Subscription analytics is an essential aspect of business operations, particularly for startups. It involves using data to track the performance of subscription-based products and services. With subscription analytics, businesses can gain insights into the behavior of their customers and make informed decisions to optimize their products and services.
As a startup, understanding subscription analytics can be overwhelming, especially when hiring a data analytics expert requires more money. However, choosing the right subscription analytics platform can help you get the data insights you need to improve your business operations.
In this article, we'll take a closer look at subscription analytics and highlight the importance of data analysis for startups. We'll also compare ChartMogul and ProfitWell, two of the best subscription analytics platform, to help you choose the right one for your needs. So, whether you're a startup or an established business, read on to discover how subscription analytics can help you grow your business.
What is Subscription Analytics?
Subscription analytics is a cloud-based solution that provides companies with insights to improve their business operations by analyzing metrics. It helps businesses track their progress and determine if they're heading in the right direction. While it may not solve all of a company's problems, subscription analytics can help identify areas for improvement and help businesses grow stronger.
Companies need to understand their churn rate to improve their subscription business: the number of subscribers who cancel or don't renew their subscriptions. By partnering with industry-leading companies like ChartMogul or ProfitWell, businesses can gain insights into why their customers cancel their membership and identify areas for improvement. This will help them optimize their processes and achieve a lower turnover rate.
ChartMogul vs. ProfitWell: The Best Subscription Analytics Platform?
When choosing a subscription business analytics service, you have many choices like Woopra, Recurly, and Zuora. However, to better understand your brand's customer lifetime value and subscription revenue, it's best to narrow your options down to two and focus on the most helpful ones. Therefore, this article discusses the benefits of two subscription data analysis services, ChartMogul and ProfitWell.
ChartMogul
ChartMogul is a subscription metrics analytics company that helps businesses understand their strengths and weaknesses. Founded in 2014, ChartMogul is a leader in the industry and has received $3.7 million in investments to date. Businesses looking to improve their subscription management can collaborate with ChartMogul to level up their game in the industry.
ChartMogul's pricing tiers are based on monthly recurring revenue, and they don't charge for services until the minimum of $10,000 is reached. Businesses that exceed this base level are divided into two groups and charged according to their revenue growth.
With an impressive portfolio of brands, ChartMogul is a trusted expert source for utilizing subscription analytics effectively.
ProfitWell
ProfitWell is a leading subscription analytics business that helps companies better understand their data. Founded in 2012 and based in Boston, ProfitWell has over a decade of experience and can provide insights into optimizing and maximizing your average revenue with accurate and free revenue reporting.
ProfitWell was recently sold to Paddle for over $200M, solidifying its position in the industry. Their services are free, and they only make money once their clients make much more money. For larger enterprises, they offer paid services for subscription pricing optimization and "audit-proof" revenue recognition. Startups can still use ProfitWell's software for free.
Choosing the right subscription analytics platform
ProfitWell has provided solutions to over 30,000 companies, including renowned brands like Canva, Notion, Masterclass, and Autodesk.
While both ChartMogul and ProfitWell offer promising solutions, ChartMogul had $39.5M in 2022 with 500k customers, while ProfitWell had revenue of $22M with 22k customers. Both companies offer free insights until a certain revenue level is reached, making it easy to try both and determine which works best for you.
In summary, subscription analytics is crucial for businesses looking to optimize their subscription services. By partnering with industry-leading companies like ChartMogul and ProfitWell, businesses can gain insights into their data and make informed decisions to improve their operations.
If you're a startup looking to stand out, great copy and design can also help you improve your business position. Consider outsourcing your graphic design, website design, blog writing, or copywriting tasks to a reliable partner like Reel Unlimited, which has helped hundreds of startups and agencies achieve their goals.
