Recurly, the subscription management platform, announced on Wednesday (Aug. 16) the immediate availability of Recurly Analytics, a new capability that surfaces data-driven insights for informed decision-making and revenue optimization.
In a press release, the company said Recurly Analytics makes business insights quickly accessible by examining billing events, marketing events and customer lifecycle data. That, in turn, enables customers to refine their business for peak subscription performance.
“Many companies rely on basic analytics that provide high-level information that merely skims the surface about the health of their business. Subscription businesses are flying blind if they are relying on simple counts, averages and top-level growth rates without delving deeper into the underlying data,” said Dan Burkhart, CEO of Recurly. “Recurly Analytics is designed to provide subscription businesses with immediate access to a deep understanding and clarity that can be used to optimize marketing decisions, increase customer retention and maximize revenue growth to achieve competitive advantage.”
According to Recurly, subscription and billing data, coupled with analytics to identify trends over time, give companies a measure of their business health, subscriber engagement and customer loyalty. With Recurly Analytics, businesses receive dashboards, graphs and key performance indicators (KPIs) that give a clear overview of the current state of their company and their subscriptions. Recurly Analytics also provides the ability to compare the performance of subscription plans across different channels, marketing programs and cohorts of users. With the tool, Recurly said subscription businesses can also track their churn and subscriber growth rates for the top-performing plans or changes in the average revenue per user.
While subscriptions started life as the business model of magazines and, later, book-of-the-month clubs, now, it has become a big business. In 2014, subscription commerce grew to be a $5 billion segment within the retail space alone and has shown no signs of slowing.