If there’s one frustration that every SaaS founder has, it’s figuring out how to know if you’re on the right track. Growth hacking is all about putting your product in front of the right customers and getting them engaged — but some startups have trouble knowing what to track and put in their stack. This guide will walk through everything you need to do, including the most important things to track to help you grow your B2B subscription business faster — and better.
THE BENEFITS OF A GOOD B2B SUBSCRIPTION STACK
A subscription stack is the foundation of your business. It keeps customers coming back for more and ensures that you have a growing stream of new customers eager for you to solve their next problem. A good subscription stack will help you succeed as a startup.
I can’t picture B2B companies being competitive without the feedback, insights, and additional capabilities provided by tech stacks.
What You Need To Track
What you don’t measure, you can’t optimize. Marketers in B2B subscription companies want detailed visibility into their audience’s firmographics, as well as the opportunity to adjust with each conversion step along the route. Here are the top B2B events to keep an eye on:
- Lead Created: Unknown visitors become leads when they provide contact information.
- User Created: Visitors sign up and create a new account.
- Feature Used: User start using the service.
- Order Completed: User start paying for the service.
MOST IMPORTANT B2B SUBSCRIPTION METRICS
Building a subscription business is a difficult proposition since most subscription businesses are focused on monthly recurring revenue. It’s hard to master the metrics but it doesn’t have to be torture. The key is having the right mix of the most important B2B subscription metrics.
The term MRR stands for Monthly Recurring Revenue and it’s the most critical metric for a subscription-based business, especially for SaaS. Founders, investors or members of the boards take a close look at this metric because it defines the past, present and future of your business health.
By comparing marketing channels, feature usage, and retention patterns, the metrics assist you in identifying important user groups and behaviors.
Visitor-to-Signup Conversion Rate
This conversion rate is an important element of the whole customer experience, and connecting your CRM tool with a data warehouse will give you the most value for money.
Trial Subscription Conversion Rate
Discover how frequently people who read your marketing pages become trial users. Compare page visits to User Created to see how successfully your channels or campaigns convert.
Closed-Won Rate of Sales Opportunity
To start tracking, combine the User Created and Payment Completed events. To improve this conversion rate, consider the feature usage and original marketing channel of these users in your report.
STEPS TO PROPERLY GROW YOUR B2B BUSINESS
- Validate Lead Quality
If you are selling a product or a service online, it is best to validate the quality of the leads you are getting so you can do a proper sales process and close the deal. You can use ServiceObjects to validate all the leads you intend to reach out.
- Automate Personalized Emails
With “Email Automation”, you can save time and reduce your workload.
Have you ever seen a business’ email and wondered how? I have. You see, there seems to be this magic formula that some businesses seem to possess that makes their marketing emails stand out from the rest. And this formula is used to generate sales with exceptional personalization in every email sent out. You can use Mailchimp to do this.
- Track Emails You Send
You’re missing out if you’re not tracking emails. They may be used to track downstream events such as email open and click rates, unsubscribes, and even information provided. This information may then be utilized to refine your messaging and create a more thorough engagement plan. Here at Radix we use Hubspot.
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