As a Saas company, your customers are generating tons of valuable data every day. Up until now, much of this data was hard to access and analyze. But thanks to modern embedded analytics, software companies can finally unlock the potential of this valuable resource and offer a ton of value for their customers while creating lucrative new revenue streams for themselves. Here are the top three ways software companies can use modern analytics to monetize their data.
3 Ways to Monetize Data With Embedded Analytics
#1 New Products or Add-ons
Your customers are hungry for additional insights, analytics and actions. Why not exceed their expectations? Modern embedded analytics platforms make it easy for software companies to build analytics add-ons, or even entire analytics applications, and make them available to their customers for additional revenue. Analytics are a great way to increase engagement, make your software more sticky and boost your average revenue per user.
#2 Upgraded User Licenses
Analytics are a great way to boost the overall value of your software or service, offering a more full-featured experience that can easily translate into higher license fees for all, or a segment of your users. All-in-on analytics platforms like Qrvey offer data collection, analytics, visualizations, automation, machine learning and a lot more, all in a single platform.
#3 Professional Services
Your users are hungry to gain insights from the data you’re collecting. A modern, cloud-native analytics platform and allow your professional services team to create charts, reports, dashboards and more, while automation can allow for alerts, notifications, insights and actions to be sent automatically as metrics and thresholds are met. The possibilities are endless and the revenue potential is enormous.
Embedded analytics for SaaS companies have evolved to include a lot more than just charts, reports and dashboards. Qrvey is an all-in-one analytics solution that includes your entire data pipeline, giving software companies multiple ways to monetize the data they’re already collecting from their customers. No matter what your goals, from increasing revenues to boosting customer retention. Qrvey can open a world of possibilities.
Check out our ebook on the Build vs Buy trap for more in-depth insights.