Table of Contents
More Founders Journey Articles
Having the right growth analytics tools is essential in getting the best outcomes for your business.
From tracking customer experience and preferences to keeping tabs on what your competition might be doing differently – you need to know what’s going on.
These tools play an important role for startups who are working on achieving their business goals, whether by engaging new customers or getting optimal customer retention.
Why Are Growth Metrics Important?
- Facilitating Business Growth: The collection and organization of relevant growth metrics and key insights are important for any kind of business. These data give vital insight into the performance of your business and possible interventions to improve this performance.
- Assessing Existing Problems and Possible Interventions: If your business is not doing very well, data obtained from growth metric tools can help track the exact cause of the problem by its advanced data analytics features. This makes it easy to address these problems at an optimal cost.
- Track Churn Rates: Some business analytics tools also monitor churn rates and give you insight into how much its impacting your business.
- Choosing Business Strategies: Most businesses especially at the startup stage, tend to explore novel methods and strategies at different phases of their growth. The data that is obtained from growth analytics tools help you, as a startup owner or business manager, to choose what works and avoid what doesn’t.
Improve Your Business Decisions
Use Baremetrics to measure churn, LTV and other critical business metrics that help retain more customers. Want to try it for yourself?
Important Growth Analytics Tools for Your Business
Baremetrics is an analytics tool for companies that use subscription billing systems. The tool is designed to help generate all vital metrics to improve customer retention and business performance.
From tracking user preferences to keeping tabs on customers that cancel their subscription packages, Baremetrics offers startups and SaaS businesses a holistic and convenient way to optimize their customer acquisition costs.
The tool can be integrated with an array of payment platforms, such as Stripe, and is highly user-friendly.
2. Google Analytics
Despite not being the easiest analytics tool to use, Google Analytics is the most readily available tool for everyone that runs a business online.
With Google Analytics, you can conveniently track bounces, page views, and the goal completion rates on your web pages.
Beyond this, you can also monitor the traffic sources of your web pages based on location and devices. Google Analytics allows you to analyze keywords and even set specific metrics to watch over time.
The only seeming con of this tool is that you would require some basic knowledge of analytics to optimally use the tool.
However, Google Analytics offers 24-hour support in its premium package for interested brands. The tool can also be integrated with some other analytics platforms.
3. Crazy Egg
Crazy Egg is another essential tool for your business website. The tools analyze the reaction of users to your online content.
With this, you can track the kind of content that better appeals to your audience and work on churning out this kind of content.
Crazy Egg has a heatmap view that indicates what area is most clicked by users. With this tool, you can strategize ad placements on your website even better.
Using this tool alongside other tools also helps to generate vital data on your sales funnel performance.
If your business offers a mobile app option to users, then Localytics is an essential tool to help you keep tabs on important metrics.
The tool monitors the number of times your app is opened, the time spent on the app, the tasks performed, and other tasks that often lead to them closing the app or uninstalling.
With Localytics, you can generate all the data you need to improve the user experience on your app and improve overall customer retention for your business.
As part of its management features, the app also offers the option of segmenting users based on selected criteria, making it easier to target a specific class of users when you need to.
How Baremetrics Can Help
Analytics tools are valuable to businesses largely for the data that they generate, but also for presenting that data in an actionable way.
These data help you to make the best decisions, but it’s even better when your metrics tools offers features that help with facilitation and implementation. Recover is a great example of this!