Understanding your key performance metrics helps you drive acquisition and retention goals — enabling growth for your business by getting ahead of the competition. However, data visibility is still a huge challenge for most subscription companies. Can you relate? Recurly has you covered. 

Recurly’s out- of-the-box analytics help you understand your data and drive business results. Plus, our upcoming release, Recurly Compass, will continue to bolster the way you view your analytics for AI-powered growth .

Recurly Analytics is built on three main components of reviewing your business performance: dashboards, benchmarks, and explore. Let’s review what each of these has to offer. 

Evaluate your performance with dashboards 

From subscribers, to recurring billing and pricing performance, to churn management and dunning, Recurly offers a full suite of analytics dashboards to help you understand, evaluate, and monitor your business performance.

Recurly Analytics dashboards will guide you through monitoring your acquisition and retention goals. Understand how many subscribers you are gaining or losing, as well as your key revenue metrics that will help you identify key areas of success, and areas to dive in deeper to improve. 

Utilize these dashboards to answer questions such as:

  • How is my acquisition rate changing over time? Identify which promotions are working well by looking at cohorts of subscribers signing up for plans during those periods. 

  • How many more subscribers am I gaining than I’m losing? This is a key consideration when understanding how fast your business is growing by monitoring your acquisition and churn metrics. 

  • Am I acquiring and retaining the right customers to help grow my revenue? Looking at your revenue trend breakdown by month compared to how many subscribers you are gaining. 

Putting all the dashboards together will help you tell a cohesive story on your overall subscriber growth as a performance indicator, whereas looking at each dashboard independently could lead to incorrect conclusions.

For example, look at the subscriber acquisition dashboard and identify if there is an increase in subscription signups and then monitor your churn rates to see if there is a correlated spike in churn. Or look at your renewal invoice paid rate dashboard and ensure those rates are trending in the correct direction and which is also tied to the recovered revenue rates. 

Get additional context with built-in benchmarks

Built-in benchmarks help you understand how you are performing within your company’s industry, taking the analysis to the next level to answering the question, “is my performance for this metric good?” and “how do I stack up to other businesses in my industry?” 

Benchmarks are available across eight key metrics, including acquisition, churn, and invoice recovery mechanisms. These metrics typically correlate with each other when examining in detail. A spike in acquisition may lead to a spike in voluntary churn. An increase in invoice or dunning recovery will lead to an increase in invoice paid rate. 

Review your benchmarks to make incremental progress in working towards increasing your performance within your industry. Focus on the metrics that matter most to your business regarding subscriber acquisition and retention goals.

Explore and dive deeper into your data

Recurly’s Explore report builder allows you to organize your own dashboards to answer key questions about acquisition and retention goals, and how those relate to revenue performance. 

Define the question you need to answer, pull in the corresponding variables, and build your dashboard, refining with the view that suits your needs. Voila! You have created your custom dashboard to be able to track the metrics that matter to you. Save these dashboards for quick review in your personal folder, or share with other analytics users within your organization for them to have access to and review. 

Meet Recurly Compass, AI-powered analytics

Recurly has created additional experiences within Recurly Analytics, leveraging artificial intelligence (AI) to take your data exploration to the next level: Recurly Compass. An AI powered tool that provides detail on trends and potential issues — helping you spend more time thinking of new ways to grow, rather than trying to understand what the data means. 

Chat  with a data agent using Explore Assistant to ask what’s on your mind. Conversational analytics leveraging AI will help you dive into your data using natural language. You don’t need a BI degree to use this interface, you just need to keep refining your questions, and update how the data is deployed and presented to you.

Look like a hero answering tough questions in a way that you haven’t been able to accomplish before. Then, similar to Explore, save the view in your folder and share with your colleagues — so your whole team has the visibility they need.

Ready to explore all that Recurly Analytics has to offer? Check our product documentation to learn more about Recurly Analytics and Recurly Compass.