Ongoing tracking of your customers is one of the most important elements of measuring success for your subscription-based service.
There are many elements that can impact changes in customer behavior such as an adjustment in pricing, new offers, additional payment options, and new service features.
It is paramount that your business is consistently analyzing customer data to understand the behavior of your current subscribers. This allows your business to actively engage with customers in a way that is more relevant and likely to lead to higher conversions.
Customer data can also be useful in helping to attract new customers and developing marketing that appeals to an expanded base of potential subscribers.
Collecting customer data will require your team to identify key metrics that need to be measured. Depending on your market and audience, those metrics can vary. At the very least, data collection should include the following basic metrics:
- Order size
- Time spent on the site
- Referring URLs
- Specific purchases
- Email open rates
- Use of discounts or offers
- Actions taken (such as downloading a whitepaper, etc.)
- Purchases of upsells
- And more
This data should be analyzed on a specific schedule (daily, weekly, monthly) to help gain insight into usage patterns. This will allow you to adjust campaigns and marketing in nearly real time to better serve your audience.