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7 SaaS Metrics You Need To Be Tracking

Metrics must be tracked when running any form of business. This may include your leads-to-sales ratio, inventory delivery timeframes, or the amount of eBook downloads, among other things, for an eCommerce shop. In this aspect, SaaS is no different, but it comes with its own set of measurements.

You can collect very specific data without interfering with consumer experiences because you’re running software. Because everything your customers do happens within the software, it’s simple to keep track of their interactions with your company. You can use services like Crazy Egg to set up screen recordings to track how clients use your software. There may be a chance to track their actions every time they click on a portion of your software.

Allow your competitors to make educated guesses about how to enhance their software and grow their business; you can rely on hard data to support your decisions and raise your chances of success.

On the other hand, because the service you’re offering is software, it’s critical that it functions correctly. If you have bugs or flaws, your business could lose money and perhaps fail if you don’t address them. As a result, measuring certain KPIs is critical to the longevity of your SaaS firm.

After reading this article, you can set a goal for yourself to track at least one of these metrics to see how it can help you improve your business and service.

SaaS Metrics

Of the many SaaS metrics you can track for your online business, here are 10 we feel all SaaS owners should track.

  1. Customer Churn

We included this measure first since it can make or break your business if you don’t keep track of your client churn. Most small-to-medium-sized businesses track churn on a monthly basis, whereas large companies may track churn on a weekly basis.

Customers leave for a variety of reasons, including a lack of need for your programme or a lack of funds to maintain using it. Investigating why consumers leave might reveal information about your company’s health. If clients stop using your product after two months because they no longer need it, you’ll need to look into how they’re using it to see if they’re getting the most out of it. By definition, a software service should be useful for a long time, far longer than most other internet services.

Exit surveys and email follow-up with lost clients can help you figure out why people leave. Customers provide the most crucial information in your organisation. The more information you can obtain about your customers, the more efficiently you can manage your firm.

  1. Revenue Churn

Because your customer churn rate does not always correlate with lost revenue, this metric illustrates how much income you are losing due to customer attrition. If you offer different price packages or base your expenditures on consumer usage, some customers will be more valuable to your company than others.

If your higher-ticket customers are frequently leaving, the only way to find out why is to ask them via exit surveys. Some of the reasons could be that they’ve outgrown your product, no longer have a need for it, or, in the worst-case situation, your software isn’t working properly.

To keep your revenue churn under control, you should pay special attention to your high-ticket clientele.

  1. Customer Engagement

This is a metric that indicates how much your consumers use your program. How frequently do they log in? How many of the features do they use on a regular basis? This measure basically indicates how healthy your SaaS is.

Because every piece of software is different in terms of functionality, the majority of the metrics you track here will be depending on the features you provide. The number of login sessions, length of sessions, and a number of features used are the general metrics to keep an eye on.

Customer engagement will also assist you in gaining a better understanding of how your customers use your software and what they value. If you find that one of your features is mainly redundant, you can eliminate it and focus on improving the usability of other features. The major reason this is a crucial tracking statistic is that if your customers aren’t utilizing your program, you’ll likely see a lot of churn and refund requests, both of which come with significant costs.

  1. Qualified Marketing Traffic

You may glance at your website’s traffic numbers while tracking login sessions for customer interaction. Tracking traffic levels is vital for all organizations, but it’s extremely important for SaaS enterprises. Because your clients will return to your website to use your service, you should keep track of their traffic separately from that of new visitors.

You may be seeing an increase in traffic, but if you’re also seeing an increase in your customer base, the data may skew, offering an inaccurate picture of the success of your marketing effort and how well your site converts visitors into customers.

  1. Leads by Life Cycle Stage

In general, nearly all business owners track three sorts of leads: leads, marketing qualified leads (MQLs), and sales qualified prospects (ordered from least to most likely to become a client) (SQLs). Leads, on the other hand, aren’t easy to get by for SaaS companies.

The sales process that converts leads into customers can take anything from a few days to over a year, depending on the nature of your SaaS and the amount of effort required for the lead to sign up for your software. Such commitments should be recorded not only based on the type of lead, but also on how long it takes them to complete the sales process.

This number might help you figure out where you need to enhance your marketing or sales processes, allowing prospects to move faster through the funnel and become customers.

  1. Support Requests

To make sure your software isn’t driving clients away, keep track of how many defects and software issues they encounter. Because the most important thing for your entire business is that your software works, it’s critical to keep track of recurring support requests and respond to them as promptly as possible.

  1. Customer Satisfaction

This indicator is linked to support requests and feature usage, and it measures how satisfied consumers are with your service as well as how much they require it. One thing to consider is how difficult it would be for my clients to live without my program.

Ask for feedback on a frequent basis, at least once a month, to track consumer happiness. So many SaaS companies fail to accomplish this, resulting in unneeded churn since they wait until consumers want to leave.

Simple email surveys, as well as asking former customers why they departed, can help determine customer satisfaction levels. Something needs to change if you see repeated themes.

When you ask your clients for input on a regular basis and make software enhancements, your business will expand.

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