By Fernando Berrocal
Many startup entrepreneurs are obsessed with business analysis, particularly relating to how they manage metrics and Key Performance Indicators (KPIs). They do, however, come to realize that choosing the KPIs to measure is not the first issue to solve when running an insight-driven startup. Collecting data, accessing it, and ensuring its accuracy and automation come first. The objective is to achieve automatic, accessible metrics for the business.
If you want to work in business intelligence but don't know where to start, keep reading this article. You may use modern technologies to automate some data visualization tools such as dashboards and reports while gaining access to your data. There are several tools at your disposal depending on the strategy you choose and your objectives. At the start, you don't need to recruit a group of data scientists or analysts.
You can complete these tasks by yourself without needing to pay somebody. You can even speed up the process if you don't have much prior knowledge by working with a coach who already has it. Automated data analysis is somewhat of a puzzle, consisting of many tools executing various tasks. The tools you mix will result in a system that is perfectly suited to your goals, abilities, and business model. The good news? If your firm is in the seed stage, you won't need to invest more than $50 to $250 monthly.
This may seem pricey, but when you consider how much your decision-making will improve, it's less economic resources. Consider this scenario: If you had better visibility into your product analytics, you may be able to increase your conversion rate from download to sign-up by 20%. Assuming all metrics remained constant, this would result in a 20% increase in revenue. All of the suggested tools are listed in this article.
These programs monitor user activity on the front end of your app or website. You may discover your engagement data with the help of product analyzers. This implies that you can precisely track to observe how consumers interact with your product. Find out which buttons they click and on which pages they navigate.
The fact that it is free is its greatest advantage. It is one of the first things that should be implemented when creating a website since it is simple to start. Google Analytics is the ideal solution for data tracking if your online business solely consists of a website designed for lead generation or e-commerce. Funnels and marketing attribution are the two most useful information sources. Firebase/GA for mobile apps regrettably lacks an Application Programming Interface (API) and you can't access the data you monitor elsewhere.
This is the most popular product analytics tool. It's accessible via a mobile app and the web. The study of interaction, funnel, user profiles, and cohorts is among the most beneficial aspects. With its help, you have access to all the information you require to increase conversion rates, customer retention, and income. Although their API is adequate, getting data out of Mixpanel may be a pain. It is preferable to keep things straightforward. It is free if you have less than 1,000 active users monthly. After you cross that line, it can be expensive.
The Analyzers for Subscriptions
There are several intriguing and important revenue-related KPIs that may be found while operating a subscription firm utilizing simple payment information. You may very simply obtain your churn, retention, Monthly Recurring Revenue (MRR), etc. thanks to these tools, even if you don't know how to compute these metrics. Unfortunately, the data is fairly thin as they only use information from payment companies. Your churn will be revealed by these techniques, but you won't be able to comprehend why so you'll wind up circling. It is advisable to supplement these tools with some more tools to measure how your consumers utilize your platform whether your business is software or a digital product.
Given the fact that it is completely free, this subscription analyzing tool is extremely popular. They are compatible with the majority of popular payment methods, just like the others. You may obtain analytics like MRR, churn, and cohorts using ProfitWell. Its most recent feature addition is something that makes them stand apart. They made it easy to add an asynchronous JS snippet to your code. You can determine how active your subscribers are by looking at that excerpt. Since you can't see the activities they've made, it is suggested to use a different tool in addition to ProfitWell to keep track of all the engagement data.
It works with the majority of payment options. The fact that you may manually upload Google Sheets with the subscribers you invoice offline makes ChartMogul beneficial for some firms. You can also evaluate mobile subscribers thanks to its integration with Google Play and the App Store. There is simply no excuse not to plug Chartmogul in and start utilizing it the moment you onboard your first client because it is free until you earn 10,000 in MRR.
The Data Visualizers
These are the solutions that will provide you access to all the data you get from other tools and enable your entire team to automate KPI reporting. Ad-hoc searches and automatic, personalized dashboards are both possible with the Data Visualizers. Sharing data through email or URL links with investors or stakeholders is also made simple by these solutions. This kind of technology is required if you are one of the numerous companies that feel that their data analysis is dispersed and unstructured. You may use these tools to link your marketing or sales efforts to the outcomes you observe in your database and your product analyzer tool.
Google offers a free data visualizer in the data analytics field. Unfortunately, its application is restricted as it only regularly refreshes data from Google products (Analytics, Adwords, and Sheets). You may manually update other data that you wish to include in your dashboard by using Google Sheets, but it might take time. A different choice is signing up for Supermetrics, which enables you to quickly integrate a few additional sources like Linkedin. The inability of Data Studio to change your data and organize it into months is yet another flaw.
The Tools for Data Scientists
If they are properly set up, the tools available to the data scientist are versatile. These technologies are used by data scientists since they enable them to handle massive data volumes and run sophisticated queries (in SQL language). Their primary flaw is that APIs cannot be connected directly. You can only link data from a database for the majority of them. This implies that you'll need to develop some substantial Data Management if you want to compile data from your CRM, Facebook, Google Analytics, and your database in one location. If you're a startup, it's not a wise use of your resources.
Drag and drop analysis in interactive mode and SQL mode are both supported by the interface. For non-technical team members to study their data, the interactive mode is ideal. Additionally, the SQL mode enables infinite exploration for the more skilled team members. They provide self-service access to their platform as opposed to their rivals.
Client Relationship Management (CRM) Tools
A CRM is used to keep track of all the interactions you have with leads up until they become paying customers. When attempting to comprehend "Business-to-Business" (B2B) clients, the data that your CRM generates is a critical component of the jigsaw. You should use the Data Visualizer's API to link your CRM so you may evaluate the data your CRM produces.
This is a multipurpose platform that sales and marketing teams may use. The most useful tool for startups in the early stages is their CRM. With their offer for companies, they are aggressively pursuing startups through Venture Capitalists (VCs), Incubators, and Accelerators. Hubspot is not a good choice if you're serious about analyzing your leads to discover how they convert because their API is rather constrained.