrets and insights hidden in their data. Many times, in order to discover these secrets, marketing and business teams have to become detectives, searching for clues to uncover the hidden motivations of their customers, the evidence in the data for what’s working (or what’s not) in their product or service offerings, and what factors influence the success of their business. Sometimes after great effort, these secrets are revealed. Other times, the data just doesn’t exist to provide more than cursory clues.
The truth is, many businesses have only basic analytics that provide high-level information about the health of the enterprise but few true insights. Marketers, product managers, financial analysts, and others need good data with enough detail to monitor trends, see results of promotions, and make necessary decisions that will continue to improve sales and revenue. Unfortunately, getting this detailed data often requires heavy lifting by a data analyst.
Recurly is pleased to launch Recurly Analytics which provides relevant, actionable data so that our customers can continually monitor the health of their subscription business, doing away with their labor-intensive analytics that only scratch the surface. As the saying goes, “you can’t manage what you don’t measure,” and our Analytics gives our customers the information they need to continually refine their subscription business to make sure it’s performing optimally.
Recurly Analytics now include completely revamped reports along with an entirely new reports platform to ensure the reports load quickly. New reports include MRR Growth, Subscription Growth, Churn Analysis, and *Plan Performance (*available to our Professional and Enterprise 2016 plan customers). Our Recovered Revenue report shows how much revenue Recurly was able to recover for your business through our Account Updater feature and other automated processes (available to customers on all plans).
With this deep, detailed knowledge, Recurly customers have the data they need to effectively increase customer retention and LTV, and create a competitive advantage.
For example, to increase customer retention, a subscription business should know how releasing new products or features impacts voluntary churn. Do customers upgrade to the new option or leave altogether when it doesn’t meet their expectations? How long after the product is launched does it take for any significant uptick in subscribers and revenue to appear? Does the success of the new offering increase revenue or simply cannibalize revenue from other products? And how do different ‘cohorts’ behave differently with different plans?
Cohort analysis, such as Recurly’s Subscriber Retention report, is one of the best ways to evaluate how this metric has changed over time. This report breaks down retention rates by cohorts (with the cohort being the month a subscriber signed up) letting you know how long a cohort typically keeps their subscription and then address any negative trends. For example, if a marketing team knows that less engaged subscribers tend to start cancelling after a certain number of months, they can be proactive and send these customers a coupon or other incentive to stay prior to this drop off.
Subscriber Growth and MRR Growth are two additional key reports that can help subscription businesses demystify their data. Perhaps a business changes their pricing to improve profit margins. They then see that Subscriber Growth has decreased while MRR Growth has increased—indicating that the change resulted in some churn (fewer subscribers) but that the remaining subscribers are contributing more revenue each month. The business will want to continue to monitor these numbers to make sure that the overall trends stay positive and they are continuing to bring in new subscribers at the new, more profitable price point.
Recurly Analytics provides sophisticated tools to monitor and manage a recurring revenue business. To learn more about Recurly Analytics, download our data sheet. Or talk to a Recurly expert at (844) 732-8759.