If you want to earn more money with your membership site, consider using an advanced membership-site reporting tool. After all, it’s much easier to improve something when you’re measuring rather than simply making changes in the dark.
Free tools like Google Analytics can help you optimize your membership website with the insights they provide about traffic generation, user engagement, and who your visitors are. However, if you want to capitalize on the financial data of your membership site, such as monthly recurring revenue, average lifetime value of each member, and churn rates, to name a few, you’ll want to upgrade to an advanced membership-website reporting tool.
In this article, we’ll look at a few different options so you can get a better idea of what advanced membership-site reporting tools can do for you. But first, let’s take a quick look at the benefits on offer when you upgrade your analytics and reporting capabilities.
The Benefits of Advanced Membership Site Reporting
The leading advanced membership website reporting tools aren’t free—although many do offer a free trial—and so it’s important to evaluate the benefits they’re offering to determine if they justify the extra expense.
Understand Your Financials
The key benefit of upgrading to a more advanced membership-site reporting solution is that you get a better understanding of your numbers. The best tools will give you access to an intuitive, well-designed dashboard that allows you to see your financials across a range of categories, in close to real time.
This means that at any point, you can log in—sometimes via smartphone—and see how much money your site is generating, plus a wealth of other metrics.
Make Informed Investment Decisions
Having instant access to your financials not only gives you peace of mind, but it also allows you to make informed decisions on how much you can afford to invest on things such as website upgrades, content creation, advertising, outsourcing, and on the other ways you can improve your business through financial investing.
Receive Instant Notifications
Many of the leading advanced membership-site reporting tools send out notifications regarding important events like dips in revenue, missed payments, and changes to any of the key metrics of your business. If you want real-time reporting and the ability to intervene as soon as something goes wrong, instant notifications make good sense.
Automate Tasks and Processes
Some advanced membership-site reporting tools can automate a number of the tasks you’re having to navigate. One example is with dunning—the process of escalating requests for the payments due from subscribers and members. This not only takes an unpleasant task off your hands but can also reduce lost revenue.
These are just a few of the key benefits of upgrading to an advanced analytics solution for your membership site. In short, improve your reporting solution and you’ll better understand your business, save time, and increase your potential to make more money from your site.
Advanced Membership Site Reporting Tools
Now that you know what these tools have to offer when it comes to managing and optimizing your projects, let’s explore the leading advanced membership-website reporting solutions so that you’ll be able to make an informed decision about which tool will suit you best.
If you want to see what you’ve been missing out on when it comes to advanced membership-site reporting, take a look at this live demo of Baremetrics. (While you’re there, check out Baremetrics’s interesting startup story.)
Baremetrics is a hosted service that provides analytics and insights into membership websites and other types of subscription-based online businesses. If you collect payments via Stripe, Baremetrics will give you a sound understanding of the important metrics behind your project.
Some of the vital metrics covered under this advanced reporting tool include analytics for monthly recurring revenue, average revenue per user, and refunds. The setup is painless, there are multiple pricing plans to choose from, and there’s a free trial to help you decide if Baremetrics is right for you.
As mentioned, anyone can view the actual metrics for Baremetrics via Baremetrics’s own reporting tool. These metrics include net value, lifetime value, and user churn, to name just a few. The demo dashboard not only gives you insight into their business but also shows you what this tool can do for yours.
If you appreciate transparency and love data and charts, this service is right up your alley.
ChartMogul is a mature, efficacious analytics and reporting service that’s integrated with both Stripe and PayPal, among others, making it available to a wide number of business owners.
Some of the many subscription metrics you can analyze in real time with ChartMogul include customer lifetime value, monthly recurring revenue, customer churn rate. The reporting user interface is flexible and responsive, and you can receive email notifications for important events like new customer sign-ups, changes to your monthly recurring revenue, and adjustments to your churn rate for your business.
Like Baremetrics, there are multiple pricing plans to choose from and a no-risk, 14-day free trial.
If you want to make smarter, more informed decisions about your membership website or other online business, ChartMogul is ready to help.
ProfitWell gives you accurate, actionable metrics for your subscription-based business. There’s even a free-for-life, entry-level plan to help you decide if ProfitWell, or indeed advanced reporting in general, will help you optimize your membership site.
ProfitWell aims to differentiate itself from the competition not only by providing you with eye-catching graphs but also with actionable advice that highlights opportunities for optimization.
ProfitWell only works with Stripe, but it’s packed with features and tools that will upgrade your reporting capabilities in an instant.
getMetrics’s near real-time reporting lets you get an overview of Stripe events for your membership site, enabling you to visualize your most important metrics.
These metrics include monthly recurring revenue, new and lost subscribers, membership upgrades and downgrades, churn rate, and a whole range of others related to charges. There’s a good selection of notifications on offer too.
Final Thoughts on Advanced Reporting tools for Membership Websites
Whether you love or hate data, these membership reporting tools can help give you a pretty comprehensive understanding of your website’s financials.
For those who love to analyze everything, tools like Baremetrics will be a revelation. If the idea of crunching the numbers fills you with dread, then being able to login to a dashboard and view a series of attractive yet simple graphs and charts to get an overview of the financials behind your membership site will be very appealing.
Whether you want a quick overview of the key metrics for your business, all presented through an attractive dashboard, or you want to dig deep into the numbers, upgrading to a professional reporting tool could be one of the best business decisions you make for your membership site.
Are you ready to upgrade to an advanced membership-site reporting tool? Which one will you choose and why? Please share your thoughts in the comments below.