Maybe you’re sitting on buried treasure. Your company is worth a fortune, or easily could be, but you just can’t see it. Everyone knows that to find hidden riches you need a map where X marks the spot. Well, startup Pirate Metrics wants to draw up the analytics that pinpoint wealth stashed in your business and direct you to greater revenue.
Pirate Metrics is a web application that provides subscription analytics and gives marketing advice for SaaS products. Quantitative and comparative business analysis of key metrics allow Pirate Metrics to make specific recommendations that will help companies better fill their galleons with gold.
Pirate Metrics tracks these five key metrics to gain insight into user activity and to gauge the effectiveness of marketing efforts:
For those not fluent in pirate talk, this means the application accumulates data in the following ways. First, Pirate Metrics records when users are acquired (either by signing up or logging in), and when those acquisitions begin to actively use the product. Pirate Metrics then continues to monitor when and how often subscribers perform key actions, or how successfully users are retained. Companies may also track referrals made. And everyone’s favorite – Pirate Metrics registers payments and charts revenue.
Of course, all the numbers in the world can’t make a difference if they’re not put together in a meaningful fashion. Pirate Metrics identifies patterns in user behavior so customers can be targeted more accurately and engaged more successfully. Paying customers are grouped into two categories: those who activate faster than average, and those who activate slower than average. This enables companies to determine when and how to focus marketing efforts. Knowing which customers are most active opens opportunities to offer special promotions, exclusive deals, or invitations to try a new feature, which all carry the potential to convert enthusiasts into brand champions.
On the flip side, highlighting inactivity gives companies the chance to reach out to customers who may be in danger of canceling their account. Pirate Metrics provides a clear window into user activity, so that businesses can focus their attention where it’s most needed and more efficiently retain long-term paying customers – figuring out which marketing campaigns result in the most sign ups, further energizing active users, and reengaging quiet customers, each contributes to increasing revenue.
Customer satisfaction requires constant vigilance and appropriate interaction. It’s a shame for online businesses to lose customers because no one is manning the crow’s nest, following traffic on the high Internet seas. To prevent this from happening, Pirate Metrics generates a weekly marketing report, which supplies up-to-date analysis that ensures subscription metrics don’t fall by the wayside.