Importance of Using Event Data for Your SaaS Marketing Strategies with SubscriptionFlow

The growing importance of event data is unavoidable for modern SaaS companies who look towards examples like Amazon Web Services (AWS), an idea that has become Amazon’s major revenue producer simply because it’s based on the innovative event-based billing model the company designed.

To understand the significance of event data, one only needs to look at their marketing strategies and the problems they face. To be precise, think of the most peculiar marketing questions that are involved in day-to-day marketing e.g., ‘how do I make sure my subscribe button gets the most clicks?’ or ‘what behaviours are pointing towards possible churn?’

For recurring SaaS billing and membership management, event data can do more than just help you identify flaws and best practices for your marketing tactics. They can highlight more KPIs for you to monitor in your lead scoring criteria.

What is Event Data:

Event data plays a major role in analyzing customer behaviour and interaction. In fact, event data can be summarized as the analysis of the interactions a customer makes on your platform e.g., an app or a website.

Whenever a visitor is scrolling or browsing through a platform and comes across your page or ad, this situation will be termed as an event and will be marked by the interacting behaviour of the visitor, whether they scroll past it, look at it for a specific duration, or even click on a given button, etc.

What makes event data uniquely important for SaaS marketing strategies is the fact that this analysis can prove influential in not just organization fundamentals like product development and choosing the right recurring billing models, but also developing and gauging marketing procedures and techniques in action.

Since event data is the collection of real-time interactions, it can be used to achieve more than a few organizational goals. As for sales, customer acquisition and retention, here’s how event data helps marketers:

How to Analyze Event Data with SaaS Recurring Billing Software?

You need cutting-edge subscription management software like SubscriptionFlow with added integrations like HubSpot to track and analyze event data as your customers/visitors engage with your brand.

Though the principle of event data analysis is simply based on collocating data with demographic factors such as geography, age, location, gender, etc., there are many other KPIs worth tracking when it comes to highlighting the factors influencing an event.

For example, the traffic source, billing history and on-page interaction are some of the many other factors that can have variable importance for B2B and B2C businesses. While B2B might focus on the total number of qualified leads and all leads, B2C might monitor social media engagement and brand awareness.

Read More: Revise Your Subscription Business Lead Scoring Criteria to Perform Better In 2022

Importance of Using Event Data for SaaS Businesses:

As per a study comprising marketers that aimed to gauge the relevance and importance of event data analytics in achieving business goals, the following results were noted:

Data Event - Infographics

Marketing Strategy and Technique

It’s no secret that event data is driving SaaS companies to reconsider their value metrics and look into the possibility of opting for an event-based subscription model that can save resources, enhance revenue collection and improve lead generation, traffic retention while increasing sales.

In a nutshell, though 88% of marketers agreed that they use event data insights to improve upon their marketing strategy and techniques, these entail more complex concepts and metrics than what meets the eye. From product blueprints to pricing strategy, customer acquisition to retention, and from customer onboarding to distinguishing between voluntary and involuntary churns, event data can help separate all these factors while providing valuable data to streamline your marketing techniques.

Read More: How SubscriptionFlow HubSpot Integration Can Help You Track Customer Journey

Improved User Experience

Almost 70% of the marketers involved in the survey admitted that they use event data for improving customer experience. Whether it’s for the search engine or improving customer retention and adding value to your business, user experience matters a lot and utilizing metrics derived from event data can help you narrow down points for improvement.

Event data can highlight key points in time and place of interaction on your platform and depending upon the engagement, you can customize and accommodate customer preferences to retain engagement and prolong interaction times, reducing bounce rate and increasing the chances of conversions.

For example, when designing a landing page for your social media ad, you can look at the past event data that shows how your customers reacted while also narrowing down the exact moments when the customer made the decision to proceed with the call-to-action button you provided.

SaaS membership management platforms like SubscriptionFlow can provide valuable insights into how your customers react moments before they make a purchase, upgrade or downgrade or even end their subscriptions. We all know that a well-timed email or a well-placed ad can change the minds of users.

Read More: How To Segment Your Recurring Customers & Unlock The Door To The Success

Enhanced Corporate Database/ CRM Management

70% of marketers said that they used event data for corporate database and CRM efforts. Collection and analysis of event data for corporates can help them decide their billing models and pricing strategies. In fact, corporates can even use event data to figure out how their products are performing in the market and design new innovations that cater to those findings.

Eventually, event data highlights the features that did and didn’t appeal to the audience while specifying problems and issues faced by the audiences. In retrospect, SaaS billing has changed over the years significantly solely due to the addition of event data insights that compelled executives and marketers to think of innovative models such as event-based billing, which is like usage-based billing, except that rather than usage, members pay for the exact service and duration for which they utilized your platform.

Read More: Uncomplicate The Recurring Billing Process With A SaaS Billing Software

Business Intelligence for Advanced Analytics

67% of marketers have used event data to enhance their business intelligence to gain access to advanced analytics.

As it’s clear, SaaS marketing involves more than just laying impressions on your customers. Even after raising brand awareness and getting attention, converting customers and more importantly, retaining the ones that subscribe are important for SaaS marketing.

With integrated CRMs, your subscription management software can help track real-time data to analyze how your email marketing, social media marketing and other strategies are faring as compared to past sales data. The event data gathered during campaigns can verifiably help improve lead scoring and qualification.

Read More: Is Customer Churn Troublesome? Opt For Subscription Box Business Model

Product Development

As explained before, event data helps businesses understand exactly what their customers want from their product/service. Though the initial challenges faced at the production line or in the development phase is offering multifaceted features along with the basic provisions.

However, 63% of marketers have highlighted the importance of using event data in analyzing the way customers interact with their products in order to make them more accessible, easy to use and engaging. For SaaS, this could mean providing a better interface, adding a feature such as dark mode compatibility or even new configurations via updates.

Competitive Analysis

Event data can help SaaS businesses identify how their product lacks in comparison to other competitors in the market. Though you might not be able to get your hands on the event data gathered by other businesses, you can certainly gauge the engagement and performance metrics of your marketing strategies against your competitors.

SubscriptionFlow also offers its clients to monitor customer data so as to make accurate data-driven business decisions. So, call our experts to onboard one of the best subscription handling platforms.