SaaS Marketing Analytics: Best Dashboards & More

Data doesn’t have any intrinsic value. What makes it meaningful is the way companies analyze it and what they make of their results. For SaaS, this process of analysis is extremely important. Analyzing marketing data is the only way for businesses to make decisions based on evidence. It’s also the only way to learn from past experiences.

If you want to learn more about SaaS Marketing Analytics, how it’s useful, and how you can do it, keep reading.

What Is Marketing Analytics?

Marketing analytics describes the processes and technologies involved in analyzing data gathered from a business’s previous marketing efforts. There are various platforms that your business can use for marketing, ranging from social media to PPC ads. Marketing Analytics collects data from all of these different platforms, and via important marketing metrics such as ROI and Social Engagement, it lets you analyze and optimize your strategies.

Analytics is a way to help businesses better understand the “bigger picture.” It enables them to increase their business’s growth and to make future predictions based on data trends. It also lets companies create personalized marketing campaigns that generate more demand.

Image from Good2bSocial

Why is Marketing Analytics Important?

75% of marketers use Marketing Analytics to better understand their marketing campaigns’ performances. They have a point: Marketing Analytics is crucial for any business, especially for SaaS businesses that deal with countless different platforms. Reaching the right leads at the right times is tricky, and companies in the status quo have to create several targeted marketing campaigns simultaneously on different media accounts. They have to make sure that each of these campaigns reaches the right people and that they are all worth the money they spent on them. Not only that, but businesses have to ensure that their prices, products, and other services are also received well on the internet and that their brand is recognizable.

It’s almost impossible to analyze every marketing step manually. You can’t improve and adapt your landing pages or your PPC ads by simply watching your revenue increase or decrease. You certainly cannot hand calculate and follow all the KPIs as a marketing manager. Even if you do, you cannot compete with the 75% that’s using powerful analytics to drive better decision-making processes.

Companies using Marketing Analytics reach the right customer profile much more quickly, optimize their marketing efforts more efficiently, and spend less time and money on tracking performance. In short, using Marketing Analytics in an increasingly competitive and complex industry is vital.

Marketing Analytics Process For A Good Marketing Analytics Strategy

1. Define your goals

Numbers don’t have any intrinsic value. You could have a ton of data from your marketing campaigns or from survey results, but they won’t be of much use if you don’t know what you’re trying to answer. That’s why it’s important to have a clear question in mind while analyzing your SaaS company’s marketing. What are you trying to improve? What do you want to see? Maybe you want to attract more qualified leads, or maybe you want more people to land on a specific page. Once you have your goal in mind, you can use your data to find answers.

2. Determine the metrics you’ll use

Different goals require using different metrics. Let’s say that you want to improve the engagement of your emails. First, you’d have to know the current engagement by looking at the email open rate from an email marketing funnel (see the SaaS Marketing Dashboard example below for an example.) You’d also need to know the number of users that converted from your emails. Then, you would need to make the necessary changes to your emails and re-measure said metrics to compare results.

If your goal had been different, say, to create accurate customer profiles, you would need to use different metrics such as CAC and LTV of different demographics. Thus, choosing the right KPIs and metrics is important based on your purposes.

3. Collect Data

You may not have prerecorded data at hand if you’re new to analytics. A trustable analytics tool like HockeyStack can start collecting data instantly without you needing to code anything. It’s also important to decide who gets access to your data within your business, how it’s stored, and how often it’s recorded.

4. Take Action

You should utilize the comparisons you made or the conclusions you drew when creating your next marketing campaign. However, you don’t necessarily have to wait for the next campaign to use analytics: you may use it to improve your market research or to get a better understanding of your consumer’s behavior. I will talk more about this in the section below.

How To Use Marketing Analytics For Your Business

Contrary to popular belief, Marketing Analytics’ sole purpose isn’t to improve campaign performance. Instead, there is a long list of the objectives of Marketing Analytics, all of which make analytics crucial for the different stages of your business cycle. For your SaaS business, you can use Marketing Analytics while:

Performing Accurate Market Research

If you want your product to succeed, you need to ensure it aligns with the market. To do so, you need to understand the source of demand for your product and the customer segment to which your product is appealing. To identify this segment, you have to analyze the traffic to your sites and marketing campaigns, as the people that cause this traffic are the people that create demand.

By using Marketing Analytics, businesses can track the audiences of their landing pages, social media, websites, and more. They can track the traffic’s demographic details and draw out a comprehensive profile.

Better Understanding Consumer Behaviour

Catching a prospective customer’s attention is more complicated than ever, considering the many competitors and options on the market. The only way to catch someone’s attention is to make your campaigns relatable. If your marketing is directed at the right profile, it will have a better shot.

Marketing Analytics enables you to understand your leads’ typical behavior better. For instance, analytics tells you about the pages a user specifically clicked on. If they clicked on the churn optimization page, you can understand that the solution they want should reduce churn. You need this knowledge to shape your marketing strategies and personalize them. This personalization is important because customers are getting more selective about the internet content they consume each day, and you don’t want your marketing content to be ignored.

Optimizing Marketing Campaigns

The most typical aim of Marketing Analytics is to improve the reach and traffic of digital marketing campaigns (or any marketing campaign for that matter.) However, it’s essential to know that tracking multiple metrics blindly under “Marketing Analytics” won’t bring back any benefit. As I’ve stated before, you need to have clear goals and a holistic view while doing Marketing Analytics; otherwise, you’ll have plain numbers that don’t mean anything by themselves.

Also, optimizing campaigns requires comparisons and human judgment. While metrics such as the Number of Free Trial Sign-Ups can tell you about the success of your most recent marketing campaign, they can’t tell you why you have those numbers. For that, you’ll need some human context.

Marketing Analytics vs Product Analytics

One of the biggest mistakes SaaS businesses make is to think that Marketing Analytics and product analytics are the same things. This kind of thinking leads companies into using the wrong tool for the wrong purposes. This looks like using Google Analytics to improve product adoption–it simply won’t work. To understand why you’ll need a good understanding of Product Analytics and a comparison of the two types.

What is Product Analytics?

Product analytics combines processes that analyze and optimize products, customers’ experiences with said products, and product engagement. Via Product Analytics, businesses can understand how users interact with their tools and services. For instance, they can see the demographics of highly active users and those that are churning. Furthermore, they can detect any customer experience problems, such as complex UIs and features.

You shouldn’t disregard Product Analytics because it’s at least as necessary as Marketing Analytics. Product Analytics is vital for businesses, especially while updating and re-designing their products, as they have to know what works and what doesn’t. To make meaningful changes, you have to use direct (surveys, reviews, etc.) or indirect feedback (churn, retention, feature engagement, etc.) from users.

Marketing Analytics vs Product Analytics’ Purpose

Businesses use Marketing Analytics to understand better and optimize their marketing campaigns.
Marketing Analytics only deals with the first step of the sales journey, acquisition. On the other hand, Product Analytics improves customers’ engagement with the products themselves and not the campaigns for the products. Simply put, Product Analytics deals with the experiences that customers have with your tool.

A few of the ways customers use Product Analytics is:

  • Performing A/B testing to improve products’ features, interface, usability, etc.
  • Optimizing pricing plans and offers for products to increase sales,
  • Analyzing in-app user behaviour and using the data to improve retention,
  • Utilizing user behavior to create targeted offers and discounts,
  • Running funnel, milestone, retention and cohort analysis.
Image from Mixpanel

Marketing Analytics vs Product Analytics’ Importance

As I’ve mentioned above, you need Marketing Analytics to create impactive and targeted campaigns. These campaigns will bring you qualified leads who will become customers with high LTVs. You’ll realize Product Analytics’ importance later when you’ve acquired interested leads or customers. As they start using your free trial or go through your onboarding, you’ll want to optimize their experience so that they’re convinced to continue using your product.

While both types of analytics analyze user behavior or demographics, they use this information for different purposes. Marketing Analytics uses it to create awareness and interest to pull prospects to the top of the SaaS sales funnel. Product Analytics uses it to ensure consideration, purchase, loyalty, and advocacy, all at the second half of the sales funnel.

Marketing Analytics vs Product Analytics Tools

The most popular Marketing Analytics tool is Google Analytics, as its basic version is free and easy to use. However, some essential features, such as tracking individual user journeys, aren’t available, so you may want to consider its alternatives. Popular Product Analytics tools include Mixpanel and Amplitude, which offer features like Behavioral Cohorting, Surveys, and A/B Testing.

If you want a tool that can satisfy your Marketing Analytics and Product Analytics needs, you should consider HockeyStack. With HockeyStack, you can analyze the traffic that a certain blog post brought via the Marketing Analytics tools and then move on to see which features got the most engagement from new users via its Product Analytics tools.

SaaS Marketing Analytics Dashboards

What makes a helpful analytics dashboard? There are a few things a SaaS Marketing Analytics dashboard should do, which are:

  1. Include important KPIs, but not too many. Providing an abundance of information may overwhelm users as it’s harder to get an overall idea with so much detail.
  2. Connected to the first point, it should be customizable and flexible. Users should be able to choose the metrics they would like to analyze. If necessary, they should be able to combine different reports in a single dashboard.
  3. Be easy to use and understand. A good user interface is crucial, and supporting graphs and visuals are always beneficial.

Content Marketing Analytics Report

HockeyStack’s Content Marketing Dashboard tells you about the revenue and leads that each one of your blog posts brings. The ready-to-use template shows three metrics: sign-ups, expansions, and MRR. However, it’s possible to change the metrics as you’d like. A good content marketing strategy requires you to track the posts that result in the best payback, and this Dashboard helps you do precisely that.

The Dashboard can also tell you about the effects of your content on your SaaS marketing funnel. For instance, the image shows that 92.8% of users who viewed said post moved on without completing their journey in the funnel. With this information, marketers can optimize blog posts, by doing things like adding more convincing CTAs. It’s also possible to look at the numbers for Sign Up and Activate in the same way.

This part of the Dashboard lets you analyze the quality of the leads that the specific post brought. It enables you to see the rate of readers who went on to book a demo, those who activated, converted, and expanded. By looking at these numbers for several posts and comparing them, you can see the reader segments that result in the most upsells and focus more on marketing to them.

The last part of the Dashboard (at least this template, your customized template could include more or fewer reports as you’d like) shows you the number of internal link clicks your posts got and how that affected the number of sign-ups. With this information, you can adjust your internal links and better understand the information leads are looking for within your content.

Marketing Dashboard

The Feature Usage by Channel report enables users to analyze feature engagement based on different traffic sources. If there are significant differences, this could be due to the marketing strategy used on that source (maybe the campaign on Google emphasized one of the features more than that on Capterra.) Or, it could give you an idea about different audiences’ different needs. Both types of information are helpful while customizing your campaigns.

By comparing the different traffic sources, companies can deduce which source has more ROI. For instance, if you’re putting the most significant time and effort into your g2 content but getting the least MRR out of it, this is a sign that you’re either unable to find the right leads or that it’s time to direct that energy elsewhere.

This is just one of the funnels you could create using HockeyStack. While creating engaging marketing emails, there are many vital points to keep in mind, such as concision, clear CTAs, good subject lines, etc. The Email Marketing Funnel lets you see whether or not your CTAs worked by looking at the rate of people who clicked on the link. With this data, companies can easily optimize their email marketing strategies.

User Journeys are an essential part of Marketing Analytics as they let you see which type of marketing content drives sales. If the users that expand come from a single content subject, you should ask yourself why and use that reasoning for your advantage in the future.

Top Marketing Data Insights & Metrics

So you have a new goal for your marketing strategy. Maybe it’s about understanding your customer segments and creating more customized ads, or perhaps it’s about improving the engagement of your landing pages. Then, you’ve selected a good Marketing Analytics tool that has helpful dashboards like the ones above. But you don’t know where to start because there are so many metrics you could track for your goal. The metrics below are the most versatile for Marketing Analytics, and they could act as starting points for your reports.

Conversion Rate

  • What is the Conversion Rate?

A “converted” customer for SaaS is usually a visitor who ends up making a purchase. However, you could define conversion differently. For instance, you could call visitors who ended up signing up for your free trial as converted. In the end, the conversion rate looks at how the number of converted visitors compare to the number of total visitors with the following calculation:

(# of conversions / # of total visitors) x 100 = Conversion Rate

In 2020, the median conversion rate for SaaS was 3%. This means that, in general, only 3 out of 100 visitors ended up making purchases for SaaS companies. It’s really hard to convince a reader to buy your product after their visits, so the drop-off rates are quite high. Any rate greater than 3% would mean that you’re doing better than most companies.

  • Why is measuring the Conversion Rate important?

Conversion is the ultimate goal of any marketing strategy. Although you could say that your goal is to create brand awareness or to establish a good reputation by producing content, all of these purposes would connect back to selling to a group of leads. If your ads, your emails, or your how-to guides aren’t leading readers towards a purchase, then you should consider doing things differently.

ROAS

  • What is ROAS?

ROAS is short for Return on Ad Spend. This metric is used to measure the payback of the money you had invested in your paid advertisements. It’s determined with the calculation below:

(Total Income from Ad / Total Spent on Ad) x 100 = ROAS

For example, if you had paid $100 on an ad that resulted in $400 worth of sales, your ROAS would be 400%. This means that for every dollar you spent on that ad, you got back $4. While there’s no benchmark number for ROAS, it should always be above 100%.

  • What is the difference between ROAS and ROI?

ROI also measures the profitableness of your marketing campaigns, so what’s the main difference? While ROI measures profit, ROAS measures revenue, and ad effectiveness, it’s a slight difference. This is because ROI considers all expenses, including the ad spend, and the people, tools, and other expenses that went into the software and ad as a whole. ROAS, on the other hand, only measures the amount spent on the ad and the amount of revenue generated from the ad.

  • Why is measuring ROAS important?

Giving out ads is generally expensive, and you probably want to make sure that you’re getting your money’s worth. ROAS is especially important when taking a microscopic look at your individual ads. While ROI can give you a good idea about your financial standing, it doesn’t necessarily tell you about the success of a single ad because the amount you spend on your marketing team or your product does not directly influence the ad. So, the number you get could be low because of any significant investments you have made.

Signups/MRR by Channel & Campaign

  • What is MRR?

Sign-ups are straightforward, but you may be unfamiliar with the acronym MRR. MRR is short for Monthly Recurring Revenue (it’s also possible to see ARR, the Annual Recurring Revenue.) For the SaaS industry, MRR is one of the most important marketing and sales metrics. The MRR is calculated via the formula below:

# of Monthly Subscribers x Average Revenue Per User = MRR

  • Why is measuring Signups/MRR by channel and campaign important?

Each one of your campaigns results in a certain amount of sign-ups or sales (hopefully.) However, based on their types, where they were published, who they were directed to, and their efficiency, these campaigns attract different customers. Some pull customers that generate a lot of revenue, and some don’t. The important thing is to see which types of channels and campaigns pull the most valuable leads and to use this information in the future.

Conclusion

The truth is, you don’t need a marketing specialist to get you started with Marketing Analytics. Analytics is all about using the right tools and knowing what to do with your reports. As long as you have defined your objectives and used the right metrics to track your goals, you’ll be on the right track for improvement.

A great product can only be known as great through marketing. A combination of Marketing and Product Analytics can give your brand the boost it needs in terms of popularity and customer satisfaction.

FAQ

Is marketing analytics hard?

Not if you’re using the right tools. While keeping track of each marketing metric and goal seems hard, a good analytics tool like HockeyStack makes this process extremely easy and leaves you time to act on your reports.

What does marketing analytics do?

Marketing Analytics optimizes the marketing strategies of businesses. It uses data from your marketing efforts and important metrics so that you can create more efficient and targeted campaigns.

How marketing analytics helps managers?

Marketing Analytics saves managers time by taking care of the data storage, calculation, and reporting stages. Managers only have to interpret the reports based on context and make the necessary changes.